I wrote another article published at Physician’s Money Digest on one of my favorite investing phrases- “I Don’t Know And I Don’t Care” about how sometimes being agnostic about the future can lead to successful investing strategies. Check it out!
I’m often asked what I think the market is going to do in the next month, quarter, year or even decade. I usually reply, “I don’t know and I don’t care.”
While that’s not entirely true — because I do care at least a little what happens to my investments over the next 10 years — I certainly don’t know what will happen to them. I learned very early in my investment career that I have no idea what the stock market, interest rates or exchange rates were going to do in the future. It also became very clear to me that experts, analysts, economists and even “gurus” also had no idea. In many cases their guesses were worse than flipping a coin or, to borrow a phrase from Burton Malkiel, worse than having a monkey throw darts at the stock page of The Wall Street Journal.
I needed an investment strategy that didn’t require me to have a working crystal ball to be successful. Click here to read the rest!