The checklist that goes through our mind is simple, not complicated. Knowing what you don’t know is important and sometimes that’s not easy. Knowing the future is impossible in many cases, difficult in others, and sometimes relatively easy. We are looking for the ones that are easy.
You start very small and get an audited record.
Once you get the confidence that if your parents come to you and give you all their money, you will invest for them. Then you are ready.
1. Think of yourself as owning a business and not buying something that wiggles around in price.
2. Your attitude toward the market.
3. The margin of safety. Don’t try to drive a 9800 pound truck over a bridge that says “Capacity: 10000 pounds.” Go down the road and find one that says “Capacity: 15000 pounds.”
Figure out what works and do it. Figure out what doesn’t work and stops doing it. This is incredibly simple. And yet, like anything simple, it’s incredibly hard to do consistently. When I first learned […]