TIP614: Investing Guardrails: Avoiding Common Mistakes w/ Kyle Grieve and Clay Finck

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.6 • 3.6K Ratings

🗓️ 10 March 2024

⏱️ 99 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kyle Grieve and co-host Clay Finck dive deep into how human psychology impacts your investment decisions, why even the best investors fall victim to their own biases, strategies to mitigate common mistakes, how to deal with market timing, leverage, and speculation, why you should focus your time on improving patience, simplifying things, and understanding value, how you can recognize the biases of the market by understanding market cycles, why you should prioritize temperament over intellect, the importance of long-term results over quick gains, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:39 - Why greed makes us feel smart. 03:03 - How fear causes us to make poor decisions. 05:25 - The case study of Stanley Druckenmiller and how greed can affect even the smartest among us. 10:14 - How we can succeed in investing without having to predict macroeconomic trends. 11:38 - How we can track our emotions to make better decisions. 14:48 - The follies of trying to time the market. 14:48 - The downside of timing the market. 15:27 - Why we shouldn’t rely on luck to consistently generate returns. 17:21 - Why Warren Buffett would make any changes to his investing even if he knew what the FED was going to do in the next twelve months. 23:09 - Why leverage should be avoided in the stock market. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Related Episode: TIP604: Best Quality Idea Q1 2024 w/ Clay Finck & Kyle Grieve | YouTube Video. Related Episode: TIP587: Dino Polska: A Polish Compounder w/ Clay Finck & Kyle Grieve | YouTube Video. Learn more about the Berkshire Summit by clicking here or emailing Clay at [email protected]. Follow Kyle on Twitter and LinkedIn. Check out all the books mentioned and discussed in our podcast episodes here. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Toyota NetSuite TurboTax Wise Fidelity CI Financial Linkedin Marketing Solutions Fundrise NDTCO Vacasa NerdWallet Babbel Shopify HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to TIP. In today's episode, my co-host Clay Fink and I dive deep into how human
0:06.9	psychology impacts your investment decisions, why even the best investors fall victim to their own biases, strategies to mitigate common mistakes,
0:16.4	how to deal with market timing, leverage, and speculation, why you should focus your time on improving
0:21.6	patients, simplifying things and
0:23.6	understanding value, how you can recognize the biases of the market by
0:27.6	understanding market cycles, why you should prioritize temperament over intellect,
0:32.0	the importance of long-term
0:34.0	results over quick gains, and a whole lot more.
0:37.0	Clay and I already discussed the simple reasons we like to invest in the
0:40.0	stock market and why we invest in stocks rather than other assets in episode
0:43.7	613 from Thursday. We also discussed some of our goals and investing strategy.
0:48.4	If you haven't listened to that episode I checked that out first as it's a good
0:51.6	precursor for this episode.
0:53.2	I wanted to discuss more about mistakes today as I think identifying mistakes is one of the simplest ways to excel in investing.
0:59.6	Everyone focuses on what the next best investment is going to be.
1:03.4	And while that's important, what I think is even more important is
1:06.7	surviving the market for long periods.
1:08.9	And to do that, you must focus on avoiding as many common mistakes and biases as possible.
1:14.4	Today's episode is an overview of some of the most common mistakes that Clay and I have observed
1:18.4	during our times in the market.
1:20.4	Additionally, since we spent so much time researching for our interviews, we have picked up many interesting case studies and experiences of others that we can't wait to share with you.
1:29.0	Lastly, we both draw on our own personal mistakes and discuss them in detail so we can hope to avoid making the same one twice.
	...

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