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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: GraceZ who wrote (135431)11/21/2001 1:21:53 PM
From: Mark Adams  Read Replies (2) of 436258
 
This means using your apparent disadvantage to build strengths.

Very keen insight. When speaking with my brother last year, we examined the concept of comparative advantage in respect to stock investing.

I'd found that there was no way I could, as an individual, understand complex companies or follow 600, much less 6000 stocks closely. So, as an individual, I'm at a comparative disadvantage to mutual funds from a research capability perspective.

However, my tiny portfolio allows me to move in and out of the market easily, giving me a comparative advantage of flexibility.

Three to five years of 'failure' as a stock 'investor' had gradually taught me more than risk managment. By focusing soley on a buy and hold philosophy, I wasn't making proper use of my 'comparative advantage'.

There is a book, Innovator's Dilemma, which proposes we must embrace failure and learn from it to prosper. Not a great book, but an important idea.
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