I remember reading this in one of the seven thousand pages of stock market investing books.
I was actually discouraged and confused when I read it because I was looking to someone for the answers as to how to invest.
I searched high and low for the answers and even paid a lot of money for subscriptions. They of course lost me money.
It wasn’t until a few years later that I understood the what the statement meant.
Here is what it means to me…
Everyone is trying to figure out how to grow their money and what to invest in. Everyone is also going to have their own way they view the world and therefore will give massively different opinions as to what to invest in. This means that you cannot listen to the opinions of others because you will be pulled in a million different directions and will not be able to invest in a manner you can stick with.
In order to be a successful investor, you must be an independent thinker and you must invest in manner you can stick with (this will harness the power of compounding growth).
The only way to invest in a manner you can stick with is to buy companies that you have MASSIVE CONVICTION over. This is so incredibly important because it allows you to stay invested for the long term and no pundit will shake you off of your companies when they inevitably give a bearish opinion on one of them.