I finished reading it a few minutes ago wishing I had penned it 🙂
I would rearrange some of the points though.
- Stop listening to analysts – Correct. Numero Uno. No arguments there
- Stop Staring at your portfolio every 30 minutes – Right. Note to self – Stop this habit!
- Be patient. Kind of already covered in point number 2. I feel this one is redundant.
- Understand market cycles. This point is marked number 6 in the original post. I would put it at number 3.
- Speak to actual investors with experience. Right. But it should come after my number 4, understand market cycles. Every investor should learn all they can about their investments and how these investments can behave under different conditions. Without at least a basic understanding of such things there is no point in talking to experts. Without proper knowledge, everything somebody else says is nothing but a crazy tip.
- Stop following crazy tips. True. Oh so true.
- Follow the Guru. Okay I suppose. Though I would frame it is little differently. “Learn from the Guru” rather than just follow him.
A very interesting read. Well done PLIFS.