26. A Word About Your Ego

An ego is a terrible thing to have. It forces you to depend on the market to bail you out of a wrong decision. Have you ever said to yourself, “I don’t want to take a loss, so I’ll sell when I get back to even?” How many times do you actually get that chance?

I’d rather be right than President—Senator Barry Goldwater, during an unsuccessful election run for U.S. President.

Remember Why You Are Investing

Well, the Senator never got to be President. If you carry that attitude, you may be morally superior to your competitors, but they will end up with more money. Remember why you are investing.

Here is your new mantra. “I’d rather make money than make a good market call.”

You will be wrong, and probably ...

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