Why Is Investing So Hard?

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"Investors are their own worst enemy." I've read or heard this dozens of times. Usually I nod in agreement, and pat myself on the back for sidestepping a trap that seems to catch just about everyone else. For a long time, I gave no thought to what this statement actually means, either in general or in the specific context of my portfolio. Then, I gave it a lot of thought. And after that, I distilled those thoughts into the 3,000 or so words below. (Don't worry; there are plenty of images along the way.) Continue reading →