Investing Is as Much About Psychology as It Is About Numbers
After more than 40 years as an investment adviser, I have come to believe that the biggest investment mistakes are rarely caused by a lack of intelligence. They are usually caused by emotion. When I started my career at Merrill Lynch, I thought success would mostly come from understanding markets, companies, and economic trends. Those […]
Why Every Market Cycle Leaves Behind New Lessons for the Next Generation of Investors
Every Market Tells a Story After more than 40 years in the investment business, I have lived through enough market cycles to know that no two are exactly alike. Each one has its own causes, its own headlines, and its own challenges. Some begin with economic problems. Others are driven by unexpected global events, changing […]
Learning Beyond the Textbooks
When I first got into this business, I read everything I could get my hands on. Books on investing, market theory, portfolio strategy. They all had value and they gave me a solid foundation. But what I learned pretty quickly is that the market does not behave like a textbook. Books tend to present things […]
Lessons from the Field
Before I ever stepped into an office at Merrill Lynch, I spent a lot of time on a football field at the University of Tulsa. I was a three year letterman, a starting linebacker, and those years taught me more about discipline than anything else in my life. At the time, I did not realize […]