James Kirby

The second rule, never forget the first rule.

Is it that important?

Yeah.

It's fascinating.

And again, I see the parallels with share market.

Again, same thing, isn't it?

People say, I've got to raise some cash.

I'll sell X and Y. I've made a profit out of those shares.

These ones are losers, but they're going to make a profit someday, so I'll hang on.

But it actually might often be much better to go the other way around.

Why would you sell a good stock?

Why would you sell?

Why would you not sell a property that is not as good as one you could have?

OK, and finally, overconfidence.

I suppose my issue on this particular bias is whether the overconfident ever really know that they are overconfident because, hey, they're overconfident.

How do you pick that one?

Yeah.

So if you bought your first property, investment property in Perth eight years ago, you might

think that you are a master property investor.

And if you bought your first one in Melbourne eight years ago, you might think, well, you're not very good.