Maybe the biggest mistake investors make is buying shares of Apple or Zoom or whatever and then hoping the price goes right up.
It’s why you sometimes hear that the stock market is just a big casino.
Because some investors are just buying “prices” and then hoping to sell their prices at some higher price to someone else who’s then hoping for the exact same thing.
Which is gambling.
A more reliable way to make money investing is...
You know those people whose lives are transformed by changing their diet or daily journaling or meditating or something like that?
It wasn’t the meditation or whatever that changed their life. No, it was cultivating the discipline to do that thing day after day and week after week and month after month.
Because nobody on the planet tries meditation for seven minutes one Saturday morning and their life miraculously changes. In reality, it’s often a hard journey.
You...
Benjamin Franklin was arguably the most successful person who lived in colonial America. There are many lessons to learn from his biography, but the following nugget of wisdom about choosing principles over luxury is timeless.
The story goes that a man came to Franklin wanting to publish an article in Franklin’s newspaper, The Pennsylvania Gazette. Franklin thinks the article is malicious, and so he subjects himself to a little test:
“To determine...
You’re at a blackjack table in Las Vegas.
The guy sitting next to you has a 10 of hearts and 7 of spades. Now, everyone knows when you have 17 that you stand, but this guy asks the dealer for a hit.
The dealer flips over a 4, and so the guy gets 21. Blackjack!
Nice hit, huh?
Well, the casino loves gamblers like him, because if someone always hits on 17 they’ll lose money. The probability of...
In 2016 I handed my boss a two-word resignation letter. “I’m resigning.”
That letter was maybe the best thing for my investment portfolio. When you don’t get a paycheck anymore it forces you into decisions.
Need cash for bills? Take some profits.
Want to buy a new stock? Gotta sell something.
Increase the size of an investment? Figure out what to trim.
Incidentally, this is what business owners do. What companies pay CEOs for. To decide how...
