Long Term Investing - With Baskin Wealth Management
Dec 17, 2024 · 46 min · 11 segments
0:00: Introduction 1:30: managing your emotions in the markets 3:03:Hard to learn lessons in a bull market 5:29: Silliness in the market today 7:45:Sticking to our circle of competence 9:40: Year-End…
Barry SchwartzHostErnest WongHostWell, it's interesting because every time the markets go up and your stock picks go up, then you feel like you're doing something well.
And then when they're down, then you feel kind of depressed and you wonder if you did something wrong.
especially in a bull market, right? So in a bull market, if your stocks aren't up as much as the market, you're like, what did I do wrong exactly? Or if you have a, God forbid, a stock that's down, am I a moron, right? And so in lousy markets, you actually, even though the feeling stinks, you feel fine if everything's down, right? Because everybody gets hurt.
we've the wave goes up we're on the surfboards we're riding that wave and hopefully we don't crash and burn
and that's the difficulty of investing in stocks broadly is that it's really hard to know exactly whether the stock went up because you nailed the thesis or because everything was going up
And some of those names maybe that went up a lot in 2021 that got destroyed in 2022.
It's that money flows into, I mean, maybe they're really good business models.
You know, for every company where someone would say, oh, it's way too expensive or, you know, you're ludicrous, right? You could have said that about buying Amazon 10, 15 years ago, right? Or buying Tesla 10 years ago and paying such a stupid multiple and yet they've worked out.
And to the point about not knowing where the market goes, I remember in 2015 when I went to the Berkshire Hathaway annual meeting.
Well, it's interesting because every time the markets go up and your stock picks go up, then you feel like you're doing something well.
And then when they're down, then you feel kind of depressed and you wonder if you did something wrong.
especially in a bull market, right? So in a bull market, if your stocks aren't up as much as the market, you're like, what did I do wrong exactly? Or if you have a, God forbid, a stock that's down, am I a moron, right? And so in lousy markets, you actually, even though the feeling stinks, you feel fine if everything's down, right? Because everybody gets hurt.
we've the wave goes up we're on the surfboards we're riding that wave and hopefully we don't crash and burn
and that's the difficulty of investing in stocks broadly is that it's really hard to know exactly whether the stock went up because you nailed the thesis or because everything was going up
And some of those names maybe that went up a lot in 2021 that got destroyed in 2022.
It's that money flows into, I mean, maybe they're really good business models.
You know, for every company where someone would say, oh, it's way too expensive or, you know, you're ludicrous, right? You could have said that about buying Amazon 10, 15 years ago, right? Or buying Tesla 10 years ago and paying such a stupid multiple and yet they've worked out.
And to the point about not knowing where the market goes, I remember in 2015 when I went to the Berkshire Hathaway annual meeting.
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