Back to Archive #375 - The Biggest Misconception About Investing
The Investment U E-Letter
Monday, October 4, 2004 * * * * * * * The Biggest Misconception About Investing
By Dr. Steve Sjuggerud
President, Investment U "Don't have family and friends as clients," one of the older brokers told me when I was starting out. Of course I didn't listen. I wasn't being a rebel. I just thought that if I could get my family and friends a discount on commissions, and get them a few good tips as I got them, everyone would win. I should have listened to the old guy. Going into the brokerage business at age 21, I didn't know any better. I believed - like everyone does - the biggest misconception about investing… I believed that guys in the investment business actually receive useful tips. And if you just know the right guy in the business, you'll be rich in a few years. That is 100% WRONG. Let me explain… I'm Now the Old Guy… So Listen Up! I have now done it all in this business. I have been at the highest levels of investment management in the world. I've worked with some of the smartest, wealthiest, hardest working people in this industry, and possibly in any industry in the world. When you're at the top of the rock as I have been, money is no object when it comes to finding the next great opportunity. You can't imagine the sums spent and the brainpower expended. And it's all just to beat the next group of hardworking, smart, money-is-no-object guys to the punch. But at the end of the day, they're all just scrapping for an idea. Believe me, if there was some guy who knew something out there, the folks at the top of the rock would find him. They've got the money. And they've got the brains. HE AIN'T THERE. Deep down you want to believe that guy exists for you… we all do. Until I was at the very top of the rock, I still believed that someone out there at the highest level knew something… that someone was making way more money. Trust me, once again, that guy doesn't exist. The Quicker Your Give Up On "That Guy," the Quicker You'll Start Generating Your Investment Fortune "Talk to Vinny… he'll give a good deal on a used Buick." When I started as a broker, I thought I could give a good deal to my friends and family… I could treat them right, and alert them to deals they might not find out about otherwise. I should have listened to The Old Guy. Since everyone expected me to be their "guy in the business," everyone expected great returns. If I gave them great returns, I didn't do anything special… it was what they expected. And if we just did okay, I risked ruining the relationship. Again, that old guy knew what he was talking about - probably based on his own experience. Now I'm the old guy. I'm telling you what I know is the biggest misconception about investing out there… that some guy in the business can make you a bundle if you can just find him. Please trust me when I tell you that I have worked at the highest levels in this business. And at the top, when it comes right down to it, they're no different from you and me… just scrapping for a good idea. Believe me, there is no "guy" who knows… So it's on you… You've got to do the best you can. Be safe. Be diligent. Cut your losers early. Take matters into your own hands. And quit hoping to find that guy who knows… he doesn't exist. [ continued below ] A Word From Our Sponsor You Can Turn $10,000 Into $1 Million With Just Two Stocks Go ahead and diversify your conservative money. But to reach total financial independence all you need is the right two stocks. This new special report shows you exactly how three trades - two buys and one sell - can give you a seven-figure net worth. It's easier than you think. To see how you can turn $10,000 into $1 million with just two stocks, visit:
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Today's IU Cribsheet - To read more about some good ways to really increase your returns - without any help from "That Guy" - please read IUEL #329 - Mastering Investing: How Not to Lose
- If you want a complete immersion in the art of smart investing (along with a great networking opportunity), I encourage you to check out the New Orleans Investment Conference 2004, scheduled for Nov. 10-14, 2004 at the Sheraton Hotel in beautiful downtown New Orleans… only blocks from the French Quarter. The event's going to feature an entire day of Oxford Club, Pirate Investor, Sovereign Society and Daily Reckoning speakers… including top speakers like Alexander Green, Porter Stansberry, Eric Roseman, Karim Rahemtulla, Eric Fry, yours truly and Agora President and Founder Bill Bonner, as well as many many others. Fantastic headliners will also be on hand such as Jim Rogers, Dick Armey and James Dines. For information, contact Event Manager Steven King at 410.223.2633, or 800.992.0205 (e-mail: sking@oxfordclub.com… or sign up online at http://www.oxfordclub.com/bin/k/b/index.html Early bird discount was just extended to October 22, so sign up now. Hope to see you there.
Good investing, Steve
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