Jason Zweig
speaker
906 appearances
17 recordings
1 series
first heard Jan 2018
last heard Sep 2022
Jason Zweig’s voice in public audio — every appearance, attributed to the second.
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Appearances
You know, the problem with those scenarios is precisely the fact that they are kind of obvious.
And because they're so obvious, it's unlikely that you're the only person who will act on them, which means that by the time you get around to it, a lot of the advantage of making those moves, even if they turn out to be correct, would be taken out of the price.
Well, I think one of the biggest problems investors face is making a mistake and not being willing to admit it, not fessing up when you did something wrong, because it's painful.
I mean, nobody wants to admit that they did something that turned out to be foolish.
And one technique that I really like and I have advocated is you could imitate General Dwight D. Eisenhower, who on the eve of D-Day wrote a press release that fortunately for the future of civilization, he never had to use, which was called In Case of Failure.
And what he did was he wrote the statement that he would read to the press
if the D-Day invasion was a flop.
He took responsibility for the mistake, and he said it was his fault alone, and he was prepared to admit he was wrong before he even knew whether he would turn out to be right.
And so, you know, before you make a big trade that might make a big difference to your portfolio results,
It'd be a good idea to think about writing a note that said something like, this investment has been a failure, so I have to sell.
You know, I based it on information that I believed at the time to be valid, but I was wrong because – and then you have to like fill in the blank.
Why were you wrong?
And of course you would know because you would have hindsight.
And then you could finish by saying it was a bad investment.
But that doesn't make me a bad investor.
It's very important to give yourself that out, to recognize in advance that you're going to make mistakes and it's okay to make mistakes.
And that will enable you, I think, more easily to admit when you do make one.
And that can give you the flexibility to exit and reverse a decision that hasn't worked out well a lot more easily because you haven't invested as much of yourself in it.
So it would be easier for you to let go.
One approach that I think is effective, at least for people who have some investing experience, is to look back.
Showing 161–180 of 906 · page 9 of 46
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