Chapter
The importance of managing emotions and psychology in investing
28:10 - 36:12 (08:01)
In addition to having a strong approach and mindset, managing emotions and psychology is key to being a great investor. One should focus on the reasons behind buying a security rather than solely on its price fluctuations.
Clips
Great investors such as Carl Icahn and George Soros focus on making large concentrated bets in which they have a lot of conviction rather than diversifying.
28:10 - 29:37 (01:27)
Summary
Great investors such as Carl Icahn and George Soros focus on making large concentrated bets in which they have a lot of conviction rather than diversifying. Concentrating holdings decreases overall risk and increases attention to large positions, resulting in better outcomes.
ChapterThe importance of managing emotions and psychology in investing
EpisodeStanley Druckenmiller on What Makes a Great Investor, Bitcoin & His Biggest Trades
PodcastMy First Million
The mindset and approach of an investor are crucial components of what makes a great investor; however, the emotional side, particularly managing emotions and psychology, is equally important to succeed in investing.
29:37 - 32:40 (03:02)
Summary
The mindset and approach of an investor are crucial components of what makes a great investor; however, the emotional side, particularly managing emotions and psychology, is equally important to succeed in investing. One's mindset must align with their long-term goals in investments to make well-informed decisions and decisions should not be influenced by short-term emotions.
ChapterThe importance of managing emotions and psychology in investing
EpisodeStanley Druckenmiller on What Makes a Great Investor, Bitcoin & His Biggest Trades
PodcastMy First Million
Billionaire investor Steven Cohen recounts the day he lost $3 billion and imparts that while maintaining emotional discipline in investing is vital, it takes incredible discipline to truly act on it.
32:40 - 33:56 (01:16)
Summary
Billionaire investor Steven Cohen recounts the day he lost $3 billion and imparts that while maintaining emotional discipline in investing is vital, it takes incredible discipline to truly act on it.
ChapterThe importance of managing emotions and psychology in investing
EpisodeStanley Druckenmiller on What Makes a Great Investor, Bitcoin & His Biggest Trades
PodcastMy First Million
The podcast explores the relationship between food, energy and discretionary spending and how it affects forecasting company earnings.
33:56 - 36:12 (02:15)
Summary
The podcast explores the relationship between food, energy and discretionary spending and how it affects forecasting company earnings. The toggle feature is mentioned as a helpful tool for finding unanticipated relationships in data analysis.