It’s OK to be wrong, just don’t stay wrong. A lack of humility and self-awareness has caused many market commentators to go from pundits to charlatans because they’re afraid to admit they were wrong and are too stubborn to face the facts. Everyone makes mistakes in the financial markets. It’s best to learn from them and move on.
Envy might be an investor’s worst enemy. We can’t stand missing out when everyone else is making money. It’s nearly impossible for investors to buy when everyone else is selling. Envy causes us to search for lottery tickets instead of investment plans. It makes us confuse our time horizons and risk profiles with other people’s. It makes us take on debt we can’t possibly pay back. And it causes booms and busts because we just can’t help ourselves.
Eleven other lessons here.
Posts
No comments:
Post a Comment