I have something very painful to share, and I hope once you hear it you won’t jump on the nearest boat and abandon these Islands of Investing….. I’ve made huge mistakes when it comes to investing. Not just one or two, but a whole bunch of them.
Admitting mistakes is difficult, but it’s a non-negotiable it you’re striving to become a better investor. I find it’s a pretty good rule for life in general also. Once admitted, you have a tremendous opportunity to learn some invaluable lessons, the kind that only come from experience.
My biggest investing mistake is a great example, because I made a number of mistakes, all in the one investment. It was the most expensive mistake that I’ve ever made. It had wiped out almost all my gains from the previous two years – far from a life-threatening disaster, but personally very painful.
There’s a lot to cover here, so make yourself comfortable as I relive the pain all over again… [Read more...]