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National resource guru Rick Rule lost and made fortunes following this one rule
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Friday, March 27, 2009
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By Rick Rule in DailyWealth:

In 1974, at the ripe old age of 22, I got licensed as a stockbroker.

I remember the impact of the 73-74 bear market on the more senior brokers. I had the "advantage" of not having the book of customers yet... So by definition, my customers didn't get decimated.

My field of study was natural resource finance. So I did very well in the 1970s, as natural resources investments boomed.

In the period from 1975 to 1981, I was making - relative to my age and experience - a truly stupendous amount of money. And I made the normal young man's mistake: I confused a bull market with brains. I thought the amount of money I made for myself and my clients was a function of my brilliance.

The collapse of commodity prices in 1982 disabused me of that. I went from being a very wealthy young man to having a fairly substantial negative net worth.

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Topics: Guru | Commodities
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