Rule #1 from Warren Buffet

[Steve Hodgdon]

Buffet says Rule #1 - Don't lose money

Rule #2 - Read rule #1

Spent the day at a note investor meeting. Listened to stories of newbie investors losing money and telling me it's OK. "Learning". I had that idea too. 

Listened to pitches promising 25%+ yields by magic. Get the borrower to re-perform. Emotional Equity. Just start foreclosure and they'll refi and take you out. If it's so easy why are people getting their butts kicked?

"What could go wrong" is the motto today. 

I like my little note portfolio. Takes some effort but produces good returns. Nothing as exciting as the gurus offer. 

What am I missing? Is my cynical nature in my way?