Everybody wants to get into the act.
Jimmy Durante made this line famous. While the comedian’s sense of timing was legendary, he noted that nothing succeeds like success, and once he had earned his audience, lots of other wannabes started to crowd in. But it didn’t help their performance one bit.
It’s not that different in the investing world. People love a star. And they figure that if they hang with some famous investor or pay a thousand bucks for a seminar some of that success will rub off. But it never does. Successive 20% returns just aren’t all that easy. And the guys that can make them aren’t giving seminars—they’re managing billions.
The only way to get to Carnegie Hall is to practice. And the only way consistently to grow an investment portfolio is through disciplined savings and a consistent approach—not by chasing the latest investment fad.
Douglas R. Tengdin, CFA
Chief Investment Officer
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