Does Your Ego Get In The Way Of Investing?

Discussion in 'General Trading Discussion' started by gowiththeflow, Jul 9, 2018.

  1. gowiththeflow

    gowiththeflow Senior Investor

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    If you speak to any investor they will all have a different strategy, different ideas and different goals. The two hardest elements of investment are knowing when to take a loss and how far to run your profitable investments. Have you ever let your ego get in the way of an underperforming share? Has it literally drifted away to next to nothing?
     
  2. Chartman

    Chartman Senior Investor

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    Even the likes of Warren Buffet know when to let their egos go - he avoided tech stocks for many years because he "did not understand them" but recently he has been investing heavily into the likes of Apple, etc. Investors with big egos will come a cropper one day :)
     
  3. longtermbull

    longtermbull Administrator Staff Member

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    "Pride come before a fall" is one of the sayings which springs to mind. If you havent got the personaility to admit when you are wrong then you might have to nurse a few investment wounds before you change your mind. Stockmarkets can be brutal!
     
  4. fireopal

    fireopal Senior Investor

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    great thread title and really like what you had to say @longtermbull! Ego is a major issue for many in all areas of life imo. Takes a great deal of inner strength and integrity to admit when you are wrong but clearly is not an easy road to walk for way too many in this world that tend to try to place blame and make others wrong etc but can't blame anyone but self for your choices in the stock market!!
     
  5. longtermbull

    longtermbull Administrator Staff Member

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    If there is one example of ego issues at the moment you could argue it revolves round Elon Musk. After his disgraceful outburst recently he has said sorry but somehow I do not think this will be the end of the story. When you are a major shareholder and a major part of listed businesses you have an obligation not only to yourself but to the company and shareholders. Some are arguing that Elon Musk might be developing some kind of God complex but hopefully he can take time out, relax and come back refreshed. Entrepreneur minds like his are very few and far between!
     
  6. gowiththeflow

    gowiththeflow Senior Investor

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    If you invest your money into any asset, whether managing it yourself or through a third party, it is your choice and if it goes wrong you have nobody else to blame but yourself. The investment world is littered with people who had massive egos and thought they could beat the market. Once, possibly, twice, rarely, three times, lose the lot!
     
  7. longtermbull

    longtermbull Administrator Staff Member

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    Elon Musk is headline news at the moment and while his successes seem to have been erased from history by many people let us not forget that without him there would be no mainstream EV market. Just look at the EV1 and how General Motors tried to kill the concept just as it was getting started. Elon Musk has a massive ego but the difference at the moment is that he seems to be lapping up the fact he is centre of attention - most unlike him. Also, he has created a lot of enemies in recent times and these people have waited a long time to get their own back.
     
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