I have read an article about an investor in stocksthat obtained indemnification for the losses incurred in view of advicerendered by a non-habilitated professional. This professional was an agent, a distributor of financial products.Interesting and didactical to listen to the explanation provided by thisnewbie investor: (i) How can I discuss(the investment in stocks) if I do not understand it? and (ii) I invested instock my companys working capital! In the provided explanation two primalerrors are identified. The first error is that of investing in something onedoes not understand. If one does not understand it is impossible to judge, and,eventually make a rational investment decision. Any investment has embedded inits rate of return a risk. Meaning, that higher the return, higher the risk ofthe investment (or project)! An investment in stocks is of variable return asit may generate returns above or below the reference rate. The result of suchinvestment is never known at the moment it is made. Reference is that low risktending to zero rate. The second error is that of financing long terminvestments with short term funds. When investing in stocks, one buys a parcelof a company. Except if the person has privileged information (which isillegal) or luck, the return on the investment will take place in the mediumand long terms. Cash that is needed in the short term or that are counted(cannot bear a loss) cannot be invested in stocks. These two basic errors must be avoided, also in thecorporate world:1) First, one must avoid approving investments inprojects that one cannot understand, or that one does not know how theseprojects will generate value. 2) Secondly, one should not fund medium or long termreturns projects with short term funds. This latter error is very common. Companies invest in buildings, machines,plants, stores, using short term funds and in by doing this, taking the companycloser to a liquidity or solvency risk! The use of an Investment Proposal model if does noteliminate risk at least creates a rich and productive opportunity fordiscussion and analysis.Only simpletons believe everything they're told! Theprudent carefully consider their steps. (Book of Proverbs)rbatistajr@2bpartnersconsulting.com| Advisory Board | Interim Management.....Li umareportagem sobre um investidor da bolsa que conseguiu ser indenizado por perdasque incorreu em razao de conselhos prestados por profissional nao habilitadoque se passava como tal. Tratava-se deum agente, um distribuidor de produtos, tambem conhecido como pastinha.Interessante e didatica ouvir a explicacao que esse investidor novatoofereceu: (i) Como vou discutir - o investimento em acoes - se nao entendonada? e (ii) investi em acoes recursos de capital de giro de empresa! Nestaexplicacao identifica-se dois erros primarios a qualquer investidor iniciante. O primeiroerro e investir em algo que nao entende. Se voce nao entende fica dificiljulgar e, eventualmente, decidir de maneira racional, por um investimento. Equalquer investimento traz embutido em sua taxa de retorno um risco. Ou seja,quanto maior o retorno, maior o risco do projeto! Um investimento em acoes econhecido como de renda variavel, por sua caracteristica basica de poderproporcionar retornos tanto superiores (se bem escolhida a acao) ou inferiores(se mal escolhida a acao) a taxa de referencia. Ou seja, o resultado