Nothing is worse than a big mouthed fool, spewing things he/she isn’t qualified to lecture. You know the guy, talking greasy and with energy, entirely bereft of facts or an argument that can be deemed cogent. While you might think I’m ranting about random things, all of this philosophical stuff can help you become a better trader and investor.
If you’re dumb and unable to learn, outsource. If you’re sharp, judged by a career in school, self-educate yourselves now and try to become an expert in a field you’re interested in. That entails ~10,000 hours of study/practice.
Pro-tip: if, by chance, you’ve always been a C student in school, you’re likely not an academic. However, you can still possess extreme intuitive skills, coupled with work ethic, that can become very valuable and lead to success.
The first step in any awaking is self-awareness. Best way to avoid being viewed as a fool in public is to reserve oneself. Best way to avoid trading into bankruptcy is to avoid entering areas of the market you’re not well versed in.
Case in point, I largely avoid biotech — unless I am being directed by someone whom I deem an industry expert. I do not have the proper training to be an authority in the field; but I have made some excellent contacts over the years with people who are experts and lend invaluable advice.
If you’re in the money management business, it’s important to drum up new business, but it’s equally important to network with people who know more than you on certain subjects. Keep those lines of communication open and brain drain these people when it’s most opportune for you.
In my next life tip, I will discuss the wife/husband and how their poor habits often lead to ruin, casting a horrible pall upon an otherwise sanguine household, barreling towards a lifetime of self-inflicted poverty.