Colin Nicholson – Think Like the Great Investors: Make Better Decisions and Raise Your Investing to a New Level

Colin Nicholson – Think Like the Great Investors: Make Better Decisions and Raise Your Investing to a New Level

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Description

Successful trading relies on three vital skills: market analysis, money management, and decision-making. The first two are straightforward skills anyone can learn, but the third is much more difficult. Your ability to make the right decisions isn’t based on hard facts, but psychological realities like your own temperament, your own biases, and the biases of other traders. In essence, you can only master the stock market when you master yourself first, and that starts with making the right decisions habitually. Think Like the Great Investors is organised into four distinct parts that show you how to understand your own temperament, the psychology of the market as a whole, your own biases and decision-making errors, and how to practically apply your understanding of these factors into your decision-making system.

• Written by highly respected investment teacher, speaker, and writer Colin Nicholson
• Ideal for both inexperienced traders who want to lower their risk as well as experienced traders who lack that one final piece in the trader’s skillset

For anyone looking for that final piece of the investing puzzle, the answer is right here. With Think Like the Great Investors, you’ll leap beyond the final hurdle to super-successful investing . . . yourself.

FROM THE INSIDE FLAP

When we decide to invest our savings we embark on a learning journey that will take many years to complete.

First, we need knowledge. We must get our heads around the jargon and understand how the financial markets operate. Most important is that we have a feel for the history of markets in case we learn by repeating the mistakes of those who have gone before us.

Next, we must learn how to analyse the economy and financial markets. There are cycles in economic activity that come around at varying time intervals. Unless we understand this, we are likely to find our investments badly damaged and struggle for years to recover to where we were before the last downturn.

Then, we should learn how to analyse companies so that we choose good stocks to invest in when their prices are below their value. Above all, we must seek to buy stocks that afford a margin of safety, which will protect our portfolio if things do not go well for a while. An integral part of this is to have strong disciplines around risk management through diversification and position sizing.

Most investors think this is enough to be successful, but one thing is missing. All investing requires making decisions in selecting and managing our holdings. It is never just set-and-forget, because markets are always changing. Much of our decision-making skill will be developed through experience, but if it was that simple, we would all be great investors after maybe 10 years or so of active investing. There are very few great investors in the world. They make better decisions than the average investors because they think differently. Think Like the Great Investors explains the cognitive biases that the most successful investors seem to avoid. It gives you a range of strategies to manage them and make superior investment decisions. This book will be one of the best investments you ever make.

FROM THE BACK COVER