I really enjoyed reading this article written by Morgan Housel. I will definitely have to check out his book. Before starting the article make sure you have some time to digest everything in it. It will not be a quick read, but well worth your time.
A few of the things I took away from the article is don’t be a Richard. He let his investor behavior take away all the building blocks he had to be successful. Instead follow what Grace did, she did not have the advantages that Richard did however she became a multi-millionaire.
Morgan’s 14th point really spoke to me about not being influenced by others. He talked about how big Cisco was in 1999. Looking at what is happening today with several companies especially Tesla, it makes you wonder if we will soon have a crash. Just stay the course with indexing and mutual funds. Don’t let the FOMO cause you to gamble in one company.
Read on www.collaborativefund.com/blog/the-psychology-of-money/
This was also an interesting interview on the mad fientist podcast with the author.