Tutorial 6-10 Recap
1) HARD WORK - Investing is hard work. If you expect to be successful you are going to have to put in a lot of effort to succeed. Just like you wouldn't expect to be a good lawyer, accountant, architect or doctor for example without hard work, the same applies to investing.
2) READ - The Investment Masters are typically voracious readers and they read widely. Reading history, investment books, investor newsletters, daily/technical journals and multi-disciplinary topics will help you gain an edge over other participants in the market. The world's greatest investor spends 80% of his day reading. A study of 1,200 wealthy people found that they all have reading as a pastime in common.
3) LEARNING - The key to investment success is continued learning. The stock market is a classroom and lessons are taught every day. It's important to be open-minded when it comes to learning. Markets are dynamic and are always changing. Mistakes are one of the best ways to learn. The Investment Masters seeks to improve their knowledge base every day. Knowledge compounds. The world's greatest investor is a learning machine.
4) AN EDGE - Investment Masters seek an edge in their investments given the competitive nature of investing. This requires focussing on where you have a solid understanding. Investment Masters develops their own edge, be it a longer time frame, a superior insight, psychological, a multi-disciplinary angle or an intuitive understanding etc.
5) LOVE - you must have the right priorities. Like any endeavour in life, to be successful, you will need to love it.