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#030 The Biggest Mistake People Make When Investing In Stocks, Crypto And Everything
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0.65 cents for Doge coin is the average price that millions of people bought the cryptocurrency at in anticipation for the price to skyrocket when Elon Musk went on national television to plug it. What happened was so obviously predictable that I predicted it weeks before.
I’m not psychic. I don’t have access to the ten multi-billion dollar individuals who hold 90% of all Doge coin to hear whether they were going to buy or sell more. If I had 3 wishes with a genie, I wouldn’t need to use a wish to figure out what the price would be a day after the big SNL event.
So how did I (and lots of other people) know this would happen?
Because I’ve been investing for a decade in everything from crypto to small businesses to real estate to stocks. And you learn that all those things have something in common.
Hype.
This stock is going crazy! Huge earnings coming. Check out this new crypto, its going to the moon! HODL forever! This house is going to move FAST (especially in this market). Get it NOW before the offers flood in.
Hype is great for the thing being hyped. It’s incredibly dangerous to an investor for one simple reason…all investors are human and humans are emotional and irrational.
Hype makes us turn away from red flags. Hype makes us lazy in our research of an investment opportunity. Hype creates urgency to buy something we may not be ready for.
Some of the best investments were the ones I didn’t make. Let that sink in. There were so many investments that were HYPED like crazy and by reputable people that I didn’t get into and would’ve lost my shirt on.
Only on extremely rare occasions can buying the hype pay off. There has to be something truly game-changing being announced for the price to continue to exceed the price of an asset when its at high prices in anticipation of an announcement or event.
An example would be Disney announcing Disney+. Absolutely huge. New revenue streams for one of the largest brands out there. Big knock to competition. All in one fail swoop. It sent the stock soaring. Ethereum announcing ETH 2.0 and the drastic improvements to its network. Real benefits. Competition silencers. That was massive.
So when its not one of those rare scenarios, this is usually what happens
1. “News” is released about something exciting regarding an asset
2. Circulation of that news causes early adopters and investors to promote it
3. Hype train gets new interest and investment
4. Once even
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If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
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