June 10, 2012- Learn to be wrong and Who cares?

Via Tadas Viskantas, my favorite financial curator.  Read the article “Finance Blogger Wisdom:  A :Lifetime of Good Investing” 

Personal Favorites:

1.) Learn to be wrong. Traditional education trains us into thinking that we have to be right to get the grade. With investing and trading, focusing on being right will bring assymetric risk to your methodology and will eventually lead to a blowout at least once. – Steven Place

2.) First, invest in yourself.  That is, acquire as much knowledge as possible and analytical skills in a wide variety of disciplines and develop the ability to abstract yourself from the present. Become a mathematician, economist, political scientist, psychologist, sociologist, and futurist. – Gary Evans

3.) You are not a market-timing genius and neither is anyone selling services to you! There is a long-term path to progress, with several good ways to get aboard.  Be interested, be watchful, but do not be too confident. – Jeff Miller

4.) First, understand that ultimately you are responsible for the outcome of your investments and that they shouldn’t blame bad markets, bad advisors, or bad luck if they lose money.  Secondly, always try to stay as objective and unemotional as you can about what you invest in.  And lastly, remember that discipline and risk management is the key.  You can lose all the profits from five well managed trades or investments with one poorly managed one. – Brian Lund

*****

Who cares? by Mr. Joshua Brown

Look, I’m not perfect.  I’m actually far from perfect – I’m fat, I have a foul mouth and goddamn have I sold some fucked up shit in my day.  But I’ve broken out of that and I’ve dedicated myself to something bigger – something more than what I was.  I am NOT going to stand aside and watch people get blown up by garbage anymore.  I can’t.  I owe everyone that much.  I spent ten years as a goddamn financial services parasite, this blog is literally the least I can do.

So after thinking about it, I realize that I’m not gonna stop.  The book was just the beginning – I’m just getting warmed up.  I’m gonna take on everyone that treats people’s money like it doesn’t matter.  I’m going to beat up on the bullies and call bullshit when I see it.  I’m gonna be the big mouth and make a mess.  What the hell else did I start this blog for?  What am I doing here?  Should I be posting charts of bullshit?  Summarizing New York Times articles?  Who gives a shit, what’s the point of that?

No man, I’ve already made up my mind.  I’m going to do what I do.  And when they say “Who cares?” I’m gonna say “I care.”  I do.  I know the stuff that millions of people with trillions in wealth need to know.

And I’m gonna tell them

– Faceless Trader

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