Chapter 1. Other People's Problems
Learn from the folly of others.
We can learn a lot from the mistakes of other investors because most mistakes are caused by human nature. We all experience the same psychological biases and emotions. Therefore, we are all susceptible to making the same mistakes. Some of these mistakes can have a large impact on our wealth.
Consider Irv and Louise Trockman, two retirees in Dallas. With the help of an overzealous broker, they managed to turn their $1.3 million nest egg into just $700,000. Imagine a loss of 46% of your retirement money.[1] People in their 20s or 30s could recover some of the money before retirement, but Irv and Louise are already in retirement! Their standard of living will be dramatically affected. ...
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