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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Wed Jan 31, 2007 5:17 am Post subject: Investment Gems - Avoid these three investing mistakes |
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Most of the time I tell you what I think you should be doing when it comes to your investments. But today, I want to tell you about three things that you shouldn't do.
I've had a lot of investing victories over the years, but I'm far from perfect. So I want to revisit three lessons that I learned the hard way. It's not that I like eating humble pie … I just want to give you an opportunity to learn from my past mistakes.
Mistake #1: Ignoring the Smartest Retail Analysts in the World
Even though I don't feel old, my receding hairline and expanding waist are telltale signs. It's also become obvious that I'm not on the same page as my children when it comes to music, fashion, or the latest slang. We're totally different when it comes to our spending habits, too. Sure, in my 20s and 30s, I cared about the car I drove and the labels on my clothes. But since then, I've become more concerned with planning and saving for retirement. I suspect a lot of other people my age are in the same boat.
As an investor, however, it's important to stay attuned to trends in consumer spending. After all, it accounts for roughly two-thirds of our country's Gross Domestic Product.I used to give too much credence to retail analysts on Wall Street (other old farts). At the same time, I was ignoring the best retail analysts in the world — my children.
No longer! Heck, my kids have nailed dozens of major retail trends and identified some of the most profitable stocks you could have owned. Three examples:
Apple Inc. — My kids started begging for iPods in November 2005. The devices were more than $300 each, and I didn't think people were really going to pony up. But my “child indicator” was right on the money — iPod sales soared. Apple was trading in the mid-$30s and has roughly tripled in price since then.
Under Armour Inc. — Temperatures in the fall can get pretty cold in Montana. But when my 14-year old asked for what seemed like extremely overpriced long underwear, I laughed at first. Then I dug a little deeper and found a great company. Under Armour has more than doubled since it went public in December 2005.
Nintendo Co. — Much to my chagrin, my three boys are little video game addicts. My daughter never showed any interest … until the Nintendo Wii came out. That was yet another buy signal. Nintendo has rallied by almost 50% since then.
Now, I'm glad to say that I recommended all three of those stocks to my subscribers, and we're up on each of them. But how much money did I leave on the table by not listening to my in-house retail research sooner?
By the way, you can learn from a lot of people around you, not just kids. Pay attention to what your neighbors are buying and wearing … what your employer purchases … and what parking lots are always jam packed.
Mistake #2: Fishing in a Small Pond
There are a lot of reasons why I love living in Montana, but one biggie is the fishing. I'm lucky enough to live on the largest natural freshwater lake west of the Mississippi. It's filled with the kind of trophy fish that you just can't find in a small pond.
MOre - http://www.marketoracle.co.uk/Article283.html |
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