By Maury Fertig
In the course of his profitable 17-year occupation at Salomon Brothers, Maury Fertig witnessed many shrewdpermanent humans making very undesirable funding judgements - all simply because they allow their feelings impact their judgment. He realised that no matter if the results of ego, competitiveness, or simply simple laziness, the behaviors that warp people's skill to take a position properly are rooted in seven universal and recognisable human weaknesses. In "The Seven lethal Sins of Investing", Fertig has created an making an investment philosophy (and numerous useful and strong recommendations) to assist absolve "sinners" in their monetary transgressions.
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Extra resources for Seven Deadly Sins Investing: How to Conquer Your Worst Impulses and Save Your Financial Future
This monologue of an avaricious investor provides another perspective on what is going through this type of investor’s mind: “I only invest in stocks that I believe will triple. People don’t realize that you can make a lot of money fast in the market, but you have to think big. I like to buy stocks of companies where the share price has risen rapidly: If it has gone from $2 to $6 in a matter of days, what’s to prevent it from going to $18? I catch the stock on the rise and take advantage of the momentum.
If a friend doubled his investment, we’ll triple ours. If a business colleague bragged about investing in the hottest E 38 T H E 7 D E A D LY S I N S company on the market at its launch, we’ll scour the new offerings and find the next big thing. The problem, of course, is that our investing goal is to equal or exceed someone else’s success. Instead of analyzing a given investment objectively, we see it as a way to prove ourselves worthy to someone else or our own inner critic. We copy strategies that worked for others.
By March, Kyle and Fred were exchanging high-fives as Ariba leapt higher and higher. On March 8, Ariba closed at $330 and another two for one split was announced. Both of them thought briefly about selling their stock, but each time they paused to talk about it, the stock moved higher. They went out for beers after work to celebrate their new found fortune. Kyle even stopped by a Porsche dealer to consider how he might spend some of his profits. By spring, though, Ariba along with most of the NASDAQ began to take back much of the good fortune it had shared with investors.