General discussion, page-5579

Paul - thanks for nailing this.

Perhaps the most important lesson I've learned so far on the investment journey is that it is a uniquely challenging psychological journey during which one confronts aspects of oneself that might otherwise go unnoticed, and misunderstood.

Fear. Greed. The instinct to follow the herd. All these and more must be confronted and resisted at various times along the way.
Wishful thinking? Excessive optimism? Sentimentalism. Rigid thinking. So many enemies that will impact your bottom line if you let them rule you, or can reveal a clear course of action each time you vanquish or tame them.

And they need to be tamed over and over. I've found it does get easier in a way, but vigilance must remain constant. The only advantage I've earned so far is I can now usually recognise these foes, and so at least know I have to fight them. That doesn't guarantee success, but knowing what you're up against is a great start.

It is a journey to knowing oneself: a wealth that isn't easily quantified.