5 Things I Learned About Investing in 2011

There is intelligence and then there is wisdom. We are all born with intelligence, but we pick up wisdom along the way. I'm no more intelligent than when I got into this business 20 years ago, but hopefully, much wiser. The key evolution: I now develop far fewer mistaken assumptions about the stocks and industries I analyze. With this in mind, here are five things I learned in 2011 that will (presumably) make me wiser — and richer — in the years to come… 1. Industry selection is far more important than stock selection I spent too much time this year focusing on the best play in a particular industry. For example, I suggested Delta (NYSE: DAL) . . . → Read More: 5 Things I Learned About Investing in 2011