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Ep 107: Understanding your investment behavior can change your financial future | Richard Smith
06:56 – Over 25 years of his career, Richard discovered that investing is more of a behavioral challenge than an informational challenge. The information, tools, and the data are all there but the final frontier and the last mile, if you will, is human behavior.
07:34 – Richard is passionate about helping individuals invest in the stock market. His particular focus is helping individuals to build their own portfolios with individual equities and to build a portfolio with 15 to 20 good investment ideas that are not correlated to one another.
08:36 – The key to successful investing is consistency and execution, says Richard.
11:35 – Richard said that you cannot get rid of risk. If you want to put your money under the mattress, go for it. But you have the risk of inflation destroying your capital. Same with just keeping money in the bank.
11:50 – There is no avoiding risk. People try to avoid risk and by trying to avoid risk, they actually achieve the very risk that they are trying to avoid, says Richard.
14:52 – We are risk seeking when we are losing. But when we are winning the fact that we hate to lose attaches itself to our profits and we become fearful of losing our profits. So, we become risk averse when we are winning.
27:19 – Richard just thinks that we are kind of emotionally illiterate and financially illiterate.
32:03 – Richard said that he has always been interested in behaviors. He is interested in self-knowledge and self-actualization and trying to figure out how the world works.
32:54 – Ironically, Richard found out that investing is an amazing vehicle and venue for self-discovery.
34:01 – There are deep long term emotions that come along with mastery and success. Intelligent risk taking and control are much more valuable than winning and losing in investment.
35:31 – The best place to follow Richard‘s work is at richardmsmith.com. He is writing a book and building new financial technology he expects to be available in the fall of this year.
36:03 – Richard would likely tell everybody that this is a wonderful arena. Get in the game and be in it for the long haul.
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