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Call me a flighty intellectual if you want, but I'm big on understanding stuff. Fisher Investments Press author Michael Hanson doesn’t believe anything of value is achievable in investing over the long term unless you understand what you're doing through and through. Otherwise, it's just luck. Understanding is one of the truest ways to be practical about investing.
Hanson believes no one is born a natural investor. There isn't a single legendary investor who didn't put in much back-breaking work to become what they are. They learn from experience, theories, their elders, history, and peers. They look for answers in places others don't; they’re eternally inquisitive and thoughtful about their job. Most love what they do.
It's hard work, requiring eternal vigilance. Fisher Investments Press author Michael Hanson believes good investors have a spirit of humility (knowing they could be wrong); they know perpetual learning is what makes their success. To me, humility and discipline are shades of the same concept.
Fisher Investments Press author Michael Hanson believes you can find any portfolio manager with a track record of long-term success and you'll see a few universals: continual learning, continual studying, perpetually trying to see what the market can teach them. They do not impose themselves on the markets—they go with it, they learn from it.
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