One important lesson to remember is that human behavior in the marketplace remains constant. Investment decisions should be the product of a rational trade-off between risk and return, but unfortunately, they generally reflect an emotional response to fear and anxiety. Most investors tend to expect prevailing trends to continue and fail to accommodate change adequately. Too many investors seem to have forgotten the cardinal rule that there is no free lunch in the marketplace. This memorandum to the author's daughter contains some practical advice directed to the management of one's own portfolio.