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Jim:
Tonight’s show is
devoted to helping
you Cramericans
avoid some of the
most common and
money losing
mistakes that
investors can make…
and recognizing this
information when you
see it… the best way
to do this is with
discipline… meaning
with rules… oh come
on… these are
serious rules…
focus… and today I
have got five to
help you make money
in what could be an
incredibly
bewildering,
confusing, and even
infuriating market…
if you follow my
rules you should be
better able to
recognize an
opportunity when you
see it… and to
manage to avoid
losing money when
you do not have to.
Let’s get down to
business… tonight’s
first rule…
Do not dig in
your heels when you
are wrong…
or in the
immortal words of
the late great
economist, and
equally accomplished
investor John
Maynard Keynes… when
the facts change, I
change my mind, what
do you do sir… one
of the easiest
mistakes to make and
I know this because
I have done it
countless times
myself… is to refuse
to change your
stripes after the
facts are in and you
have been proven
wrong… it is natural
to dig in your heels
and refuse to change
your mind when you
think that you are
right but the market
has gone against
you… it is also a
quick and easy way
to lose a lot of
money… I have been
blasted into reality
over, over, and over
again whenever I
have dug in my heels
on either side… you
are always angry
when you get run
over… and you are
always willing to
take it out on the
people who are on
the other side… the
ones that got it
right… the fact that
I am open about it,
that I actually read
the angry emails and
talk to furious
people… has helped
me to learn stories
and learn how to
invest… but it has
also been a big
exercise in pain…
that is right, and I
have to tolerate the
pain… even when the
emails are the most
hurtful… because
that is when I know
that perhaps that I
am at the most
right...
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