Luck Versus Skill in Investing

This chapter explores the delicate balance between luck and skill in investing, underscoring the vital role of continuous learning and adaptability. It delves into investment strategies, emphasizes risk management, and highlights the impact of external factors like high interest rates on the real estate market.

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Episode notes

In today's episode, Stig Brodersen outlines 10 things he has learned about investing since he started The Investor’s Podcast in 2014. In the second segment of the show, Clay Finck joins to discuss his top takeaways from his investing career.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:12 - Why you should be careful who you listen to about stock investing.

07:45 - Why you should not screen for stocks.

08:29 - Why Stig’s circle of competence is getting smaller.

11:31 - Why Stig do not read as many investing books as he used to.

16:05 - Why you should set up guardrails for yourself.

19:36 - Why you shouldn’t look at your track record more than once per year.

20:17 - Why you shouldn’t only have public equities in your portfolio.

31:23 - Why you should run your track record 1,000 times.

32:53 - How one could think about position sizing.

35:59 - What are the implicit assumptions?

45:43 - What Clay learned about investing.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
Stig’s blog post on his portfolio and track record since 2014.
Stig and Clay’s podcast episode on Stig’s return since 2014.
Criteria of companies in the UK that Stig is interested in buying.
Check out all the books mentioned and discussed in our podcast episodes here.
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