How to be a great investor. This is industry focus.

Hi fools, financial analyst Michael Douglas here for the Financial's Edition of Industry Focus and I am on the on the phone with John Maxwell today our senior banking specialist. John welcome back to the show.

Thank you very much Michael and just for the record we're not on the phone we are we're Skype calling.

Well okay listen this isn't tech John okay you know I'm not going to be perhaps as

persist I am sorry you're right we are we are skiping we're not technically on the phone.

So we wanted to talk today a little bit about kind of going going back to the very basics. You know we spend a lot of time here talking about arbitrage and about dividends and just about a lot of sort of different things in banking and in financials, you know, Reats, mortgage rates, all sorts of things.

We wanted to take a step back and just kind of

talk first about the really fundamentals of great investing because you can take

all these numbers and kind of before that we really need to get back into sort of what are the characteristics of someone who is a great investor.

Sort of as you're thinking about your temperament and kind of how you handle things.

So, John, to your mind, what is kind of really crucial

to be a great investor?

So let's start with just your first most important trade.

All right, well just really, really quickly, let's orient everybody to, so we all are kind of in the same mindset

in terms of what we're talking about.

When we're talking about great investors, we're talking about active investors so you know when you break it down you

can be passive investors you can be you know dollar cost averaging into an exchange

trade or fund you can be owning mutual funds, things like that.

What we're talking about here is we're talking about actively investing in individual

stocks.

And the one thing that we know is that, you know, when you go into the market, I don't know, I know that you've been to Disney World Michael and I actually know that you don't like it very much

You're like my wife. You're a curmudgeon which is a horrible time of you

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