INVESTING LESSON TO LAST YOU A LIFETIME

As a fellow investor for the long haul, I feel that learning from our peers will be one of the most valuable and enriching experiences in your investment lifetime. Do not miss the chance to learn.

In that spirit, I asked our fellow readers to share their most important investing lesson in 2017, and several brave souls answered the call.

I am excited to pass on the best answer we have received.

An honest reflection

Warren Buffett once said that investing is not a game where the person with highest IQ will win the most.

In other words, smartness can only get you so far. In my years of talking to fellow investors, I have observed that there is one trait that signifies the beginning of a successful investor, and that is being aware of our flaws. Our winning entry from our reader, Cheryl, showed that in abundance.

However, I submit that Cheryl’s admission is not common.

I have found that one of the most important traits of successful investors is the ability to recognise flaws in our behaviour.  It is not easy to switch from having the confidence to buy a stock, to recognising that we might have some flaws of our own.

Of investing and life

No one is an instant expert when it comes to investing.

We all have to start somewhere. Even Buffett’s first stock investment turned out to be a harrowing experience, but it is not like what Cheryl had experienced.

The biggest difference, in my view, between a great investor and a mediocre investor is the ability to improve our investment approach as we go along.

It comes from the deliberate process of having an honest reflection of our approach, recognising where we can be better, changing or tweaking our approach, testing new ideas, and going back for another reflection. Over time, knowledge compounded over time can make a huge difference.

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