The Key to Great Investments
Tom Dyson, one of my favorite investment writers over at Daily Wealth because of his willingness to get philosophical from time to time, got philosophical this morning:
When it comes to investing, people often ask me a similar question….. What’s so special about sucessful investors? People think there’s some kind of magic ingredient…. a weird instinct some operators are born with that enables them to take millions from the market….
This is a question I can answer.
The truth is, there is a magic ingredient. It’s called conviction. You can’t win without it – either in business, or inthe investment markets.
You could say hard work is just as important to sucess as conviction. You are missing the point. Conviction IS hard work. It IS experience. It IS good sense. It’s all these things bundled together.
Conviction in business led Bill Gates to the top of the Forbes 400 list. And conviction in his investment ideas led Warren Buffet to the number two spot.
These guys invested everything….. their money, their families, even their time, into their convictions. They had enough belief in their abilities, that even when things looked bad – and I’m sure there were times – they never gave up.
If you don’t believe it down in your bones, chances are good you’ll lose money on it.