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Episode 2899:
Understanding your behavioral tendencies is essential for long-term investing success, according to Nick Maggiulli. His personal story of investing in gold highlights the importance of knowing how you'll react to volatile assets. While many focus on optimizing portfolios, the key to sustained returns lies in understanding your emotional responses and making decisions aligned with your true investing self.
Read along with the original article(s) here: https://ofdollarsanddata.com/know-thy-investing-self/
Quotes to ponder:
"The first thing you have to know is yourself. A man who knows himself can step outside himself and watch his own reactions like an observer."
"Investing is primarily a behavioral exercise, not an analytical one."
"The full flavor of losing money cannot be conveyed by literature."
Episode references:
The Money Game by Adam Smith: https://www.amazon.com/dp/0394721039
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Optimal Finance Daily - Financial Independence and Money Advice