Andrew Stotz - 49 Incredible Life Lessons I learned in 2020 from 26 Extraordinary People
Best of 2020 Podcast Episodes Roundup
“Hello, fellow risk-takers, and welcome to My Worst Investment Ever,” that’s how I start every one of the 300+ My Worst Investment Ever Podcast episodes I have recorded. Below are some of the highlights from the 170 people I interviewed in 2020.
One of the things that makes the investors, businessmen and women, and experts who come on the show extraordinary is their willingness to share their worst investment with the world. Most people I ask to go on the show say, “No, thank you.”
The good news for you is that you don’t have to experience their loss. Listen and absorb the lessons they teach. Whether you’re an experienced investor or just starting your investment journey, these podcasts can give you a different investment perspective and expand your knowledge.
To get straight to the lessons, just click here and download my one-page cheat sheet.
Steve shared how, in his youth, he used his hard-earned money to buy 550 calls and assumed that stocks only went higher (they don’t).
- Discipline is the key to success
- It’s better to admit you are wrong; than to lose all your money
- Know when to continue or quit a specific investment
Karen shared how she lost her savings when she invested in forex and unit trusts without guidance and research.
- Risk management is the key to long-term success
- Seek out mentors who are experts in what you want to learn
- Write out your investment plan before investing
- Do your research, ask more questions than you answer
James shared his story of investing years of his life into acting without success, only to realize later acting wasn’t what he wanted to do for the rest of his life.
- Be brave to follow your purpose in life, no matter what.
- The skills you gain from every experience combine to help you create value in the future.
Chris Mayer is the co-founder and portfolio manager of the Woodlock House Family Capital fund. He has authored four books, including 100 Baggers: Stocks that Return 100-to-1 and How to Find Them, ranked 4.6 out of 5 on Amazon with 290 reviews. You can follow him on Twitter.
Chris’s worst investment story happened when he bought cheap companies while disregarding what those businesses could offer in the long-term.
- Buy the best companies, even if they are expensive
- Build your stock buy list and wait for significant market falls to buy them
- Consider the long-term returns instead of being seduced by today’s cheap stocks
Sampath shared that he and his then-boss spent all their money, shifting their company’s strategy because they anticipated funding. The money never came.
- A deal is never done until the money is in the bank
- Cash flow, not cash, is King
- Don’t let failure get to you. Bounce back fast, and figure out how to move forward.
Ranveer Brar is one of India’s top chefs, a celebrity, a Masterchef India judge, author, restaurateur, food film producer, and benefactor. He shares his passion for food on his website and his excellent YouTube channel. Follow him on Facebook, Twitter, and Instagram.
Ranveer shared how he left his executive chef position in India to join a restaurant startup in the US. His big mistake was going with the flow of other people’s plans.
- Don’t do something just because it worked for others; find what works for you
- Balance your passion with the need to create a profitable business model
- Deal with problems head-on rather than denying and avoiding them
Ep235: Rand Fishkin – Don’t Be Afraid to Stand up Against the Growth-at-All-Cost Venture Capital Model
Rand Fishkin is CEO & co-founder of SparkToro, and author of Lost and Founder: A Painfully Honest Field Guide to the Startup World. The book has an impressive 4.7 out of 5 Amazon rating; I enjoyed how Rand personally narrated the book’s Audible format. He previously co-founded and ran the SEO optimization company, Moz.
Rand’s worst investment was when he received venture capital for Moz and focused on expanding its other marketing services while stopping what was working for the company.
- Find your niche and focus on it, do not get distracted
- Structure and incentives matter more than almost everything else when it comes to business success
- Just because investors want growth at all costs doesn’t mean it’s the right path
- Listen to different opinions but do what’s right for you
Morgan Housel is an award-winning financial writer and a partner at The Collaborative Fund. Don’t miss his recently published, The Psychology of Money: Timeless lessons on wealth, greed, and happiness, which has received more than 3,000 ratings on Amazon which average an impressive 4.7 out of 5 ratings. Follow him on Twitter.
Morgan shared his story of how he blindly followed the advice of the father of value investing, Benjamin Graham, to buy stocks that were trading at less than book value.
- Separate research on risk from research on the return
- Don’t blindly follow any investment book or guru, even Warren Buffett
- Cheap stocks are usually cheap for a reason, and they can get cheaper
Cedric Dahl was CEO of Buttercoin, one of the first Bitcoin marketplaces in the US. He writes the Internet Money newsletter covering the most critical events in the weird world of Internet Money. Find him on YouTube, where he has recently been posting Cedric Dahl Friend Call, and Twitter. Finally, consider joining his “1000x Group,” where Cedric and community members share projects and ideas that they believe have the potential for 1000x+ returns.
Cedric shared how he and his friend Bennett raised money for a Bitcoin startup and how it went downhill and was ultimately knocked out by the rise of Coinbase.
- Risk management is the key to long-term success
- When pressure, stress, and the impostor syndrome kick in, step back and take care of yourself
- Luck, whether you want to admit it or not, plays a role in life and investing
- Suit up and show up. You can’t get better if you don’t practice, and you can’t practice if you don’t start.
- Pursuing your big dream will be hard at first; challenges will be many, but you’ve got to stay in the game to succeed. Have the courage to stick with it.
Mark Moss is a full-time investor with more than 25 years’ experience and has invested in businesses, real estate, stocks, gold, and cryptocurrencies. He created his website, Signal Profits, to help struggling traders. Follow Mark on his YouTube channel or Twitter to gain further investment knowledge (I watch everyone he puts out).
Mark talked about the time he kept placing all his efforts solely on his real estate investments even though the market was crashing.
- Diversify by holding various asset classes
- For newbie and seasoned investors alike, make sure that you understand how real estate investing works and have a strategy
- Some of the most dramatic investment stories often come from real estate, and even the most experienced investors experience loss
E.B. Tucker is a board director and major shareholder of Metalla Royalty & Streaming, a gold royalty company. He’s been active in capital markets for over two decades and authored Why gold? Why Now? The War Against Your Wealth and How to Win It has received a 4.6 out of 5 with more than 500 reviews.
EB shared how he started as a sales VP for what he thought was a good company, which he then got his friends to invest in. Unfortunately, the company turned out to be a scam.
- Do your research, ask lots of questions
- Follow your gut and intuition, not your ego
- Take calculated risks and always assess whatever you will invest in so you don’t lose everything
Jim O’Shaughnessy is the Chairman and Co-Chief Investment Officer of O’Shaughnessy Asset Management (OSAM). He is the author of various books, with What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time being one of my all-time favorite finance books.
Jim ignored his investment model and sold his puts (the right to sell at a fixed price, a contract that investors enter when they think the market will fall) just before the market crashed instead of holding onto them at least one more day as his model told him.
- Set your investment system and follow it
- Consider entering and exiting investment positions in a step-by-step manner
John Lee Dumas (JLD) is the host of Entrepreneurs on Fire, an award-winning podcast where he interviews the world’s most inspiring entrepreneurs. Check out his fantastic book, The Common Path to Uncommon Success: A Roadmap to Financial Freedom and Fulfillment, which is launching now.
JLD walked us through his first investment in a penny stock and the course offering he created back when Entrepreneurs on Fire was in its first year.
- Don’t let failures stop you from doing what you love; it’s ok to pivot and persist
- FOCUS means Follow One Course Until Success
- Listen to your audience to find out what they want and build your business around that
- Before you create something, get proof of concept by getting a few people to buy
- Timing is essential; just because your offer doesn’t work the first time doesn’t mean that it’s a bad offer
Ep231: Neil Patel – Fail Your Way to Success by Practicing the 3Es: Experiment, Experiment, Experiment
Niel Patel is a New York Times bestselling author, one of the top influencers on the web, and is recognized as a top 100 entrepreneur under 30. You can find more about him on his website. I love to watch his YouTube videos, his Facebook, and his Twitter. Most importantly, I purchased a subscription to his Ubersuggest.
Neil shared his vision for...