J.L. Collins

So I get it.

The only thing is that it doesn't work quite as well as indexing.

And it's not like the gap is huge, but it is there.

And so while it took me a long time, I finally came to the conclusion, well, I'm doing a lot of work.

And frankly, I enjoyed it.

But it was starting to get old after a few decades of doing it.

I'm doing a lot of work.

And I'm getting good results.

But with no work at all, I could get better results.

And so, you know, when that light bulb went off, then I slowly made the transition.

So I'm very proud.

That's a term I coined, actually, and I'm very proud of it.

If you, well, let's go back in history.

Back in the late 60s, early 70s, there was a concept floating, and this is before index funds were around, and there was a concept floating around called the nifty 50.

And the idea behind the nifty 50 is they were the 50 top companies in the United States.

And the idea was you could buy these 50 companies, put your stock certificates in the bank, because back in those days you got paper stock certificates, and then you were done.

You didn't have to worry about it anymore.

Well, the problem is that companies have lifespans.

And so the nifty 50 were filled with companies like Polaroid and Xerox and Sears and companies that were absolute powerhouses in the day that probably a lot of people listening have never heard of.

So if you're going to be in an active stock picker, the moment you buy a stock, you have to be thinking about when are you going to sell it?