Many of the biggest and most common mistakes made by investors happens because they stray from their core competencies and / or lose focus. As evidenced below, a checklist can help tremendously.
“In 2009 the New England Journal of Medicine published the results of a study tracking the rate of complications from surgery before and after the introduction of a checklist. The study was based on data from more than seventy-six hundred operations in eight cities around the world. The researches found that rate of death dropped almost by half when the doctors used the checklist, and that other complications fell by one-third”….taken from the book Think Twice by Michael Maubossin
From time to time, when something strikes me that I think will benefit others I'll jot it down or provide a link. The posts are meant to challenge current thinking and to help provide a framework to make better business and investment decisions.
Wednesday, March 17, 2010
Always good to go back and review your thinking..
Wow. I just read my post from 2004 re: real estate in the U.S. As my wife said to me the other day, "Are you upset you had an idea what was going to happen but didn't make a fortune from your insights?" Well, yes, I am....sort of. Even knowing how the scene played out I'm not sure I could have done anything different. I wasn't in a position (or knowledgeable enough) to play it the right way. What most folks don't realize is that even though you may have a good "trade" it is still really hard to get the timing right. In my case I probably would have gone broke waiting from '04 - '07 to have the trade (or any trade) go my way even though I would have eventually been proven correct.
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