My Worst Investment Ever Podcast Anthony Greer - Be Patient and Willing to Get Rich Slow
BIO: Tony began a career in equity sales in varying capacities, including running sales and trading at Bank Hapoalim for three years and a team of sales traders at Dahlman Rose for five years. In November 2016, Tony launched the Morning Navigator, a macro trading newsletter distributed to over 800 professionals worldwide.
STORY: Tony invested six figures into a small ophthalmic company his friend told him about. He didn’t know much about the company besides what his friend told him. He lost investment when the share price collapsed.
LEARNING: Understand the nuts and bolts of the business you want to invest in. Be patient and willing to get rich slowly. The stock markets are for growing wealth, not creating it. Time is the only surefire thing on your side.
“Live to trade another day.”
Anthony Greer
Guest profile
After graduating from Cornell University in 1990, Anthony Greer began his trading career in the foreign exchange market for Sumitomo Bank and Union Bank of Switzerland, where he began running large bank books. He joined the J. Aron division of Goldman Sachs in 1994, where he learned the rigor of risk management in trading gold and the Goldman Sachs Commodities Index. Tony left the commodity desk at Goldman Sachs to launch his equity trading operation in 2000, surfing the dot.com crash for two years. Tony began a career in equity sales in varying capacities, including running sales and trading at Bank Hapoalim for three years and a team of sales traders at Dahlman Rose for five years. In November 2016, Tony launched the Morning Navigator, a macro trading newsletter currently distributed to over 800 professionals worldwide.
Worst investment ever
When Tony was at Goldman Sachs in the ’90s, he managed to get into the Dotcom bubble. His love for music led him to discover Amazon. Tony would order records he was dying to have on Amazon, which would be delivered to his door in a few days. This business model fascinated Tony so much that he invested in tech stocks.
During that period, Tony decided to expand his portfolio. A friend of his put a name in front of him. The friend insisted that he knew a lot about the company and that it would be a nationwide chain where everybody went to check their eyes and buy glasses. He said that PE funds were investing in it. Tony amassed a massive position in this company, whose shares sold at 20 cents a share. Tony had six figures worth of this little ophthalmic company that he didn’t know much about. Suddenly, the bottom dropped out, and the PE companies sold their shares, causing the share price to collapse even further.
Lessons learned
- Always consider the total dollar value of money invested, no matter what percentage of your portfolio it is.
- First, understand the nuts and bolts of the business you want to invest in.
- Starting early is very valuable. Be patient and willing to get rich slowly.
Andrew’s takeaways
- Position sizing matters most, no matter how much you want to make your investment a big bet.
- The stock markets are for growing wealth, not creating it.
- Time is the only surefire thing on your side.
Actionable advice
Live to trade another day by trading carefully without greed.
Tony’s recommendations
Tony recommends subscribing to his Morning Navigator newsletter and reading No Worries: How to live a stress-free financial life. The book is about getting the three big ones right, i.e., education, home, and car. You’ll learn how to live a life without worrying about your finances.
No.1 goal for the next 12 months
Tony’s number one goal for the next 12 months is to immerse himself in his business.
Parting words
“If you’re interested in getting some help looking for trades and taking risks, contact me; that’s what I do.”
Anthony Greer
[spp-transcript]
Connect with Anthony Greer
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- The Become a Better Investor Community
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- FVMR Investing: Quantamental Investing Across the World
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
- Achieve Your Goals