Ann: Quarterly Update and Appendix 4C, page-55

Same game mate, the biggest financial losses of my investing career have been in stocks that I had researched the crap out of, had amazing fundamentals and I just couldn't understand why the market didn't see what I saw.

I'm certainly not saying research and analysis is not important, but I had my a$$ handed to me many times before I learnt that research & analysis is in fact maybe only 50% of the game. The other 50% is more intuitive, listening to the market, trusting your gut, riding your luck and most importantly being willing to call it quits promptly when you realise you've made a mistake.

Also as one of the other posters has picked up on, I'm probably suggesting that a bit of humility is important. The minute that we start thinking we are good at this game, Mr Market has a way of teaching us that he decides the winners and he can (and will) turn us into losers at his convenience.