Author Topic: How to Find an Investment Mentor?  (Read 3207 times)

lotsofguts

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Re: How to Find an Investment Mentor?
« Reply #20 on: June 11, 2019, 01:05:26 PM »
Might not be what you want to hear,
but it might well save you a small fortune ....

At 59, you're too old.
It will take at least 3-5 years of intense reading, the cost of at least a university/college course or two, and tuition (losses while learning); you will be approaching 64 by the time you know anything. Assuming no major 'senior moments' until 75-80; there will be maybe 10-15 years of runway at best. Is picking stocks really what you want to be doing in retirement?

Index funds, not individual stocks/bonds
Tuition/learning time is a lot shorter, and your decisions are limited to just recognizing when to enter/exit specific sectors. As every boat rises/falls with the tide; all you need do is be able to recognize when the tide is going in/out, and know what a sturdy boat looks like.

Look at starting/buying into a business, not investing.
For most retirees the issue is what are going to do with your time. For business people it is often better to buy a minority stake in an existing business, and treat it as a 'working hobby'. Typical businesses are breweries, patisseries, inn keeping, etc.; the skill-sets, work load and financial risk is spread over multiple partners, and you're in the business primarily for 'fun' versus profit maximization. The long-term pay-off is increased longevity, better health, and better quality of life - by keeping both mind/body active.

Good luck!

SD

I agree. It will take a lot of time to build knowledge and experience. Using 10,000 hrs as an example to become a "good" investor, it might take years. 


DocSnowball

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Re: How to Find an Investment Mentor?
« Reply #21 on: June 12, 2019, 07:04:17 AM »
Hi all,

OK.  I've been lurking on this board for a while, and I find it very valuable.  So thank you to all of you.

I'm 59, coming to the Value Investing game way too late.  But I hope to live many more years and I have money in the market, albeit in big dumb blue-chips like Home Depot.  So I'm trying to teach myself.  I've read many of the recommended books.  I'm starting to create my own excel spreadsheets to make calculations from quarterly/annual reports.

I'm sure I can stumble through and teach myself, but it could take me a while.  What I lack, and what I really want, is someone who knows what they are doing who can look over my shoulder and tell me what I'm doing wrong.  A retiree in my area maybe?  I'd even be willing to pay for that advice.  Not much though ha ha.

Of course what money I have is with a brokerage firm (Raymond James) and I really like my guy there.  But he's not really an investment guru, he's a manager.  And he doesn't have the time anyway.

Anybody have any advice?  I'm not in a major metro area (I live near Palm Springs) and I don't think there is any real investment club out here.

Thanks.  I'll keep plugging way regardless.

Your love of learning and seeking a mentor is to be applauded. Feedback and reflection along with the growth mindset can set a great example for your next generation as well. Please know that a lot of the advice is meant to alert you to limit permanent capital loss that can and likely will happen in the course of learning - and it may be the best peer mentoring advice one can get (speaking from experience). Finding a mentor in your desired investment philosophy and circle of competence eventually will definitely help.

I've been unable to find a good mentor yet as well, but happy to share what I've learnt from my mistakes as a peer (please feel free to DM me if you'd like). I started learning active investing in 2015 at age 39 studying a course on Value investing as part of my MBA - the professor who took the course Anurag Sharma has a nice book called Book of Value if you want to read it - I can't recommend it enough especially the first part. Guy Spier's The Education of a Value Investor also communicates in a story format the mistakes he made early on. Peter Lynch makes it sound too easy, beware of chasing shiny objects. Usually an early good outcome gets you hooked to the field. Most, myself included, make a lot of mistakes early on chasing fairy tales or doubling down on well studied but capital losing bets - one thing that really helped me out is limiting my investable capital account to a separate 10% of portfolio for pre-defined 3 years (think of it as an apprenticeship period). If not for this, I'd be broke and depressed by now, no kidding. You learn so much from your own mistakes. I haven't figured out an answer to the mentor part yet (my developing circle of competence is healthcare and biotech investing), but short of that writing down your thesis and value drivers, even blogging or creating a thread on a forum are helpful tips to putting your thoughts out there and getting peer feedback. Start with an area where you have a circle of competence or would love to develop it, and work on an idea in depth for a week or two to understand the industry, the story and business model, the valuation, the risks, the competitors, the management and their incentives, the headwinds and tailwinds all the companies in the industry are facing, and finally the catalysts and your expectations.

Being very clear about your goals is the starting point as many have noted. This will help you chart a path in keeping with these goals. And look out for "value" ways of developing yourself - if one of my goals is to enable the next generation in understanding and building wealth to fulfill their needs and desires and contribute to the good of society, then the time I spend teaching my little kids about money is one of the most valuable rewards for my learning actively about personal finance and investing. This makes the journey a lot more fun and sometimes even better than the results we are all looking for - heads you win, tails you don't lose much.
« Last Edit: June 12, 2019, 07:07:12 AM by DocSnowball »

bookie71

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Re: How to Find an Investment Mentor?
« Reply #22 on: June 12, 2019, 08:50:59 AM »
59 is not old.  You are never too old to learn.  He has 59 years of experience and that should form a good base.
Always remember, Pigs get fat and hogs get slaughtered.

muscleman

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Re: How to Find an Investment Mentor?
« Reply #23 on: June 12, 2019, 08:58:51 AM »
I don't think this guy is serious. After so many posts and 3 days, he is not replying to anyone. I think he is just trying to find time to entertain himself by doing value investing. If that's the case, he definitely should stop.
There is a famous quote from a great investor Ed Seykota: "Everybody gets what they wanted in the market". If this guy's primary objective is to be entertained, he will get that, but not money.
I am muslceman. I have more muscle than brain!

John Hjorth

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Re: How to Find an Investment Mentor?
« Reply #24 on: June 12, 2019, 11:36:33 AM »
This is turning ridiculous - for your part, muscleman.
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

muscleman

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Re: How to Find an Investment Mentor?
« Reply #25 on: June 12, 2019, 03:25:21 PM »
This is turning ridiculous - for your part, muscleman.

The market is the most brutal machine. I was just speaking from my personal experience. Ego is absolutely meaningless to me. When I started in 2010, these are the exact words that I wish someone could tell me.
I am muslceman. I have more muscle than brain!

bsned2

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Re: How to Find an Investment Mentor?
« Reply #26 on: June 13, 2019, 09:10:34 PM »
I have read each response and find all opinions valuable. Thank you everyone.

Of course I will not risk my nest egg on my own learning curve as an investor.  I'd commit a small percentage of my money to my own attempts.  But i would hope over time -- 10 years? -- I could start to feel more confident.

Anyway someone lovely and generous from this board volunteered to help me out, so off I go.  A lot of reading and basic learning of analysis await me.

I'll keep you all posted!


muscleman

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Re: How to Find an Investment Mentor?
« Reply #27 on: June 14, 2019, 05:43:24 AM »
I have read each response and find all opinions valuable. Thank you everyone.

Of course I will not risk my nest egg on my own learning curve as an investor.  I'd commit a small percentage of my money to my own attempts.  But i would hope over time -- 10 years? -- I could start to feel more confident.

Anyway someone lovely and generous from this board volunteered to help me out, so off I go.  A lot of reading and basic learning of analysis await me.

I'll keep you all posted!


I would recommend that you do not say 10 years or 5 years or whatever. Investing is Hard. I’ve seen countless people who said they commit 10 years, and give up in 5 years, or said they commit 2 years, and give up in 1. To be successful, you have to be “all in”. And tell yourself to spend the entire life to figure this out.
I am muslceman. I have more muscle than brain!