1. 

Profit lies in purchasing

2. 

Good people cost good money

3. 

Honesty and business integrity as a model of decency

4. 

A balance between giving and taking; buying and selling at a fair price

5. 

Developing and creating new markets without intentionally destroying existing structures

6. 

Live and let live—even when it comes to competitors

7.

Pacta sunt servanda - Treaties must be kept

8. 

Business Prudence

9. 

Maintaining Sufficient Liquidity

10. 

Cultivating a healthy mind, soul, and body, and accepting his wife’s advice1. Profit lies in purchasing

I, for one, have committed myself to always adhering to these rules. It is very regrettable to see that, unfortunately, most “merchants” today have never even heard of these old basic rules and are therefore not true “merchants.” Only those who strictly adhere to these rules deserve honor and respect. Those who, on the other hand, rely solely on cheap sleight-of-hand tricks will only enjoy short-term “returns” and, in the end, will not survive and will go under.

Signed, Steve Rich