Confessions first: Have you ever decided on a stock purchase (or any other investment) based on a write-up, blog post, or third-party analysis?
I’m guilty as charged, so don’t feel bad about this.
It’s a widely held fallacy that following what renowned investors (like Buffett) or well-paid Wall Street analysts do and say is more than enough for investment success.
Sorry to spoil the “Yes, Virginia, there is a Santa Claus” moment, but let me be the bearer of bad news. That’s not how outstanding investors work, and they have their reasons!
Don’t get me wrong; while monitoring the 13F filings of “superinvestors” may be useful, mindless coat-tailing won’t get you anywhere. As the saying goes, “You can borrow someone’s ideas but not their conviction.”
Borrowing an idea is seldom enough to take you to the finish line. You will need conviction about the stocks you invest in; otherwise, you won’t be able to hold them through thick and thin.
Other investors’ ideas should only act as inputs to be fed into your independent investment process. Yes, you do need a process you trust! If it’s evidence-based, like the FALCON Method, even better.
“If you can’t describe what you are doing as a process, you don’t know what you’re doing.” (W. Edwards Deming)
Cracking open The Wall Street Journal and buying the first stock mentioned is not a sound process, yet many speculators are operating at such a level (for their brief spell in the markets). For those in it for the long run, like me, no 2-second solution will cut it.
For my part, I had a well-established dividend growth investment process that made me financially free by 33. Subsequently, I managed to upgrade my stock-picking method to a whole new level, and it was a heck of a journey! You can follow my evolution in the Beyond Dividends book. (Where else can you get decades of investment experience for the price of a book?)
I’m a little embarrassed to admit, but at 41, nearly all my life was about making money. The only benefit I can highlight as a result (besides the obvious financial part) is that sharing all my discoveries can help others like you to switch to the fast lane and spare years of experimenting and agony.
Let Beyond Dividends make you think, question your long-held beliefs, and help you discover what investing style and strategy may fit your personality. After all, it’s your conviction that gets you through the night, so that’s the single most important factor of investment success.
In closing, let me share something deeply personal with you. My first book has sold more than 12K copies (and it’s not even translated into English). Over the years, the feedback I received often brought tears to my eyes, while the royalties I made could comfortably qualify as crumbs. Publishing a book is far from a great business. (Any author will tell you this, except for the luckiest 1%.)
Whenever someone with decades of investment experience devotes their time and energy to such a project, I’m always among the first buyers of their books, knowing I’ll vastly underpay for the gift they give the world by sharing all their ideas and experience. This attitude contributed greatly to my achievements, and if it resonates with you, feel free to follow suit.
By taking action now and reading Beyond Dividends, you empower yourself to take control of your financial life. Stop being the chess piece; become the player… and a master at that! Beyond Dividends is your next right move; order it here and now!
