Note: This article is courtesy of Iris.xyz
By Michael Kay
Think of the hours spent watching the ticker symbols swim across the screen. Consider the time devoted to listening and reacting to the pundits and “experts” who predict what will happen next.
Calculate the attention given to reading the columns of advice aimed at convincing you what stock or fund to buy or sell. Imagine all that time freely given in an effort to be “in the know,” have an economic advantage, be better informed and have an edge on everyone else (except for those who are watching the same noise, of course). Needless to say, it’s a lot of time, attention and human resource—all of which are actually devoted to nothing.
Why nothing? Simple. Investing, not speculating, is a long-term strategy—and by long, we’re talking seven or more years. “Long-term” doesn’t mean a day, a week, a month or even a year! The shorter the time period, the greater the risk and the more it becomes gambling.