• A lot of the things the industry puts out sets investors up to fail 

  • 8 months is the average holding period for investing in a company

  • Investors do not have na understanding of what they own and why they own it but also they don’t understand how decisions are made in their portfolio

  • Expecting the future to look like the past, and missing out on humility 

    • One of the top things investors don’t understand

  • “Beating the stock market”

    • What stock market?

    • A market is somewhere you go to buy and sell goods and services

    • Stock market is where you go to buy and sell businesses

  • You should not have 100% of your money in the S&P 500

    • Therefore at no time should you compare your performance to the S&P

  • Should be asset allocated 

  • Discipline in investing is PARAMOUNT

    • To your process

    • Buy and sell discipline

  • Beating a benchmark is a misleading statement

    • The only benchmark your portfolio should be up against is “am i getting closer to my goals”

  • Successful investing

    • Investing in great businesses over time

    • Don’t over diversify and allocate properly 

    • Consider volatility your friend 

  • Forget what happens over a short period of time

October 2, 2018