My Worst Investment Ever Podcast

BIO: Mohit Tater is a serial entrepreneur, investor, and consultant. He founded BlackBook Investments and quickly became a recognized expert investor in online businesses and digital assets.STORY: Mohit got enticed by the numbers his favorite pizza shop was turning and decided to start his own shop. Since he and his partner had no experience in the F&B industry, they were to receive full support from the franchise owner. Unfortunately, the owner went into a coma before the shop opened. The partners tried all they could, but the shop eventually failed.LEARNING: Don’t venture into an industry you don’t understand and chase high returns. You don’t know what you’re getting into until you are in it. “It’s more difficult to execute something you don’t know. Try and stick to something that is already working for you.”Mohit Tater Guest profileMohit Tater is a serial entrepreneur, investor, and consultant. He founded BlackBook Investments and quickly became a recognized expert investor in online businesses and digital assets. Mohit has extensive experience in SEO, content marketing, social media marketing, and conversion rate optimization. He has worked closely with brands such as eBay, Groupon, Microsoft, Nokia, and many more on their digital marketing strategies. Today, Mohit lives his passion as an investor, growing online businesses for himself and his clients.Worst investment everMohit would visit a pizza place in his city every so often. One day he casually talked to the manager about how many pizzas they sell daily, what the operations are like, how much it costs to start a pizza shop like that one, etc. The numbers the manager shared with Mohit were very lucrative and enticing.Mohit set up a meeting with the owner of the franchise. He seemed very positive, and the numbers looked good. The guy had the whole business plan mapped out for expansion. Mohit and his business partner decided to open a pizza shop with the manager’s support, who would hire the team for them and ensure that the operations ran smoothly. Mohit and his partner had no experience in this business. Still, they believed they’d learn eventually and hopefully turn around and make a profit.The partners spent $100,000 setting up the shop, and just before it was about to open, the franchise owner got a stroke and went into a coma. This guy was the brains behind branding, marketing, operations, and everything, basically. Without him, Mohit and his partner were like sitting ducks. They had no option but to continue with the plan because they had spent so much money building it.The team the franchise owner had hired came and tried to run the pizza shop as efficiently as possible. But they were not turning a profit. The partners were just putting more money every month into sustaining and still not breaking even. Both partners had no experience with the F&B industry, and even though they tried all they could, the shop eventually failed.Lessons learnedDon’t venture into an industry you don’t understand and chase high returns because it’s not as easy as it looks from the outside.Unless you have good experience in an industry, don’t bother putting your money at stake. Learn about it first.You don’t know what you’re getting into until you are in it.You have to dedicate time to your business.Andrew’s takeawaysGet into a business knowing that unexpected things are going to happen.You think you can control all the variables, but you can’t.Only buy a company you understand where you can add value to its core.Actionable adviceTry and stick to what you know and what’s already working for you.Mohit’s recommendationMohit recommends you visit his website, BlackBook Investments, and click on the investor questionnaire to see if you’re a good fit to invest in online businesses.No.1 goal for the next 12 monthsMohit’s number one goal for the next 12 months is to be at a point where he’s not needed in his business and his team can still handle everything.Parting words “Do what you know best and stick to it until it works for you.”Mohit Tater [spp-transcript] Connect with Mohit TaterLinkedInTwitterInstagramWebsite Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

BIO: As the owner of Apollo Assets Co Ltd, Mr. Vorathep Srikuruwal is a prominent figure in the real estate industry of Thailand. He has established a track record and extensive experience as a visionary leader in this field.STORY: Vorathep came across a bank property he thought would be a good investment. He bought it for half its value and even got the bank to give him a loan. His biggest mistake was never visiting the property in person before buying. If he had, he’d have seen its terrible state.LEARNING: If you’re thinking of buying anything, whether cheap or expensive, first go there, and have a look. Just because it’s cheap doesn’t mean you have to buy it. “Walk through that property, touch it, and do a lot of homework before you buy it.”Vorathep Srikuruwal Guest profileAs the owner of Apollo Assets Co Ltd, Mr. Vorathep Srikuruwal is a prominent figure in the real estate industry of Thailand. He has established a track record and extensive experience as a visionary leader in this field.His business acumen has enabled Apollo Assets Co Ltd to reach great heights, placing it among the leading players in the Thai real estate industry.Having earned a reputation for excellence, innovation, and integrity, Vorathep continues to contribute to the growth and development of the Thai real estate market.He is happy to offer free real estate consultancy, whether buying /selling/renting/leasing or prelim valuations of the assets in Bangkok and the rest of Thailand.Worst investment everVorathep started his real estate business in 2007 as a family business. About 10 years later, after building about seven projects, Vorathep saw an opportunity to buy two commercial shophouses in Chiang Mai, Thailand. The building was on the main road, just two minutes from one of the CBDs. The property belonged to a bank.Vorathep did a lot of homework before investing in the property. He checked the location and everything nearby (using Google Maps). He also used his knowledge of Chiang Mai to evaluate the property. The market valuation for the shophouses was $400,000. The property was roughly 800 square meters in size. The four-story building had a rooftop that could be converted into a lovely boutique hotel, office, or restaurant.The real estate mogul told the bank he’d be interested in getting the property for $200,000 because it was a non-performing asset. Three months later, the bank called and said he could have the property for $200,000. He just had to pay 1% of the value ($2,000), and the bank would provide him a loan for the property for another eight years. The deal seemed too good to be true. Vorathep did the math and saw that if he rented the property, he’d get about $4,000, pay $2,500 to the bank, and make a profit of $1,500 monthly. It was a good deal, so he accepted it.Vorathep put a for rent sign on the building, but six months later, he had no tenants. This shocked him because the building was in a decent location with a bank, shops, hotels, and a university nearby. After two years of paying the bank loan out of pocket, Vorathep decided to do something because the building was still not bringing in any income. He visited the building for the first time. Yes, Vorathep didn’t do a property visit before paying for it. He had relied on the photos the bank had sent him and Google Maps.The building was in a horrible state; no wonder nobody wanted to rent it. A year later, Vorathep flew to Chiang Mai after the COVID lockdowns. He went to the building next door and spoke with the owners, mother and son. He offered to sell the building to them. They were interested in buying it for $150,000, but Vorathep got them to pay $220,000. He didn’t make any profit from that sale.Lessons learnedIf you’re thinking of buying anything, whether it’s cheap or expensive, first go there, and have a look. Don’t judge the book by the cover.Andrew’s takeawaysJust because it’s cheap doesn’t mean you have to buy it.Be very careful when purchasing bank properties.No.1 goal for the next 12 monthsVorathep’s number one goal for the next 12 months is to take more care of himself and run the 21km half marathon.Parting words “Thank you very much!”Vorathep Srikuruwal [spp-transcript] Connect with Vorathep SrikuruwalLinkedInFacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Phil Bak is the CEO of Armada ETFs, a REIT-specialty asset manager that delivers customized solutions to REIT investors through ETFs, SMAs, and proprietary AI and machine learning REIT valuation models.STORY: Phil got into baseball cards when he was 14. Rookie Greg Jeffries became the hype one year and was poised to be the next big thing. Phil bought the hype, sold all his cards, and invested in Jeffries’ cards. He believed cards would be worth $40 to $50 a piece in just a few years. It never happened because Jeffries’ career didn’t pan out, and the entire baseball card bubble collapsed.LEARNING: Be slow to jump onto bandwagons. Expect the unexpected, be prepared, and have a backup plan. Be diversified in as many different ways as possible. “As long as you can recognize your mistake, learn and grow from it, then you understand that investing is a risky business. That will make you a smarter investor.”Phil Bak Guest profilePhil Bak is the CEO of Armada ETFs, a REIT-specialty asset manager that delivers customized solutions to REIT investors through ETFs, SMAs, and proprietary AI and machine learning REIT valuation models. Phil has previously served as the Founder/CEO of Exponential ETFs (acquired by Tidal Financial Group), Chief Investment Officer at Signal Advisors, and Managing Director at the New York Stock Exchange.Phil is the author of two patents on innovative ETF structures and has led market structure enhancements that have become industry standard. Phil has been featured in top-tier media outlets such as the Wall Street Journal, Bloomberg, CNBC, Financial Times, and Reuters. Phil hosts The Phil Bak Podcast and writes regularly on Substack.Worst investment everAt 14, Phil got interested in baseball cards after accompanying his brother to card shows. He saved all the money he made from his summer jobs and bought Roberto Clemente cards, which were like a blue chip. With time he also bought other cards.The following year, a young guy was coming up, Greg Jeffries, who was poised to be the next big thing. Phil bought the hype. He sold all his cards and decided to invest in just this one card. He got himself a bounty of 25-30 Greg Jeffries cards.Phil believed this guy would be the next big superstar, and his cards would be worth $40 to $50 a piece in just a couple of years. It never happened because Jeffries’ career didn’t pan out, and the entire baseball card bubble collapsed. Phil still has a stack of Greg Jeffries rookie cards that are literally worthless somewhere in his closet.Lessons learnedBe slow to jump onto bandwagons.Expect the unexpected, be prepared, and have a backup plan.Be diversified in as many different ways as possible.Andrew’s takeawaysThere are many risks around the corner that you only know about once you get some experience. So be very careful, mindful, and try to learn as much as possible, but don’t put all your money down.Actionable adviceThe worst time to invest in anything is after a big run because there’s always an element of mean reversion and cyclicalities. Never chase the hype, be patient. If you’ve missed it, wait for the next opportunity. There’s always there’s another opportunity coming.Phil’s recommendationPhil recommends learning from untraditional channels such as podcasts (like My Worst Investment Ever podcast), books, blogs, and substacks. You’ll learn more and faster from such media.No.1 goal for the next 12 monthsPhil’s number one goal for the next 12 months is to finish the series A round of capital for his company and ensure he can execute his plan over the next three years.Parting words “Stay curious. Thanks for having me on. It was a ton of fun. I appreciate it.”Phil Bak [spp-transcript] Connect with Phil BakLinkedInTwitterWebsite BlogPodcastAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Jack D. Schwager is a recognized industry expert on futures and hedge funds and the author of the iconic Market Wizards series, in which he interviewed about 70 trading legends of our time.STORY: Jack stayed too long in a position where his short was the strongest and his long the weakest, even though he knew this wasn’t the way to invest.LEARNING: Never stay in a position that violates something that you believe in. In every position, know where you’ll get out before you get in. “A mistake is not a trade that loses money. It’s a trade where you did something that violated whatever your approach is that makes money over time.”Jack Schwager Guest profileJack D. Schwager is a recognized industry expert on futures and hedge funds and the author of the iconic Market Wizards series in which he interviewed about 70 trading legends of our time.His most recent work in the series is Unknown Market Wizards, published in November 2020. Previous books in the series include Market Wizards (1989), The New Market Wizards (1992), Stock Market Wizards (2001), Hedge Fund Market Wizards (2012), and The Little Book of Market Wizards (2014). His other books include the revised edition of A Complete Guide to the Futures Markets (2017). Market Sense and Nonsense (2013), Getting Started in Technical Analysis (1999), and the three-volume Schwager on Futures series (1995-96).Worst investment everIn late 2008, the world was falling apart. Jack looked at certain things like the metals index, down about 80%. He thought China was still an emerging market growing rapidly and had every reason to continue growing. Jack believed that this economy would come back somewhat.So, Jack decided to buy ETF calls on China and the metals as far out as he could, assuming that the longer the time, the more likely they were to come back. He bought them deep out of the money, so they were pretty cheap.Several years later, Jack still had that position. Instead of just taking the profits, he hedged himself by selling the S&P Retail ETF (XRT) and the NASDAQ ETF. Jack put himself in a spread position where he was short NASDAQ and the retail index and long China.One day, China dropped 2%, and the XRT rose 2%. So Jack’s long position went down 2%, and his short position went up 2%. So he got a 4% loss on position in a single day. Essentially, you want to be long the strongest and short the weakest. Jack’s position was precisely the opposite. Instead of getting out of the position, he stayed, hoping it would return in a bit, but it didn’t. Jack eventually got out but lost most of his profits.Lessons learnedEnsure your long position is the strongest, and the short position is the weakest.Never stay in a position that violates something that you believe in.Always have a set maximum amount that you’ll risk on any investment to prevent you from losing too much on any investment.Andrew’s takeawaysSometimes you just have a good idea, but at the wrong time, and it’s ok to quit and come back when the timing is right.Actionable adviceIn every position, know where you’ll get out before you get in.Jack’s recommendationJack shares a list of his top 10 investing books:Reminiscences of a Stock OperatorDiary of a Professional Commodity Trader: Lessons from 21 Weeks of Real TradingFooled by Randomness: The Hidden Role of Chance in Life and in the MarketsFortune’s Formula: The Untold Story of the Scientific Betting System That Beat the CasinosThe Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed ItMore Money Than God: Hedge Funds and the Making of a New EliteOption Volatility and Pricing: Advanced Trading Strategies and TechniquesWhen Genius Failed: The Rise and Fall of Long-Term Capital ManagementWhat I Learned Losing a Million DollarsThe Man Who Solved the Market: How Jim Simons Launched the Quant Revolution [spp-transcript] Connect with Jack SchwagerLinkedInTwitterWebsite BooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Sampark Sachdeva has 12 years of corporate experience across Asian Paints and other businesses.STORY: Sampark let the security of his corporate job distract him from building a business out of his love for training. It wasn’t until COVID struck and he found himself without a job that he decided to work on the plan. The business turned out to be a huge success.LEARNING: Nothing good comes easy. Don’t let job security restrict you from pursuing your entrepreneurial dreams. “No matter how bad your situation might be, the victim card can only be played once. You can’t keep playing that card again and again.”Sampark Sachdeva Guest profileSampark Sachdeva has 12 years of corporate experience across Asian Paints and other businesses. He was awarded the best digital coach of 2021 at the India coaching awards. He was a TEDx speaker in 2020 and won the LinkedIn Spotlight Award in 2019, recognizing him as one of India’s top content creators. Paul Ryder and Oracle also awarded Sampark as a top marketing and sales professional in 2019.Sampark has trained over 20,000 people across 125 sessions across 10 countries. He has over 125,000 followers across social media channels.Worst investment everSampark had an excellent corporate career. He was with Asian Paints, India’s largest paints company, for over five years. In 2015 he moved to Ola, the Indian Uber, and was there for three years. Then he moved to Oyo, the country’s largest hospitality brand, for another two years. Sampark won the Top 100 Marketing and Sales Professionals Award during this career journey. So yes, everything was going well on the corporate side.On the passion side, Sampark had been writing on LinkedIn for close to six years. He’d posted over 2000 posts in 2019 and won the LinkedIn Spotlight Award. Everything seemed rosy, and Sampark felt this was the time to take off.In 2020, Sampark moved into a new role in the same organization. But that’s when COVID struck. He was in the hospitality industry, leading corporate events. He had just been in that role for a few months when the lockdown occurred. In one day, everything stopped.Sampark sat down with his family, and they looked at their savings. They could survive for a couple of years with what they had. Sampark decided to explore a plan he had put on the back burner. Sampark loved training, and after getting the content creator award, he consulted his mentors on how to make something out of his love for training.They all advised him to work on the plan for the next three to four years and then look at how to do it long-term. But when the lockdown started, the three-year plan became an overnight plan. Sampark decided to give himself four months to execute the plan. If it didn’t work, he still had a corporate career to return to after the lockdown.At the end of four months, Sampark did a review and realized the training business was going better than he expected. He gave himself another four months, and it was still going well. He continued doing it until April 2022, when an old boss offered him a job. Sampark turned down the job because his business was doing well. He had trained close to 80,000 people and had a lot of clients in the pipeline. Sampark’s only regret is having waited for so long to start his passion venture.Lessons learnedAs a corporate professional, you’re restricted by your own thoughts and the false sense of security.Running a business is a hustle because now you have to do everything alone.Networking is crucial. But remember, it’s not about transactional relationships; it’s about giving and genuinely investing in that relationship professionally.Andrew’s takeawaysNothing good comes easy.Always have a plan B.Recognize the role of luck in life. Sometimes the world accelerates your plans, and sometimes, it kicks you in the ass.Actionable adviceAlways have confidence, be positive, and leave your comfort zone. Keep reinventing yourself, learning, and upskilling.Sampark’s recommendationSampark recommends two online courses on his website:Becoming a Champion of LinkedIn: teaches you how to use LinkedIn to build your personal brand and how to build a network on the platform.How to Be a Rockstar at Work: teaches you how to upscale your career and fast-track your profile even in a job scenario.No.1 goal for the next 12 monthsSampark’s number one goal for the next 12 months is to go full throttle into corporate training across three verticals: personal branding and LinkedIn, sales and marketing, and employee capability building.Parting words “Be positive. Be confident and keep building on your brand. Trust me, sooner or later, you’ll reach where you want to go. I might be a little later due to whatever obstacles that come by, but you’ll reach where you deserve to be.”Sampark Sachdeva [spp-transcript] Connect with Sampark SachdevaLinkedInFacebookInstagramYouTubeWebsite Andrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

In this episode of Investment Strategy Made Simple (ISMS), Andrew and Larry discuss two chapters of Larry’s book Investment Mistakes Even Smart Investors Make and How to Avoid Them. In this seventh episode, they talk about mistake number 11: Do you let the price paid affect your decision to continue to hold an asset? And mistake number 12: Are you subject to the fallacy of the hot streak?LEARNING: Look at everything you own from an economic perspective and decide whether to keep holding or selling. Avoid FOMO (fear of missing out) and stock picking; build a diversified portfolio. “One of the biggest values of a good advisor is to educate people on rational economic decision-making so they can make informed investment decisions.”Larry Swedroe In today’s episode, Andrew continues his discussion with Larry Swedroe, head of financial and economic research at Buckingham Wealth Partners. You can learn more about Larry’s Worst Investment Ever story on Ep645: Beware of Idiosyncratic Risks.Larry deeply understands the world of academic research and investing, especially risk. Today Andrew and Larry discuss a chapter of Larry’s book Investment Mistakes Even Smart Investors Make and How to Avoid Them. In this sixth episode, they talk about mistake number 9: Do you avoid admitting your investment mistakes? And mistake number 10: Do you pay attention to the experts?Missed out on previous mistakes? Check them out:ISMS 8: Larry Swedroe – Are You Overconfident in Your Skills?ISMS 17: Larry Swedroe – Do You Project Recent Trends Indefinitely Into the Future?ISMS 20: Larry Swedroe – Do You Extrapolate From Small Samples and Trust Your Intuition?ISMS 23: Larry Swedroe – Do You Allow Yourself to Be Influenced by Your Ego and Herd Mentality?ISMS 24: Larry Swedroe – Confusing Skill and Luck Can Stop You From Investing WiselyISMS 25: Larry Swedroe – Admit Your Mistakes and Don’t Listen to Fake ExpertsMistake number 11: Do you let the price paid affect your decision to continue to hold an asset?According to Larry, people value things more when they own them. This is due to the endowment effect, which causes people to put extra value emotionally and make decisions based on this. This type of decision-making is utterly irrational from an economic perspective.The endowment effect is a big mistake that investors make, especially when they get gifted stocks or other investment instruments from a parent, spouse, relative, friend, etc. They then hold on to this concentrated risk when diversification is the best investment method.Whenever you receive an investment as a gift, look at it from an economic perspective and ask yourself if you had money equivalent to the value of that gift would you invest in it? If the answer is no, then sell the gifted investment. If it’s yes, then keep it.Larry also mentions another reaction to the endowment effect, where people think things familiar to them are safer. So, for example, a US investor will overweight US stocks, a Japanese investor will overweight Japanese stocks, or a French investor will think French stocks are the highest-performing and safest investments.Mistake number 12: Are you subject to the fallacy of the hot streak?Larry explains the fallacy of the hot streak as the habit of placing an overwhelming amount of value on what has happened recently. This common fallacy is closely related to recency bias.According to Larry, we confuse skill with luck leading to the fallacy of a hot streak. If you find yourself amused by an investment’s recent success, first do statistical tests to see whether this was a random outcome above the expected average. For example, over a 20-year period, you would expect 2% of fund managers to outperform randomly. So if the actual number is 1%, we know fewer outperform than randomly expected. Therefore, we shouldn’t attach any value to the ones who did.To deal with the fallacy of the hot streak, avoid FOMO and build a diversified portfolio. Also, avoid picking individual stocks that have far more to do with speculation than with investing.About Larry SwedroeLarry Swedroe is head of financial and economic research at Buckingham Wealth Partners. Since joining the firm in 1996, Larry has spent his time, talent, and energy educating investors on the benefits of evidence-based investing with an enthusiasm few can match.Larry was among the first authors to publish a book that explained the science of investing in layman’s terms, “The Only Guide to a Winning Investment Strategy You’ll Ever Need.” He has authored or co-authored 18 books.Larry’s dedication to helping others has made him a sought-after national speaker. He has made appearances on national television on various outlets.Larry is a prolific writer, regularly contributing to multiple outlets, including AlphaArchitect, Advisor Perspectives, and Wealth Management. [spp-transcript] Connect with Larry SwedroeLinkedInTwitterWebsiteBooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedLarry Swedroe and RC Balaban, Investment Mistakes Even Smart Investors Make and How to Avoid ThemPhilip E. Tetlock, Expert Political Judgment: How Good Is It? How Can We Know?Carol Tavris and Elliot Aronson, Mistakes Were Made (But Not by Me): Third Edition: Why We Justify Foolish Beliefs, Bad Decisions, and Hurtful ActsRichard Lawrence, The Model: 37 Years Investing in Asian Equities

BIO: Vishal Bhardwaj is a serial entrepreneur and founder of Predictions For Success, Engineer By Mistake, and Passionate Management Services.STORY: Vishal gained immediate success when he started his company and had about 100,000 followers. He thought this indicated that people loved what he was doing, so he decided to sell a corporate gift for Diwali 15 days before the festival. He didn’t do any market research, so when he went to sell the product, no one would buy it as they had ordered their gifts months in advance.LEARNING: Do proper research before you jump into anything. Don’t let emotions run your business for you. Timing is as important as pricing. “You may have a lot of good audiences, but those may not be the people who will purchase the products you introduce.”Vishal Bhardwaj Guest profileVishal Bhardwaj is a serial entrepreneur and founder of Predictions For Success, Engineer By Mistake, and Passionate Management Services. He loves to inspire students and aspiring entrepreneurs and has been at TED Talks, TCS, Money Control, Bakstage, and others.For any personal guidance on career and relationships, Vishal is reachable on WhatsApp.Worst investment everVishal started Predictions for Success in 2014 and got around 100,000 followers. This immediate success motivated him to leverage everything, and he thought that whatever he touched would turn into gold because people loved what he was doing. Vishal and his team thought selling something would be a good idea.Diwali was just 15 days away, and Vishal suggested to his partner that they sell corporate gifts for the famous Indian festival. They started shopping for things even though they had no idea what the people would want. They thought having something in the range of $10 would be easy to crack. While at the market, Vishal suggested that rather than purchasing everything at a wholesale rate, they should buy something a little pricey but as a sample. So, if it didn’t get sold, they would only have a little inventory sitting idle. His partner was against the suggestion. He thought they should buy cheap and in bulk. Vishal insisted that they forget about profits and try to learn something.They invested 100,000 rupees (about US$1,200) and purchased products in bulk. They did a professional photoshoot, and everything was exciting until it came time to sell the products. They talked to the companies to see if they were interested in purchasing the products, but the prices they quoted were less than even what the company had bought the products for. They couldn’t sell even a single product and had to give them out as gifts to their customers for the next three years. Vishal still has a couple of them lying around in his backyard.Lessons learnedDo proper research before you jump into anything.Emotions can overwhelm you, but do not let them run your business for you.Having an audience and having a customer who will purchase are two very different stages.The timing of your launch is as important as the pricing of your product.Andrew’s takeawaysYour audience isn’t necessarily there to buy. It could be there for the experience.Start slow, think carefully, test the market, and test the response before you act.Actionable adviceWhen you hear any idea, even a unicorn idea, wait seven days before acting on it. If you feel great about that idea after seven days, it’s good to go. If your emotions decrease daily, you either take more time to think about it or let go of the idea.Vishal’s recommendationVishal recommends reading The Bhagavad Gita to learn the world within you to quickly discover the world outside.If you’re looking for any guidance regarding your personal or professional life or if you’re stuck and don’t know where to go, connect to Predictions for Success on WhatsApp, and Vishal and his team will help you tackle the problems you’re facing right now.No.1 goal for the next 12 monthsVishal’s number one goal for the next 12 months is to read into the spirituality of one billion people. [spp-transcript] Connect with Vishal BhardwajLinkedInTwitterWhatsAppAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Harjeet Khanduja is an international speaker, author, poet, visionary, inventor, influencer, and HR Leader. He is an alumnus of IIT Roorkee and INSEAD. He is currently working with Reliance Jio. STORY: Harjeet regrets wasting so much of his life working hard instead of working smart. Though he succeeded in his career, he completely ignored his family and led an unbalanced life. LEARNING: Learn how to delegate so you can have time to focus on other things in your life. You must care for your family and inner self to be more productive.  “When you harness everyone’s energy, then you can work in a broader environment and grow. When you’re happy, you can do more things in life, not just for your business.” Harjeet Khanduja  Guest profile Harjeet Khanduja is an international speaker, author, poet, visionary, inventor, influencer, and HR Leader. He is an alumnus of IIT Roorkee and INSEAD. He is currently working with Reliance Jio.  He is an SAP HCM consultant, Six Sigma Green Belt, and Assessor for Predictive Index. He has 3 published patents, and his book “Nothing About Business” has been a best-seller on Amazon. Harjeet has been conferred with the HR Leadership Award, Pride of Nation Award, HR Personality of the Year, Global Digital Ambassador, Global Learning Award, ET HR Influencer of 2022, and Top 200 Global Leadership Voices of 2022. Harjeet has been a LinkedIn Power Profile, TEDx speaker, Guest Faculty at IIM Ahmedabad, Board Member of the Federation of World Academics, Member of the CII HR IR committee, and Co-chair of Nasscom Diversity Committee. Worst investment ever The first investment mistake Harjeet ever made was opening a PPF account because his father asked him to. Harjeet kept investing in that account year after year without knowing why he was investing. He regrets never having control over that decision. Harjeet also regrets wasting so much of his life working hard instead of working smart. In every company Harjeet worked for, he’d work himself to the bone trying to prove his abilities. Even though he achieved massive success in every position he took up, his life outside work suffered. Harjeet barely had any time to spend with his family. After all the time and effort he put into his work, Harjeet soon realized his life was not balanced.  In 2012, Harjeet started looking at life holistically rather than unidimensional. Now his life is better, and his wife is happier. Lessons learned Your team can solve problems on their own. You don’t need to hold their hands constantly; delegate and only assist where necessary.  You must care for your family and inner self to be more productive. Andrew’s takeaways Life is a balance of opposing forces, and we’re constantly making trade-offs. Actionable advice Learn to delegate and trust. It will take time for others to catch up to your quality or delivery standards. But if you don’t start delegating, you’ll never have time to focus on other important parts of your life. Parting words  “It’s okay to fail. Just believe in yourself. Whatever you’ve got, nobody can take it from you.” Harjeet Khanduja Connect with Harjeet KhandujaLinkedInTwitterInstagramYouTubeBlogBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Laurens Swinkels is an Associate Professor of Finance at Erasmus University in Rotterdam and Executive Director and Head of Quant Strategy at Robeco’s Sustainable Multi-Asset Strategies team.STORY: Lauren bought a house in Rotterdam. Just five years later, he had to move to Norway. Laurens managed to sell the house in the Netherlands many years later at a loss.LEARNING: Liquidity is very important even when investing long-term. Remove emotions from your decision-making. “Even though you’re a long-term investor and you think you’re really long-term, there may be things that cross your path that require liquidity.”Laurens Swinkels Guest profileLaurens Swinkels is an Associate Professor of Finance at Erasmus University in Rotterdam and Executive Director and Head of Quant Strategy at Robeco’s Sustainable Multi-Asset Strategies team. His areas of expertise include allocation research and empirical asset pricing. He teaches Finance courses and has published his academic work in peer-reviewed journals such as the Journal of Financial Economics. Laurens holds a Ph.D. in Finance and a Master’s in Econometrics from Tilburg University in the Netherlands.Worst investment everWhen Laurens started his masters in Tilburg, Netherlands, he decided to move out of his parent’s home. He was torn between buying an apartment and renting one because the real estate prices were quite favorable for buyers then. He decided to rent since he would only be in school for a few years.After completing his master’s, Laurens decided to do a Ph.D. and stayed another five years in Tilburg. He was still renting his apartment. After graduating, Laurens moved to Amsterdam, where the house prices were unimaginably high. Hoping that the prices would go down, he rented an apartment. But the prices just kept going up. Laurens had to commute daily from Amsterdam to Rotterdam. After getting tired of the commute, Laurens decided to buy a house in Rotterdam, where the prices were lower than in Amsterdam.Laurens didn’t foresee that he would have to move to Norway five years after that decision. At this point, the house he’d bought was 25% underwater. The investment in this house made a large part of his wealth, so taking a 25% loss was tough for Laurens. He managed to sell the house only two years ago.Lessons learnedThe liquidity that allows you to sell and buy a house in another location whenever you want is very valuable.Even when you’re investing long-term, liquidity is still essential.Remove emotions from your decision-making.Andrew’s takeawaysBuying a house is a trap because you may lack liquidity.Home buying comes with the risk of not realizing the final capital gain that you thought you would.Actionable adviceIf you’re not yet ready to buy a home or don’t know where to buy, you can first get exposure to real estate through listed markets.Lauren’s recommendationsLaurens recommends his data page on the university website, where you can download datasets if you want to do number crunching when investing. You can also check out Google Scholar or SSRN, where people post their latest thoughts. You can set alerts and get notified when papers on topics you’re interested in are published. If you don’t have the time for that, there are several people, like Larry Swedroe, that have blogs that summarize the papers for you and make them easily digestible.No.1 goal for the next 12 monthsLauren’s number one goal for the next 12 months is to discover things he doesn’t know yet so he can change his prior ideas on how financial markets work.Parting words “Till next time, take care of yourselves and each other.”Laurens Swinkels [spp-transcript] Connect with Laurens SwinkelsLinkedInTwitterBlogAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Spencer Jakab is the global editor of the Wall Street Journal’s financial and economic analysis column, Heard on the Street. Prior to becoming a financial journalist 20 years ago, he was a top-rated emerging market stock analyst.STORY: Spencer took investment advice without doing due diligence and ended up losing his entire investment.LEARNING: Don’t take investment tips from people; do your due diligence. Diversify your portfolio. Don’t invest more than you can lose. “Don’t take investment tips from people because those who tell don’t know, and those who know, don’t tell.”Spencer Jakab Guest profileSpencer Jakab is the global editor of the Wall Street Journal’s financial and economic analysis column, Heard on the Street. Prior to becoming a financial journalist 20 years ago, he was a top-rated emerging market stock analyst. He has written two books, the most recent being “The Revolution That Wasn’t,” about novice investors caught up in GameStop mania.Worst investment everSpencer moved to Hungary in the early 90s because he was very excited about all the changes due to the fall of the Berlin Wall and the opening up of the Eastern European region. Spencer wanted to make money and also see history being made.After writing to many investment banks looking, he got a couple of interviews with local accountants and banks. Spencer accepted a job as a country analyst in Hungary. He had no idea what he was doing.The job was to meet fund managers who were wealthy, nicely dressed, and suave, talking about all these things they had done and how much money they’d made from various investments. He thought they were so clever and believed that if he followed their lead, he’d be rich too. At the time, Spencer had saved $5,000. He invested half the money in a Southeast Asia fund and the other half in a US bond fund. The market became bearish, and Spencer lost most of his investment.Later, Spencer met a suave, sophisticated fund manager who convinced him to invest in a Canadian company. The company made permanent magnets. The company had a PE ratio of about nine, which is very low. Spencer looked the company up and read the annual report. He still couldn’t figure out what a permanent magnet was, but it sounded impressive and very high-tech. The company also had all these PhDs working for them. So Spencer decided to invest in it. He also told his good friend about it, who also invested.Some time went by, and one day as Spencer read the newspaper, he came across a story of how the FBI had raided the offices of the magnet company. The company was run by Russian mobsters and was just a front. Obviously, the stock went to zero after the expose. Spencer and his friend lost all their investment.Lessons learnedDon’t take investment tips from people; do your due diligence.Do your own research.Diversify your portfolio.Only invest what you can lose.If you want to be a stock picker, do it with a small amount of your money.Invest in diversified, low-cost funds, hold for the long term, and don’t try to time the market. You’ll do better than 85% of fund managers over any 10-year period.Andrew’s takeawaysOnly buy a stock recommended by a person after researching it.Focus on taking care of yourself, but be very careful about starting to promote something to other people because it can backfire on you.Actionable adviceStop looking for the needle in the haystack; buy the whole haystack. This way, you’ll buy into a big diversified pool of investments and do okay even if there’s inflation.Spencer’s recommendationsSpencer recommends using robo-advisors because it’s a cheap way of monitoring your investment portfolio, especially if you’re starting out.No.1 goal for the next 12 monthsSpencer’s number one goal for the next 12 months is to make sense of the current economy, understand what’s going on, be nuanced, and not get caught in a head fake.Parting words “My motto in investing is to be cheap and lazy. That’s the formula for success.”Spencer Jakab [spp-transcript] Connect with Spencer JakabLinkedInTwitterWebsiteBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast