MICHEL PIREU: Don’t know what to think? Here’s what to avoid in the current crisis
Minimising mistakes is half the battle in investing, but you need to be willing to learn from your mistakes
“Too often I’ve decided not to decide for fear that deciding might be a bad decision,” wrote Craig Lounsbrough in Simple Truths.
It’s an angst many of us may be sympathetic to at this time. But while there’s something to be said for doing nothing when it comes to investing — minimising mistakes is half the battle — you need to avoid what T Boone Pickens called the “ready-aim-aim-aim-aim” syndrome. “You have to be willing to fire,” said Pickens. “Learn from mistakes. Remember the doors that smashed your fingers the first time and be more careful the next trip through.”