We all know that it is dang near impossible to beat the market over any extended period. We all know that we are better off in index funds.
I have had about 10–12 interns over the years, and I have taught a lot of college students, and occasionally I have smart interns or smart college students, but the one thing that absolutely cannot be taught is the killer instinct. You either have it or you don’t. You either have the insatiable desire to succeed or you don’t.
One of the fundamental principles in investing is knowing when to cut your losses.
I don’t know about you, but for me, the wealth effect is real.