Tom Wilson

speaker

387 appearances 1 recordings 1 series first heard Dec 2022 last heard Dec 2022

Tom Wilson’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Investor bootcamp, common investing mistakes & understanding yourself · 8 Dec 2022 podcast

I just didn't want to lose any money.

But it meant they weren't getting a good return and they missed out on all those years of growth.

It's really about teaching people what that means in practicality as well, learning about asset allocation, diversifying, eggs in one basket approach, another saying that we always use, but it actually does mean something.

yeah for sure yeah and all those sayings and jargon can feel really overwhelming for new investors are there are there any of your favorites that you like to break down in terms of jargon or those terminology that's a very good question um the eggs in the basket one um you know it's got to be a better version of that one nowadays yeah well i'm really into history as well i think it's uh so it's fantastic like uh we can use history

to also look at what's happened before.

I think it was Mark Twain who said, history doesn't repeat, but it does rhyme.

So we can take elements of that to use in future type events.

I like to use the example of even when we were an agrarian society and we wouldn't just have wheat growing.

We would deliberately have different types of crops growing so that we diversified our food income, so to speak, the food that we were growing.

So if something came through and destroyed one particular crop that the locust thought that's delicious, we'd have others in the backup.

That's the example I usually use in boot camp in the webinars to explain diversification, basically spreading your risk.

And a lot of people tend to say, oh, that makes more sense than carrying around all these eggs in baskets, because even if you tripped, aren't they all going to break?

And it gets too confusing.

And it's still that one person.

So, you know, Gary's carrying all the baskets and he trips and then that's game over.

You're wiped out.

So, luckily we don't have that when it comes to investing.

It's a bit more obviously complex in the sense of what you can invest in what asset classes, but...

I like to stick with my farming type approach until I can think of something better.

It's fully online.

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