Learning from mistakes is crucial for any investor to thrive in the world of stock markets according to the legendary investor and author of the Gloom Boom Doom report, Marc Faber.
Faber had famously predicted the 1987 stock market crash which resulted in the then all 23 of the world markets to crash. The Swiss investor also predicted the rise of commodities like oil, precious metals and of emerging markets like China in his 2002 book "Tomorrow's Gold: Asia' Age of Discovery".
Reliving his four-decade-long experience as an investor and fund manager, Faber told BOOM admitting one's mistakes and learning from them will only help an investor grow."I think I've millions regrets and I've made millions of mistakes in my life. And you know, life is a learning process. And the fact that you age does not prevent you from making mistakes," he said.
Apart from keeping an open mind, Faber also advised budding and established investors to realise that the markets do not follow any one's beliefs and opinions and that rather they should study how the markets react to changes.
"It is an important insight that within the discipline that you follow, you continuously have to think that your view and my view are basically irrelevant. The market will move according to many different criteria. They will look at many different factors. And then the market moves independently of what you and I think. That is a very important insight for an investor," he said.
- Source, Boom Live
