Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty

Episode 2446,   Jul 16, 2021, 06:39 PM

“Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty” Theodore Roosevelt.

In this episode I talk about the psychology of investing because I believe investing is 99.9% a mind game.

“Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty” Theodore Roosevelt

In this episode I talk about the psychology of investing because I believe investing is 99.9% a mind game.

“The investor’s chief problem—and his worst enemy—is likely to be himself. In the end, how your investments behave is much less important than how you behave.”


A highly regarded study led by mathematical psychologist Amos Tversky and Nobel Prize winner Daniel Kahneman found that investors feel the pain of a loss twice as much as the joy of an equivalent gain. 

They call this 'Loss Aversion', and it means that investors hate losing money far more than they enjoy gaining money.

Fidelity has over $10 trillion AUM and they noted an internal performance review on accounts to determine which type of investors received the best returns between 2003 and 2013

The customer account audit revealed that the best investors are either inactive or dead.

IN SUMMARY
I’m going to borrow from Rudyard Kipling’s Poem IF

If you can keep your head when all about you are losing theirs
If you can hold on when there is nothing in you Except the Will which says: ‘Hold on!’
If you can have belief when there seems no logical reason to believe
And hold conviction when others are quitting
If you can be calm when others are anxious
If you can treat uncertainty and fear as your friends
Then you will become a successful investor.

Welcome to the The SharePickers Podcast with Justin Waite. I am a passionate investor who wants to share what I have learned in my investing journey, as it's transformed my life.

This is a podcast about helping you build wealth through investing. There's only two realistic ways to build wealth: own a successful business or own a share of a successful business.

New episodes are released weekly, featuring thoughts, strategies, anecdotes about life and investing.

There's also the weekend podcast which Justin records with Paddy, Pete & Steve.

If you want to learn more about my investment strategy, you can join my investment club at https://www.sharepickers.com

Right now you can get 25% off the membership fee.

When registering you will see a link entitled: Have a Coupon?

Click that and enter the discount code: D3P1VQEAL9

Twitter
@SharePickers https://twitter.com/SharePickers

LinkedIn https://www.linkedin.com/in/justinadamwaite/