Columnist Michael Taylor answers a reader’s question about personal investing expertise, financial advisers, nonpublic markets and indexes.
Q: You asked about any personal finance quandaries. One I think about is my ability to manage investments on my own or if I should pivot to a financial adviser. Major changes are coming faster. The number of U.S. stocks, and related mutual funds and indexes, continues to decrease while more private offerings and companies could be a missed opportunity.
Taylor — How much money do you need to start investing? In this regard, a Charlie Munger quote is useful: “We try more to profit from always remembering the obvious than from grasping the esoteric.” The recently deceased Munger was, of course, Warren Buffett’s billionaire sidekick and partner at Berkshire Hathaway Inc. Personal ignorance isn’t great, but an even more dangerous place is to believe oneself an expert and invest like one.
Taylor — The bizarro world of Japanese markets and the lessons we can learn A good financial adviser not only brings that comprehensive market knowledge but also sets up a good plan that takes care of the self-control part and encourages the modesty part. Such as plan is good not because it can correctly predict a market outcome but rather because it can succeed regardless of what markets do.
Berkshire Hathaway Inc. Meta MSCI Microsoft Apple Nvidia Amazon Charlie Munger Michael Taylor Taylor Joe Fischer Houston Russell 2000 Warren Buffett God U.S. Japanese Top 10 S&Amp P 500 Smart Money S.A. FOMO Dow Jones Industrial Average Michael@Michaelthesmartmoney.Com | Twitter.Com/Mi Facebook Alphabet Google No Hill For A Climber The Financial Rules For New College Graduates
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