How the Average Person Can Gain a Competitive Edge in the World of Investment Banking

#338: This month, we’re running four episodes based around the four pillars of F.I.R.E. — financial psychology, investing, real estate and entrepreneurship.

Today’s episode, which originally aired in April 2018, offers advice to investors who want to sharpen and hone their competitive edge.

Here are three lessons from this conversation with investment writer Morgan Housel:

Lesson #1: Great investors need patience and humility.

Lesson #2: Read broadly.

Don’t just read books about finance and investing. Read from a broad multi-disciplinary array of subjects, so that you can form a latticework of ideas.

Lesson #3: Play a strong defense.

On the surface, it seems like playing defense is a conservative strategy. Emergency funds and a strong income-producing allocation, for example, both sound conservative.

But in the long-term it could prove to be the opposite.

Enjoy this interview, which originally aired in April 2018.

For more information, visit the show notes at https://affordanything.com/episode338

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