You are not as smart as you think you are – Ep 295
Lately, I’ve been getting this powerful feeling that everything I touch turns to gold. Every time I buy a stock, it goes up. Did I finally figure out the stock market game? Did I find a secret way to follow Will Rogers’ advice: Buy stocks that go up, and if they don’t go up, don’t buy them?
No. I didn’t get much smarter. I was simply a willing participant in the latest cyclical bull market. A bull market makes you feel smarter than you are, the same way a bear market makes you feel dumber than you are.
This piece is a small excerpt from my first book, Active Value Investing (2007), which I later rewrote into The Little Book of Sideways Markets. I still stand by every word, but the older, more mature Vitaliy has some additional thoughts to share at the end.
I walk through why feeling smart makes you do the opposite of what you should be doing, and my favorite trick for reminding myself how dumb I am (it involves pulling out an old annual report on a stock I lost a boatload of money in). I discuss the four-letter word R-I-S-K, the “buy and forget to sell” investor a bull market quietly creates, and why every sell looks dumb in the moment. I talk about selling discipline, valuation targets, and why my objective is never to buy at the bottom or sell at the top.
In the additional thoughts, I get into the discomfort of making rational decisions against the grain of the tribe, and what evolutionary programming has to do with it.
The full piece is at investor.fm.
_________________________________________________________ 📩 Join 100,000+ readers on Vitaliy’s FREE weekly newsletter: https://investor.fm/sign-up/
📚 Vitaliy’s books: Soul in the Game – https://amzn.to/43CF73v The Little Book of Sideways Markets – https://amzn.to/3QWTlqZ Active Value Investing – https://amzn.to/3u8zn3A
🌠Follow Vitaliy: X/Twitter – https://x.com/vitaliykLinkedIn – https://www.linkedin.com/in/katsenelson/ Instagram – https://www.instagram.com/vitaliyk/ Website – https://investor.fm/
_________________________________________________________ WHO AM I: Vitaliy Katsenelson is the CEO of Investment Management Associates (IMA) and an award-winning writer. Forbes Magazine called him “The New Benjamin Graham.” His work has appeared in the Financial Times, The Wall Street Journal, Barron’s, Fortune, Institutional Investor, and Foreign Policy. He is the author of three books, including Soul in the Game: The Art of a Meaningful Life. _________________________________________________________ Please read the following important disclosure: https://investor.fm/disclosure/
View IMA’s regulatory filings — including ADV Part 2A & 2B, Form CRS, firm brochure, conflicts of interest disclosures, sample quarterly letters, and privacy policy — at imausa.com.
The post You are not as smart as you think you are – Ep 295 appeared first on The Intellectual Investor – Value Investing by Vitaliy Katsenelson.
Source: https://investor.fm/you-are-not-as-smart-as-you-think-you-are-ep-295/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,834,355,529 |
| Stories: | 8,717,835 |
Whistler Blowers, Insiders
