A Quote by Tom Basso
I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.
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Companies are bought not sold, an investment banker told me that once and it is very true. Basically what it means is you can't control selling your company, you can only sell it if somebody wants to buy it, and you need someone to want to buy it.
The price we sell things for is not important. What is important is we sell art that has to be replaced. You become good in art by doing art. The more you sell, the more you must produce.
J.P. Morgan once had a friend who was so worried about his stock holdings that he could not sleep at night. The friend asked, 'What should I do about my stocks?' Morgan replied, 'Sell down to your sleeping point' Every investor must decide the trade-off he or she is willing to make between eating well and sleeping well. High investment rewards can only be achieved at the cost of substantial risk-taking. So what is your sleeping point? Finding the answer to this question is one of the most important investment steps you must take.
And then at the end of the day, the most important thing is how good are you at risk control. Ninety-percent of any great trader is going to be the risk control.
We buy and sell goods. We buy low and sell higher - that's what we all do to make a profit. But I consider a merchant someone who has a certain intuition and instinct, and - very important - knows how to run a business, knows the numbers.
Far more often [than asking the question 'Is it true?'] they [children] have asked me: 'Was he good? Was he wicked?' That is, they were far more concerned to get the Right side and the Wrong side clear. For that is a question equally important in History and in Faerie.
It's my belief that, since the end of the Second World War, psychology has moved too far away from its original roots, which were to make the lives of all people more fulfilling and productive, and too much toward the important, but not all-important, area of curing mental illness.
One of the most important analytic tools when assessing an investment is an intellectually advantaged disparate view. This includes knowing more and perceiving the situation better than others do. It is also critical to have a keen understanding of what the market expectations for any investment truly are. Thus, the process by which a disparate perception, when correct, becomes consensus should lead to meaningful profit. Understanding market expectation is at least as important as, and often different from fundamental knowledge.
The risk of working with people you don't respect; the risk of working for a company whose values are incosistent with your own; the risk of compromising what's important; the risk of doing something that fails to express-or even contradicts--who you are. And then there is the most dangerous risk of all--the risk of spending your life not doing what you want on the bet that you can buy yourself the freedom to do it later.
In nine companies out of ten the factor of fluctuation has been a more dominant and important consideration in the matter of investment than has the factor of long-term growth or decline
Gear is the least important part of the equation. Having a vision and being able to articulate an idea visually are much more important.
In my own opinion, psychology in football is far more important than anyone believes, including the coaches.
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.
If you want to attract more investment, foreign investment, more talent, more business, I think having some level of certainty that the business environment respects, those who have been your partners for a long time, is important.
Positivity psychology is part and parcel of psychology. Being human includes both ups and downs, opportunities and challenges. Positive psychology devotes somewhat more attention to the ups and the opportunities, whereas traditional psychology - at least historically - has paid more attention to the downs.
Investing is the intersection of economics and psychology. The analysis is actually the easy part. The economics, the valuation of the business isn't that hard. The psychology - how much do you buy, do you buy it at this price, do you wait for a lower price, what do you do when it looks like the world might end - those things are harder. Knowing whether you stand there, buy more, or whether something has legitimately gone wrong and you need to sell, those are harder things. That you learn with experience, by having the right psychological makeup.
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