Before practice, opportunity, and luck can combine to create expertise, the would-be expert needs to demythologize the achievement of top-level performance, because the notion that genius is born, not made, is deeply ingrained
And here’s the difference between the bursting of true stock market bubbles and other stock market routs. When the Dot Com bubble burst it took many many, years for the fallen to recover.
A lot of people talk about patience, discipline, and courage, but curiosity is one of the reasons great investors find the things they do, and it is also consistent with being a contrarian
If you always look to others for confirmation that you are right you will never be self-reliant.
The most successful sailors are those who have a particular mindset in how they deal with the setbacks.
If a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers or cousins of the original.
As an individual investor I have to recognize that I am unlikely to think of something the brains of Wall Street haven’t thought of, or see things the brains of Wall Street have missed, or have insights they don’t possess.
One way to be adept at avoiding failure is to avoid attempting anything you might fail at
You can continue to learn and improve your investing skills year after year.
The personal qualities necessary for success can be nurtured. In time, the personal qualities will fully develop.
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