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Author and financial theorist William Bernstein discusses maximizing odds of success in investing, the changes in the investing landscape since his book was published, the impact of behavioral finance on investing, the importance of safe assets like treasury bills, the benefits of delaying Social Security for retirement planning, and the potential impact of artificial intelligence on jobs.
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Quick takeaways
- Having enough safe assets is crucial for long-term investment success and allows investors to weather market downturns without panic-selling.
- Recognizing the impact of social psychology on investment behavior can help investors make more informed and rational decisions.
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The Importance of Safe Assets in Investing
Having enough safe assets, such as treasury bills, allows investors to weather market downturns without panic-selling. The ability to withstand market volatility is crucial for long-term investment success, as selling investments at the bottom of a market collapse can lead to significant losses. The rich often accumulate a sufficient amount of safe assets, which enables them to take advantage of market opportunities and further increase their wealth.
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