I Share The Most Important Lessons Learned From My Years Managing Money.The investment process is difficult and enormously complex, which was part of the appeal that led me to money management and to now publish the Global Investment Letter. I thought it might be helpful to others to offer some observations to make the task a little easier, based on my study and decades of experience. The \u201crules\u201d presented apply to both trading and investment, as I find it at times difficult to separate the two, as even the longest investment starts and ends with a trade.1) INVEST\/TRADE TO MATCH YOUR PERSONALITYEveryone has their unique attitude towards risk and volatility. Invest and trade in investment vehicles that reflect your temperament. I have long maintained that people are more risk-averse than they think they are. Assuming more risk than you\u2019re comfortable with is stressful and emotionally destabilizing, which leads to poor decision making. There is an old saying,\u201cif you don\u2019t know who you are the markets is an expensive place to find out.\u201d2) BE AWARE OF HUMAN PSYCHOLOGYIt is crucial to be aware of psychology, both your own and others. Your psychology is your greatest obstacle to successful investing or success in most endeavours, for that matter. It is important to be conscious of your state of mind; are you feeling fearful, greedy, overconfident, etc.? It is especially worthwhile to monitor your psychology versus that of the general public. Investment success often lies in acting counter to the crowd, which is psychologically very difficult.3) READThe value of reading should be apparent to any educated person, but what you read is as important as the act itself. Beyond books written specifically on investing, it is important to accumulate general knowledge with which to put events in their proper context. Reading history is\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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