Luckily my path eventually led me here to The Fool where I’ve been able to make a living out of something I love to do. One of the great things about investing is that it’s a never-ending pursuit and you can do it for as long as your body/mind will allow. And with that never-ending pursuit comes never-ending lessons learned. I’m sure I could put a small book together today talking about lessons learned (maybe I will one day), but for me there’s one that stands out among all others:
Keep an open mind.
It’s very easy to get caught in a rut of one-track thinking as an investor. After all, you’re putting your money where your mouth is so you better be right! But I have found that keeping an open mind keeps me open to more possibilities, whether I’m wrong or right. It keeps me humble. It makes me smarter.
So rather than draw a line in the sand, consider how you might be wrong in your thinking. Think about what could cause an investment idea to fail. Or succeed. Think about why someone is selling while you’re buying. And seek out opinions contrary to your own. Investing is not about being right all the time. It’s about being right some of the time and getting smarter along the way. And for my money keeping an open mind has proven to be a most valuable tool in investing and in life.