Checklist to test if you are honest to yourself
- Unwilling to admit mistakes.
- Unable to accept that you are not suitable for stock investment, especially for people with high IQs.
- Easily influenced by those around you.
- Don’t understand what’s going on there, and blindly support the people or thing that you even don’t know indeed.
- Unwilling to face losses.
- Don’t want to admit that you take everything for granted and just want to sit back and enjoy the benefits.
- Don’t want to admit thatyou were brainwashed.
- Don’t want to admit that you are following others’ opinions.
- Don’t want to admit that you just like good news and don’t want to accept the facts
- Don’t want to admit that you are a frog in the well and have a narrow vision
- Don’t want to admit your are lazy.
- Don’t want to admit that your original intention of buying stocks was to get rich overnight.
- Don’t want to admit that you just want to get something for nothing.
- Don’t want to admit that the stock market is a casino.
- Don’t want to admit that they never planned to invest for the long term.
- Don’t want to admit that you are jealous of people who invest successfully.
- Don’t want to admit that you are a bad person.
- Always shirk responsibility, find excuse, complaining
- Thinking you are smart, loving to play tricks, always thinking you are a genius.
- Have never calmed down to examine yourself.
Being honest with yourself is the first step to successful investing
In the 1989 Berkshire Hathaway shareholder letter, Buffett summarized the major investment mistakes he made in the first 25 years of his investing career; I listed these lists in my post of “Investment mistakes Buffett made in his first 25 years“
People who are unable to be honest with themselves can only live a mediocre life (which is not a bad thing if this is what you want) and cannot achieve satisfactory results.
Munger’s opinion
Charlie Munger freely admits that he still makes mistakes, even after decades as a businessman and investor. Munger advises everyone to try not to repeat the same mistakes when they are made. He made more mistakes in his early years than he does now. In other words, even though he continued to make underestimated mistakes like everyone else, he gradually improved his ability over time and avoided making the same mistakes.
Munger likes to quote Richard Feynman: “The first rule is not to fool yourself. And you are the easiest person to fool.”
Closing words
Being honest with yourself is the first step to successful investing. People who cannot be honest with themselves can only live a mediocre life (which is not a bad thing), but they will never achieve anything that satisfies them.
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