What to tell a new graduate about the stock market
College graduation ceremonies this time of year remind me of my own graduation from the University of Colorado in 1997.
2. Just do it. The best way to learn about investing is by doing. Don’t create paper portfolios. Take as much money as you can afford to lose , and invest it. The most difficult part of investing is staying rational when you get punched in the face by the markets. Understanding the emotions that losses and gains evoke in you and dealing with them is incredibly valuable.
Browse investment writeups on ValueInvestorsClub.com. This website was started by Joel Greenblatt — a terrific investor who wrote “The Little Book That Beats the Market” and “You Can Be a Stock Market Genius” . This is where you can learn what the depth and rigor of your research needs to be. Writeups here are posted by diehard value investors, not academics, who put their money where their mouths are.
6. Make investment friends. My life over the last 20 years has been enriched by having great investment friends around me. Today my investment friends are really just my friends, with whom I share and debate stocks, though we also talk about family, kids, and such. • “Poor Charlie’s Almanac”, to understand the second half of Berkshire Hathaway BRK.A, -0.12% BRK.B, -0.07% — Warren Buffett’s partner, Charlie Munger.
• “Reminiscences of a Stock Operator”, written in 1923 by Edwin Lefevre, tells from a first-person perspective the fictionalized tale of the early years of the great trader Jesse Livermore. It is rumored that this book was actually written by Jesse Livermore and edited by Lefevre.
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