Jason Hall

And there's always a data point that feeds what you want to believe to be true, whether it's actually the right thing to act on or not.

If we own a great stock or...

Maybe we just get lucky and we buy a stock and it doubles.

Those old tropes start to sound smart.

It's house money.

I'm going to lock in my profits.

Now, if we own a stock that falls in value, again, this is like that meat sack part of us in our brain that we don't really always understand that we have to fight against.

The value of a stock going down hurts more than a stock going up feels good.

They've done studies and looked at our brains and our pain centers actually fire when we perceive that we've lost money.

So often we sell in both cases.

In the case of a stock that's falling, we sell to make the pain stop.

And then the stock that's gone up in value, we sell to avoid the imagined future pain when the stock is inevitably going to fall in value again.

Yeah, and we don't even need to use a 100-bagger.

They're extremely rare.

We can use just your old run-of-the-mill 15-bagger.

That's not run-of-the-mill.

But what I'm saying is it's really, really impressive what happens with these stocks that go on to be big winners.

But I want to start, Warren Buffett is famous for his, quote, first and second rules of investing, you know, don't lose money.

and see rule number one.

But if we take this on a single stock level, it's just myopic and ridiculously impossible.