True wisdom lies not in overestimating our abilities, but in understanding our limitations and acting accordingly. I talk about the dangers of overconfidence in life and investing, in today's episode of #TheInnerGame #podcast.

I don’t, normally, focus on short-term market movements or how investors should behave in the short term. However, I’ve been receiving a lot of questions from friends and readers about how to navigate this soaring bull market. And so I thought I will create this episode of #TheInnerGame #podcast to share my thoughts on what you can do in such euphoric times when nothing seems to be going wrong with the economy, the markets, and your portfolio.

This is a story from January 15, 2009. It’s not my story, but an inspiring one. US Airways Flight 1549 on its way from New York City’s LaGuardia Airport to Charlotte, North Carolina, struck a flock of birds shortly after take-off, losing all engine power. Unable to reach any airport for an emergency landing due to their low altitude, pilots Chesley ‘Sully’ Sullenberger and Jeffrey Skiles glided the plane in the Hudson River. All 155 people on board were rescued by nearby boats, with only a few serious injuries. This water landing of a powerless jetliner with no deaths became known as the Miracle on the Hudson. Well, I discuss this story and a related lesson in today's episode of #TheInnerGame #podcast.

On a cold morning of 1931, in a small town in the US, a seven-year-old boy was playing with a young girl, when they were unexpectedly attacked by a stray dog. Tragically, the girl was bitten, contracted rabies, and succumbed to the illness. The boy, miraculously, emerged unharmed. Well, I discuss this story and a related lesson in today's episode of #TheInnerGame #podcast.

What others advise me to do in life and investing is never in my control, and so I cannot change what they advise. But what advice I apply to my life and investing is in my control, and so I must ensure that I play just that part well. So, the problem is not the advisor or influencer peddling wrong financial advice. The problem is ‘I’ not understanding what is wrong for me and what is not. Yes, that is the problem. I discuss more on this in today's episode of #TheInnerGame #podcast.

Imagine you’re at a crossroads, standing on the edge of a vast, uncharted territory. You have a map, but it’s blank, waiting for you to fill in the details. Now, picture having a few wise mentors who have walked similar paths, guiding you with their wisdom. That sounds comforting, right? Today, in #TheInnerGame #podcast, I dive into this very idea of choosing the right heroes, inspired by a principle that Warren Buffett articulated beautifully, when he said that ‘The best thing I did was to choose the right heroes.’ * * * USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ 6. Book Recommendations - a. The Essays of Warren Buffett - https://amzn.to/3L2Kgcz b. Poor Charlie’s Almanack - https://amzn.to/3RIPwWk c. The Story of My Experiments With Truth - https://amzn.to/4cgCU1a d. The Complete Book of Yoga - https://amzn.to/45HirzW

George Baker once said something profound that Thomas Phelps quoted in his book “100 to 1 in the Stock Market” – To make money in stocks you must have “the vision to see them, the courage to buy them, and the patience to hold them.” Of these, patience is the rarest and the hardest to master. But if you can cultivate this skill and practice it diligently, it pays off handsomely in the long run. I discuss this very idea in today's episode of #TheInnerGame #podcast.

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USEFUL RESOURCES:

1. Twitter: https://x.com/safalniveshak

2. Podcasts -

a. The Inner Game - https://www.safalniveshak.com/the-inner-game/

b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/

3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/

4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/

5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/

6. What if You Only Invested at Market Peaks? https://awealthofcommonsense.com/2014/02/worlds-worst-market-timer/

7. Buy and Hold: Simple, NOT Easy - https://www.safalniveshak.com/buy-and-hold-simple-not-easy/

A common question I receive from a lot of investors is about how many stocks to own. In this episode of #TheInnerGame #podcast, I try to offer some insights from what I have learned from some great investors, and also from my personal investing experience.