“It’s easy to make a mistake and do the opposite, pulling out the flowers and watering the weeds.” – Peter Lynch
Being such a busy individual, I finally had the time to kick up my feet and skim through the 100th Anniversary Issue of Forbes magazine. The special thing about this issue is that they had the top 100 Greatest Business moguls tell their readers something about business that is valuable to them.
While reading them, I thought immediately about my one thing about business that I have learned the hard way but is valuable in everything that I do. I felt that it would be important to share that with you all briefly.
It is the power of PATIENCE.
As many of you may know, I started this journey in 2015 when I opened up my own web broker account and began investing in stocks. It has been nearly three years and I have learned a lot. Granted, investing in stocks is now a small percentage of what I do, but it is still significant. Investing in stocks taught me more about life than any teacher has taught me in class. I was learning so many pros and cons about myself solely from investing.
One thing that investing has taught me time and time again is the importance and the power of patience. My investment strategy from day one was to find companies that will last a long time and pay a dividend. I had found some promising companies after vigorous hours studying each potential investment company. I even happened to find a few companies that did not carry a dividend but definitely carried promise.
Nonetheless, I began to spread my seeds in different companies, with the intention to never sell them. And then January 2016 came and I witnessed my thousands of dollars that I had saved for two years begin to fade in stock share price.
I tried to stick it through from the wisdom I had gotten from Warren Buffett and Peter Lynch, but I caved in and sold majority of my portfolio. Looking back, I highly regret it. I lost many opportunities, but I still managed to make some great investments over time.
But back to the loss. I sold too early. I bought Shopify around $45 and sold months later at a loss. It’s share price is now $145. I sold Air Canada (TSX:AC) at $12 in 2015. It’s share price now is $26. I sold People Corp. (TSX:PEO) in 2016 for $2.50 a share and now it is worth $7.30.
I would have made a lot of money if I stayed true to my investing principles. It actually depresses me to think about the profits I would have made! But at the same time, I have made the same or even more in the other various companies I invested in. Those, I won’t disclose until a later date.
The point is, if you do not trust your own ability, no one else will. If you have made a sound decision and you know what the outcome will be over time, stop being a wimp and just stick to it. Hold off on making a drastic decision because of one period in time. Time passes and your studies and hard work will pay off. Learn the power of patience and utilize that skill in the finance world, business world, and the relationships you have with others.
Great things come to those who wait, so wait.
Until next time,
Live Long and Prosperous.
Value Investing Millennial Jahnome McEwan provides FIFTY tips for Young Adults looking to build wealth from now. If working a 9-5 until retirement twists your stomach, Jahnome has a way to get you out of it!
Click here if you are interested in learning how!
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