"Three FISH to buy."
"Three FISH I'm buying!"
"Three FISH to buy."
"Three long-term FISH..."
If I give you a fish, you know what to do with it.
At least, you're not going to accidentally kill yourself with it!
Hey there!
It's good to be back.
My name is Stephen Spicer and it's my goal to help you invest smarter.
If that's something you're interested in, I hope you'll hit that subscribe button
and join us on this journey.
Because...
I love this stuff.
And…
I'm assuming you love this stuff since you're here right now.
But I have to be honest, this dynamic - the way that creators and consumers interact through
YouTube - can sometimes make it difficult for me to achieve that goal of helping you
- or anyone interested - invest smarter.
It's a great way to reach more people, but I have to admit that sometimes I wonder if
I'm doing more harm than good.
Let me explain...
My initial interest in being open about, sharing, and explaining my investment process came
from one-on-one conversations with friends.
Agree or disagree, it was all good.
It was fun.
They would ask me questions, and I felt like I was helping them invest smarter.
But I knew them, I knew their unique circumstances and they knew that my goal wasn't to get
them to invest in a certain stock, but rather to just explore and better learn the process.
That led me to write for Seeking Alpha.
Which again, I felt like I was doing some good.
There, most of the readers are traders and investors themselves.
Most of them knew that I wasn't trying to sell them on anything - I was just presenting
my research, my idea, my thesis.
They knew that they would need to follow-up any solid idea that I presented with their
own research and (if they were still interested) find a way to work it into their own unique
strategies.
These articles would often lead to a healthy debate/discussion in the comments.
Some people agreed with my ideas, some didn't, and that was okay because we were all learning
from each other (with the articles and the subsequent comments).
But I wanted to take it a step further: I wanted to be able to reach and help as many
people as possible.
I wanted to be able to share with you, as close to face-to-face as I could.
YouTube seemed like the perfect medium to accomplish that.
Also… there appeared to be a need: there weren't TOO many practicing professionals,
or at least highly-experienced investors, creating educational videos in this space.
So, I decided to dive in.
I started making YouTube videos.
My modus operandi was - and still is - to help you invest smarter.
Not to tell you exactly what to do …because no one can do that through a video intended
for the masses.
I keep thinking of the quote: Give a Man a Fish, and You Feed Him for a Day.
Teach a Man To Fish, and You Feed Him for a Lifetime.
My MO is to teach you to fish.
My Top Stock Picks, for example, aren't supposed to BE your fish.
That's why I go through the effort of including all the detail of how I come to my conclusions,
the analysis process I undertake, and so on.
That's why in The Empowered Stock Selector Course, one of the first lessons is on finding
your own style - on taking everything you can possibly learn from me and figuring out
how it can work uniquely for you, how you can work it into YOUR process (if at all…).
So, when I see comments in my videos or beneath the videos of others accusing us of misleading
viewers, it's upsetting.
I don't think that's anyone's intent here.
And I'm not sure anyone - definitely not me ...yet - has enough viewers to really influence
a stock's price...
This frustration was PART of the reason for my brief YouTube sabbatical - as I was dealing
with that question of whether I was doing more harm than good.
And consequently, if there is maybe a better way to achieve my goal of helping people invest
smarter.
But I've struggled to find a way to reach anywhere near the number of people I can here
on YouTube…
Maybe I just need to be more clear in each of those videos I make: "I am not recommending
this stock.
I just hope you can learn from my detailed description of the process I went through."
...but I don't even know if that would help.
--
I think Michael Jay was spot on with his Call To Action to stop investing in Financial Education
eremy's stocks.
I mean, c'mon, that Robinhood find was pretty crazy - super fascinating and very concerning…
If you haven't seen it, check it out, I'll link to it in the description.
Now, some people (including I believe Jeremy) took it as an attack on Jeremy.
The intro was funny, and I can see how it might be taken that way.
But judging from the context of the entire rest of the video, I don't believe that
was Michael's intent.
When you listen to it, I think it becomes obvious that he's speaking to Jeremy's
viewers.
Heck, ultimately, he's speaking to his own viewers (which he specifically pointed out)
and mine for that matter.
And he's absolutely right!
I don't want people to ever blindly follow me into a position.
Do you know how stressful that is?!
Maybe not, but it is.
When people follow me in, even if I explicitly caution them against it, I can't help but
feel responsible - even though that wasn't my point, I wasn't asking them to do that!
It's stressful.
Hence my recent absence.
I mean, I get stressed enough managing my clients' portfolios.
And these are clients about whom I know a lot and who have entrusted me to manage their
portfolios entirely, meaning I get to use my own strategies and I get to be in tune
with everything that's going on with them.
That's the only way I could do this - when I have total control like that.
But even then, that's a little stressful.
It's way more stressful thinking that several thousand people are going to watch a stock
pick video hoping for a home run, and then knowing that some of them will go and invest
without any further context as to whether or not this stock fits into their particular
portfolio, works with their unique strategy, or even jives with their distinctive temperament…
and that's just dangerous.
And since I know that that will happen (at least to some degree), it's hard to not
feel a sense of responsibility for that.
--
I brought up the "give a man a fish" saying earlier, which is particularly apropos in
this scenario.
But I think the problem HERE is much worse.
If I give you a fish, you know what to do with it (more or less - …maybe if I gave
you a fully cooked fish).
At least, YOU'RE NOT GOING TO ACCIDENTALLY KILL YOURSELF WITH IT…
I mean, I hope not!
But if I "GIVE" you a stock, one in which the odds could be skewed in your favor (given
the way I trade and invest), if you don't know what you're doing… you could do some
real damage.
You could blow up (kill) your portfolio, your life-savings…
And I don't mean that to be insulting to anyone.
That's not my goal here; my modus operandi is to help.
But everyone's a little different when it comes to investing: what makes sense for me,
may not make sense for you, or for Michael, or for Jeremy.
Your risk tolerance, your understanding of this particular stock, sector, industry, your
general temperament - all of that taken together plus many other factors all point to a unique
trading style that will work the best for you.
I can help you learn all of that stuff so you can discover that for yourself, but I
can't tell you exactly what it is for you.
If you don't plan to outsource the responsibility to somebody you can trust - if you plan to
do it all yourself - that's great!
I KNOW you can.
But you're going to have to spend some time discovering and really learning your one-of-a-kind
style.
It's not going to be easy - if it was, everyone would be doing it successfully.
(And, by the way, it may seem like everyone is doing it successfully now, but be careful
not to let a bull-run fool you - in 1999 almost every young trader in the market looked like
a genius.
Until most of them lost everything over the following couple of years.)
--
Coming back to the example from earlier, I think Michael Jay is doing a good job of trying
to teach you to fish.
I haven't seen all of his videos, but those that I have seem to be thoughtful from this
perspective.
And he's also a great (visible) example of my points in this video.
And I'm sure he knows I don't mean anything bad about him here - honestly, I have a lot
of respect for his incredible transparency.
I'm assuming everyone who is subscribed to me, is also subscribed to him… but if
not, you should go check out his honest and well-thought-out videos.
But the reason I want to talk more about him is that he has publicly mentioned following
me into two (at least that's all I've seen) of my Top Stock Picks.
I heard about the first one about a month after I had already sold my position.
I believe, at that time, it was one of the best performers in his portfolio (if not THE
best - I think it was the best).
I immediately commented informing that I had sold my holdings when it was up 50% after
two months and that I didn't know if/when I'd be getting back in (this was information
I had been able to share with my Insider Community).
Now, I don't know what he did with that information and if he was able to make some
money on that position (it proceeded to drop back to the level where it was when I first
covered it).
It's impossible for me to share with you every little aspect about the way I trade
each position and it wouldn't help you anyway - I want to help you recognize and discover
what exactly would work best for you, based on your unique style and personality.
When I find out someone traded on some stock that I shared and that they performed worse
than I did, I feel bad - like, personally.
I feel a little guilty.
I don't think I should, but I'm telling you, I do!
So, I didn't feel too bad about the example I just gave from Michael, because I 'caught
it in time.'
Even though I sold out at a 50% gain and it was probably only up 30% when I was able to
say something to him about it, at least (as far as I know) he didn't lose any on that
one.
But then, in his incredibly open and honest, year-end assessment, he mentioned that one
of his lessons for the year was this very subject - that despite his understanding of
this concept, despite his own warnings to his viewers of this idea, he fell victim to
it himself.
He had invested in an idea that he had heard from someone else without performing his own
adequate due diligence.
And although he didn't throw me under the bus there… that idea was mine.
I'll own it.
It illustrates my point here and I hope it helps to drive home my concern.
I've profitably traded all but two of the ideas I have shared with you here on this
channel.
One of those where I'm down, I'm still in it - I know the risks and think it still
has potential long-term.
But with the other, the fundamentals quickly changed after I released my video - I sold
out my relatively small position at a 20% loss - a scenario that I was mentally prepared
for upon my entering of that position.
I felt terrible when I heard that this was his biggest loss.
I felt bad that I hadn't been able (or known that doing so might have helped him) to share
certain specifics of my trades with him.
Now, Michael is professional in his conduct and I sincerely believe that he doesn't
blame me for that.
And I don't think I SHOULD feel bad.
But - if I'm being honest - I absolutely do.
I don't regret the risk/reward profile that that particular stock brought to my personal
portfolio - even though it resulted in a loss.
But I do feel bad knowing that it caused him a loss.
And worse, if Michael - as I said before, someone who is acutely aware of this problem
and has even preached these same warnings - if he is able to make that mistake, how
many of my viewers make similar or even worse mistakes as a result of my videos.
Again, I don't think I should feel bad about that - but I do.
And that's why I say dealing with stocks is far more dangerous than dealing with fish.
The fact that someone listening to one of my ideas, a stock that might work for me in
my personal portfolio - the fact that they could invest in that stock (and the knowledge
that some absolutely will) without fully understanding all the mental preparation that I've put
into knowing how I'll react given various possible outcomes, both positive and negative,
without fully understanding exactly how that stock uniquely fits into my portfolio based
on my other current holdings, and more importantly, without having fully adapted everything I
just said for themselves, for their unique portfolios, for their unique tolerance and
objectives… it's upsetting.
The damage that can cause to your portfolio, to your investments, to your savings, to your
hard-earning assets… can be significant.
And I wanted to spend the bulk of my time in the video talking about my personal ideas,
because that's really what I'm struggling with here: am I doing more good or harm by
sharing these ideas and their accompanying analyses.
Are people learning from the detailed descriptions of my process (which is my goal, afterall)
or are they just blindly investing and hoping for the best…?
And although it may not be my fault necessarily if they are primarily doing the latter…
that doesn't mean it won't factor into my decision as to how I proceed.
Honestly, from a YouTube perspective, those are my best videos (the Top Stock Pick series,
that is).
But it's not worth it if it's doing more harm than good.
And that's my personal dilemma - not your problem, but I wanted you to know where I'm
coming from and what's going on in my head.
If you have a constructive perspective on this, I welcome it and look forward to reading
it in the comments.
But whether or not I continue making those videos, I want to reinforce Michael's cautionary
wisdom.
This isn't just about my picks - it applies to everyone's here on YouTube.
It applies to Michael, as he said.
It applies to Jeremy, as I've heard him say before as well.
You have to do your own work in order to learn about yourself as an investor and ultimately
develop your own style.
I hope I can find the best ways to help you with that.
Until then, I wish you all the best.
Take care.
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