Articles - Page 83 of 172

Why Short-Term Solitude Makes You a Better Thinker

April 26, 2021 No Comments

Jesse Livermore is considered the best stock trader in history. He was the main character of one of the most famous books on trading, Reminiscences of a Stock Operator, published in 1923.

Livermore is mostly known for taking short positions before the 1906 San Francisco earthquake and before the Wall Street Crash of 1929. Those two trades made him a fortune and gave him the respect he still has by the investment community.

But that’s not the only reason Livermore is celebrated today. He was a true pioneer of stock trading, just like Benjamin Graham was of value investing (the investment philosophy that Warren Buffett relies on).

Livermore brought his profession to a new level in the early 21st century by dedicating his whole life to trading. His habits were unique for his time.

He had laser focus from 9.30 AM, when the market opened, until 4 PM when the final bell rang. In an interview found in the latest edition of his book, How to Trade In Stocks, he gave the following advice to traders:

Business, Career Advice

How You Can Become An Authority In Your Field

March 22, 2021 No Comments

Every expert or thought leader knows that authority is crucial. Without it, no one would ever listen to us.

Robert Cialdini, a professor of marketing, business, and psychology, famously wrote about the principle of authority, in his book Influence. He found that, because of the fast pace of the modern world, people have resorted to “fixed-action patterns.”

When it comes to the science of influence and persuasion, authority means that you’re respected by other people. When you have authority, others will listen to what you have to say. You will be trusted.

Since people are too busy to study everything in detail or weigh all the pros and cons before making a purchase, they rely on the simplified idea of authority. If someone is trusted by our peers, we also instantly trust them.

It’s no wonder that people are eager to appear authoritative in their fields. It’s the #1 way to get people to listen to you. So how do you become an authority in your field? Here are 4 steps that I’ve followed.

Business

How To Get Repeat Customers For Your Business

March 15, 2021 No Comments

Last year, 1,320 people bought one of my courses. And 54% of those sales came from existing customers. That’s massive. And this rate increased over time.

In business, you need to focus on the long-term. Getting new customers is important. But serving your existing customers well ensures that your business has a sustainable source of revenue.

It can cost five times more resources to attract a new customer, rather than retain an existing one. When you increase the retention rate by a mere 5%, your profit can go up from 25% to 95%. It’s simply more beneficial to retain existing customers than search for and pitch to new ones.

Investing, Personal Finance, Wealth Building

Stoic Investing: Mastering Your Emotions Will Make You Rich

March 8, 2021 No Comments

Stoicism is a philosophy that favors the long-term over the short-term. If we apply that philosophy to investing, it means that Stoic Investing is about putting your money to work today so that you don’t have to work later.

Edward O. Thorp, American mathematics professor, and former hedge fund manager, said it best in his biography A Man for All Markets:

“Properly managing investments would better prepare people for retirement and make them less dependent on society during their lifetimes.”

In this article, I’ll share the lessons I’ve learned from Stoic philosophers and from investors who favored the long-term. Stoicism can help you to become a more consistent investor, through the ups and downs of the market.

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