You need to balance in order to be a great investor. It can be hard to keep track of everything that you need to do a lot of this is more important than daytoday action without the right discipline or frame work and the right, dare i say philosophy youll get yourself into trouble but big picture Financial Advice can be hard to process. A lot of it seems down right contradictory to most people we tell you to stick with the companies that you believe in and then we say change your mind on a dime when the facts change. You need to be cautious because its so dangerous out there but you also need to be ready to pounce at opportunities when they present themselves. You need to be skeptical but you also need to know when to suspend your belief. Your disbelief you need to avoid chasing stocks that have run too much but you also shouldnt care too much where a stock is coming from if you believe its headed higher you know the rules it doesnt mare where the stock is coming from its where its head
So tonight were going to take a step back, try to put all this discipline stuff into perspective. If you pick your own stocks, the thing you need above Everything Else is judgment obviously good investigating judgment isnt something you can be taught in a month or a year i try to give you the tools you need to develop your own judgment all my best professors in college focused on teaching us how to be a better investor, not just tell you the stocks that ii think are Good Investments the problem is thats a heck of a lot to process when youre managing your own money, before any other consideration, you need to know yourself you simply cant know which stocks you should buy if you havent taken time to consider what your own personal obje objectives are are you just trying to get a decent return as you save for retirement do you have money to burn, and youre willing to take risks on more speculative propositions . Theres no one size fits all approach to investing and anyone who tells you di
Investor that it would be hard to keep track of everything you do and a lot of this stuff is much more important than the day to day action. Without the right discipline, the right frame working the right dare i say philosophy, youre going to get yourself into trouble but i also know big picture Financial Advice is hard to process a lot of it seems down right contradictory to most people we tell you to have conviction, to stick with the companies you believe in and say you need to be ready to change your mind on the dime you need to be cautious because its so dangerous out there but you also need to be ready to pounce on opportunities when they spent themselves. You need to be skeptical but you also need to know when to suspend your belief, disbelief you need to avoid chasing stocks that have run too much, but you also shouldnt care too much where a stock is coming from if you believe its headed higher you know the rules, it doesnt matter where a stock has come from, its where its head
This business. There are so many Different Things you need to balance in order to be a great investor that it can be hard to keep track of everything. Now, a lot of this stuff is much more important than the daytoday action in any particular session. This stock went up, this stock went down. Without the right discipline, the right framework, the right dare i say philosophy, youre going to get yourself into trouble. And thats why were all about discipline when we manage the travel trust for the cnbc investing club. Its why we constantly fall back on the rules, our investing guide to guide our Decision Making for every kind of market, and tonight, im going to share some of them with you. But i know that the big picture Financial Advice can be hard to process. A lot of its down right contradictory. Thats a keyword. We tell you to have conviction, to stick with the companies you believe in, and then we say you need to be ready to change your mind on a dime if the facts change . You need to