Introduction
My investing career officially started in 1970. However, for several years prior to that time I was an avid and interested student of common stock investing. My initial lessons were taught by studying the behavior and practices of the most renowned stock investors. Although these academic pursuits taught me a great deal, nothing taught me more than the school of hard knocks. Consequently, the most important lessons I learned were unmercifully taught through real-life experiences. Some of these lessons were hard and even cruel at times. But the hardest lessons learned are often learned best.
The theme of this article is to share with my readers what I consider to be the most important stock investment lesson I ever learned. This important lesson is supported by virtually every master investor that I have learned to respect and admire. This lesson was also emphatically taught to me in the school of hard knocks. However, my motivation to write this is born from the realization that very few “investors” are able to implement this lesson under real-world situations. My anecdotal evidence for this fact stems from the litany of comments I often receive on my articles, as well as numerous discussions with clients over the years.
Additionally, I write this fully cognizant of the reality that very few will be psychologically capable or even willing to heed this important lesson. With that said, this important lesson is actually quite simple even though it is difficult for many investors to embrace and practice. However, if this message resonates with just one reader, then I will feel that my efforts were worthwhile. Hier gehts weiter.
