Save, Spend, Give by Daniel Pecaut

Author:Daniel Pecaut
Language: eng
Format: mobi
Published: 0101-01-01T00:00:00+00:00

● "That's a cheap price. Thank you much. I'll buy some."

● "Man, that's a high price. I've got some. I'll give you mine."

If you have the perspective of separating yourself from Mr. Market, you'll be a successful investor. The truth, for most people, is that they get mixed up in it, and then they get unduly excited and scared. Now, they are acting in concert with our manic depressive Mr. Market, and that'll unwind, undermine, and sabotage their investment process.

Mr. Market is a wonderful metaphor that carries a lot of information about how to think about investing.

When to Buy

John Templeton said that the way to make money in the market is to buy at the point of maximum pessimism. If you think about it, when are things low? They are low when things look bad and people are scared.

I had to work on myself with this. I would get scared, too. That's where numeracy comes in. How cheap is it, really? Sometimes it’s not that cheap. Coming down from very high to high feels like a big drop, but it's not enough. Other times, a stock becomes an obvious bargain, and it’s time to get serious. It’s time to step past your fear and buy.

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