Building a team of trusted advisors isn’t something only the President does. Everybody has areas of knowledge they don’t know much about. Even for topics that you’re knowledgeable in, you don’t know everything. That’s why it’s important to get advice from others.
Warren Buffett might be the most celebrated stock picker in history. But he didn’t become successful in a vacuum. Buffett actively sought the advice of famed value investor Benjamin Graham. He created several partnerships and worked with many other investors and analysts. Warren Buffett could not have become successful without taking advice from dozens, if not hundreds, of people.
You can do all your stock market research and analysis yourself. It will take up all your time, and you will probably still be wrong.
Or you can stand on the shoulders of giants with a team of advisors doing research and analysis for you. You might still be wrong, but your chances would be better.
To build your team, you first need to find out who to listen to. Cast your net wide. Read books on investing, read websites, listen to podcasts, watch videos, and get as much information as possible on investing. Soon you will come to like and trust some sources over others. Choose five of your favorite information sources.
The five information sources you choose will be your inner circle of trusted advisors. Now you dive deep. Read everything your advisors write. Sign up for their mailing lists. Watch their videos. Listen to their podcasts. Buy their courses. Go to their seminars. Buy their newsletters.
Set up portfolios of imaginary stock market accounts on free services like Yahoo Finance or Google Finance. Track the stock picks of your advisors. Combine your knowledge with their knowledge. It will be a lot of work, but the more work you put in, the more you will get out of it. And if you have a team of virtual advisors, you will be more likely to find success in investing.
These are my advisors:
- Motley Fool Stock Advisor
- Magic Formula Investing
- Magic Diligence
- The Altucher Report
- Curzio Research Advisory
You can start with my advisors if you’re interested in investing, but you should also do your own search for information. You might find better information than I could.
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