“Figure out what you can control and obsess about it”
Markets are unpredictable.
No one knows what will happen next. They can run with abandon, fall like a stone. And spin between the two on the equivalent of a sixpence.
Some companies come good. Some companies do not. Most companies have a series of ups and downs. Some survive years, some centuries. Some survive for no time at all.
Yet we obsess. Where is the next Apple? Who will follow Netflix? When is oil returning? How can I get in on the ground floor? Which big name fund manager might help me?
None of these things are in your control. No amount of hope will ever guarantee your choice is ‘the one’. The whim of the market is beyond all of us. Even the gurus. The unknowns, by their very nature, can never - all - be known.
However. There are things you CAN control. Things that will have a much greater impact on whether you are wealthy or not.
· Start saving.
· Do it regularly.
· Keep your fees low.
Obsess about the right things. Obsess about those.