Investing expertise can be learned
It is only by working at what you can’t do that you turn into the expert you want to become.
Part 3: Thoughts for the Individual Investor
What it takes to be a successful investor
The personal qualities necessary for success can be nurtured. In time, the personal qualities will fully develop.
The personal qualities successful investors need to cultivate
What mattered most was confidence in one’s own judgment, from which would flow the Kiplingesque cool to keep one’s head ‘when all about you are losing theirs’
Do optimists make better or worse investors?
The main benefit of optimism is resilience in the face of setbacks
How to become a skilled investor
The subjective confidence we have in our personal level of skill is absolutely no guide as to whether we actually have the skill.
Do quants with algorithms have an advantage over other investors?
Math and algorithms will give precise answers. And therein lies the problem.
Can investors improve their luck?
The courageous may take heart but, before boldness must come skill. Boldness without skill is a recipe for disaster.
Acting with imperfect information
It is all very good to recommend caution, but decisions must be made. In truth, many policies must be established and decisions made with imperfect understanding of the facts and of the risks.
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