Renowned British investor Jeremy Grantham recently shared some practical investing advice in a quarterly letter published Friday. MarketWatch nicely summed up the tips that are based on lessons Grantham learned during his career.

Here’s a brief look at five common-sense investing rules that should be taken seriously.

1. Believe in history: “All bubbles break; all investment frenzies pass,” Grantham says. “The market is gloriously inefficient and wanders far from fair price, but eventually, after breaking your heart and your patience … it will go back to fair value. Your task is to survive until that happens.”
2. “Neither a lender not a borrower be”: “Leverage reduces the investor’s critical asset: patience,” Grantham says. But he also reminds investors of the dangers of excessive debt. “It encourages financial aggressiveness, recklessness and greed.”
3. Don’t put all of your treasure in one boat: “The more investments you have and the more different they are, the more likely you are to survive those critical periods when your big bets move against you,” Grantham says.
4. Be patient and focus on the long term: Stock purchases, even the ones you really want, might not need to be made immediately. Instead, he advises waiting until the stock hits your price range. “Wait for the good cards, this will be your margin of safety.”
5. Recognize your advantages over the professionals: Remember that Wall Street has its own set of priorities. “The individual is far better positioned to wait patiently for the right pitch while paying no regard to what others are doing.”

Head on over to MarketWatch to read the complete list of 10 investment lessons from Jeremy Grantham.