Having The Kahunas To Be A Long Term Investor
There are many assets that can lead to financial success.
Everyone wished they bought Amazon at $7. Or got into Bitcoin at $100. In hindsight these are easy to see.
In this video I discuss how picking winners is th eeasy part. There are lots of things that do well over time. The challenge is that it isnt a straigntline. Prices go up and they go down.
Amazon at its present price did not simply move up from $7. Here is where having the emotional intelligence is equally, it not more important, than than intellect.
▶️ 3Speak
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Way back when b.t.c was priced low a lot of people went on to buy but did not wait for this current period to sell off (not sticking with it) hence loosing the opportunity to be millionaires.
I think this is why the rich get richer, and the poor stay poor. The rich having available funds let them 'gamble' on up and coming stocks, while the poor can't. I do believe that understanding the company's fundamentals would help identify the good companies.
Well there is also simple math.
If we both get a 10% return and I have $1,000 and you have $1,000,000, you are going to get "richer" even though we are earning the same return.
Yeah that's true. Another advantage they have haha.
It is amazing how it is us versus them when most want to be rich. People want to be what they hate. One reason why they never get there.
Oh don't get me wrong. I don't hate the rich. I just used 'us' and 'them/they' as a way to differentiate how I'm not rich.
Kahunas are large... ready for the next 25 years!
Well that is a bit outside my timeframe but I am looking at the next 10 definitely.
Summary:
In this episode, Task discusses the importance of having the courage and emotional intelligence to stick with successful investments, using examples from companies like Amazon, Apple, and Tesla. He emphasizes the need for not just identifying winners but also having the resilience to weather market fluctuations and cycles. Task highlights that emotional intelligence plays a significant role in successful trading and investing, often more so than technical knowledge.
Detailed Article:
Task starts by addressing the common sentiment of wishing to have invested in successful ventures like Amazon or Bitcoin at their early stages. He points out that while picking winners may seem straightforward in hindsight, the real challenge lies in holding onto those investments during turbulent times. Using examples like Amazon's historical stock fluctuations, he underlines the importance of perseverance in investing.
The discussion extends to various success stories in the tech industry, mentioning companies like Priceline, Google, Apple, Facebook, and Netflix. Task stresses that it's not just about picking the right investments but also having the courage to remain invested even when facing setbacks or market downturns. He emphasizes the significance of emotional intelligence over technical trading knowledge, noting that many traders fail due to emotional reactions rather than lack of trading information.
Drawing parallels to Tesla, Task discusses the common negative sentiments surrounding the company and its CEO, Elon Musk. He explains that market fluctuations are a natural part of a company's growth, citing the example of Tesla laying the groundwork for future success with ventures like the Cybertruck and expansion into new markets like China. Task highlights the importance of understanding the cyclical nature of company growth and remaining patient during periods of slow progress.
Task concludes by encouraging viewers to focus on emotional maturity and resilience in their investment strategies, rather than solely relying on market predictions or technical analysis. He underlines the need to ask questions like "How do I minimize my loss and live to trade another day?" and "How do I maximize my profits?" as crucial considerations for successful investing. The episode wraps up with a reminder that tough times are inevitable in investing, reinforcing the importance of emotional intelligence in navigating the market.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.