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Be independent – Getty loved being an independent wildcatter outwitting the big boys. It’s hard to imagine him sitting in a cubicle, or any office, for that matter.

Look ahead and learn from mistakes – Getty was way ahead of his time in seeing great growth opportunities in international markets. Half a dozen times in his book, he literally kicks the reader to look beyond America’s borders. And Getty doesn’t pass the buck, but admits his blunders. One beauty was to pass on a bargain-basement opportunity to gain a foothold in the oil-rich Middle East in the 1930s only to pay $12 million for a Saudi concession in 1946. (Still a great move.)

Be patient, but take risks in down markets by finding quality values – Getty was a master in taking advantage of great stock values in depressed and crisis markets. Much of his great fortune can be traced back to the 1930s when he scooped up resource stocks and properties at bargain prices.

Finally, Getty chose his targets carefully and had the courage of conviction to jump in when others were scared to death. He put it this way:

 ”The big profits go to the intelligent, careful and patient investor, not to the restless and overeager speculator… The seasoned investor buys stocks when they are low, holds them for the long-pull rise and takes in between dips and slumps in his stride.”

All great lessons and reminders to investors and businessmen of any skill level…

Good Investing,

Carl Delfeld

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