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THINK FOR YOURSELF
The most contrarian thing of all is not to oppose the crowd but to think for yourself — Peter Thiel
BE WARNED: everybody has their own agenda. As such, procuring an objective opinion on any type of market [flea, stock, property etc] can be difficult, as everyone has a bias. So, when it comes to investing, nothing will pay off more than educating yourself, to draw YOUR OWN conclusions. Do the necessary research, knowing that analysis is much more than just following popular opinion: hear BOTH +IVE & -IVE viewpoints on any “opportunity”.
Even once you’ve done your homework, make sure to re-evaluate your investments on a regular basis: a “smart” holding today, may not be wise in the future; there’s no room for pride in this kind of self-analysis. Therefore, per George Soros, “It’s not whether you’re right or wrong that’s important but how much money you make when you’re right & how much you lose when you’re wrong.” Unfortunately, too many investors become obsessed with being right, even when gains are small. The practice of locking-in “BIG GAINS” or “CUTTING” losses when you’re wrong, are more important than being right.
Moreover, be fearful when others are greedy & be greedy when others are fearful. This means, be prepared to “BUY” in a down market and “SELL” in a soaring market, as per the philosophy of Warren Buffett. At times, you will have to step out of your comfort zone to realize profits. Which means, you have to know the boundaries of your OWN comfort zones & venture out of them at times. B/c as much as you need to research the market, you need to know yourself too. Can you handle “staying in” when everyone else is jumping ship? Or “getting out” during the biggest rally of the century?
It’s difficult to predict the next recession or stock market crash, so many of the best investors don’t try. Instead, they make their “OWN DECISIONS” on good companies that they think will have the strength to make it through a challenging economic environment, b/c courage has taught them, that no matter how bad a crisis gets, any sound investment will eventually pay off. So, KNOW YOUR MARKET!