What and how

Investors quickly learn that the fundamental rule of success in any investment is to 'buy low, sell high'. There's an old Wall Street joke that might be a cliché if it didn't hold so much truth. A newcomer asks a seasoned veteran, "How do you make money in the market?" The wise man replies, "Nothing could be simpler: buy low, sell high." The beginner asks, "How can I learn to do that?" The veteran responds, "Ahhhh... that takes a lifetime." This perfectly illustrates the central problem of equity investing. What you need to do is obvious. How it is to be done is the problem.