Charlie Munger on Human Psychology: https://www.youtube.com/watch?v=pqzcCfUglws
Berkshire Hathaway's Annual Meeting: https://www.youtube.com/watch?v=G4X9iUb_cC4
Bruce Greenwald, an economist at Columbia University, speaking about manufacturing https://www.youtube.com/watch?v=zMOXblmweBk
More Prof Greenwald: https://www.youtube.com/watch?v=zejLc-vAx0E
More Prof Greenwald: https://www.youtube.com/watch?v=OT-U0oUFnEc
David Einhorn on shorting Allied Capital: https://www.youtube.com/watch?v=2tDgcmKSgTc
Jim Chanos on China: https://www.youtube.com/watch?v=5jMLulZnT1g
Seth Klarman, a value investor: https://www.youtube.com/watch?v=NCEd9oOgHu8
Walter Schloss, a student of Benjamin Graham and friend of Warren Buffett: https://www.youtube.com/watch?v=9OHNPqls838
Stan Druckenmiller, a macroeconomic-focused trader: https://www.youtube.com/results?search_query=stan+druckenmiller
Luxury, glamor and mystique are all words that come to mind when someone envisions wealth. Within the instant wealth thwarts an individual’s mind, the thought of satisfying tangible desires is inevitably acquired. The feeling of crossing the finishing line seeps into this person’s conscience. For whatever reason, throughout time, people have been practicing this on a daily basis. The majority has failed to comprehend the vice that keeps them short from obtaining wealth. The ascension to monetary gains comes as ease to some, while others typically are not provided the same path. Those who take shortcuts will not have this wealth for long. It is not as frequently mentioned as success; more have acquired fortune to only lose it at a velocity far greater than it was found. Those who lose it will not seek the attention of their failure.
The vice that holds most people back has become habitual because of a wide variety of causes. External factors are a large reason why people start at different points and have different paths, but the path to success can be achieved through internal drive. The internal drive is the person’s will to commit time to their goal. Fiscal profits come during the journey down the path of time commitment. Take for example Steph Curry’s ascension to the top. Steph Curry’s skill level is unquestionable. Curry holds the NBA’s three-point percentage record, and by the end of his career, he could be the league’s all-time three-point leader. Curry soared to this level through hard work, a tenacious will to be the best. He did this by practicing every day, every waking second, unable to fill his hunger. This is all cliché to point out, but it is the truth. To acquire skill requires time commitment that must remain intact through the most difficult of trials. James Harden’s playmaking ability, JJ Watt’s defensive dominance and Lebron’s rule of the court were developed through persistent effort. Athletic competition is not the forte of most people, but this does not mean they cannot attain a skill that will augment prosperity.
People who work in the financial sector have skill in maintaining time and implementing strategies to put themselves in a favorable position to gain capital. The strategies are put in place through a multitude of financial instruments, unequivocally defined as securities. The purpose of this blog will be to help the novice investor seeking knowledge of trading, financial markets, technical analysis, psychological analysis and fundamentals. As well as build upon the foundation of a current investor. Investing insight begins with the rationalization of the will to put in the time. Billionaires such as Warren Buffet, Carl Icahn and George Soros are who they are because of their internal drive, the will to always be in the best position. To put oneself in a favorable position when investing, cash flow must remain positive at all times. This may seem unimaginable at first; controlling expenses and limiting debt is essential. Operating within the bounds of personal needs and wants is the control of expenses. Seeking fantasy will result in more fantasy. Buffet, Icahn and Soros invest within their bounds. The size of the bounds are not fixed, they are volatile. How that is and why it is will be explained in a later segment. For now, focus on separating desires and expectations, they are not the same or fungible. Investing is to understand the fallacy of expectation, but not letting it get in the way of desiring the commitment to time. The trick is the commitment to time has no end.