Investing Mistakes to Avoid: #4 Mr. Happy Yappy

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Like in school, investors should get rapped on the knuckles for not keeping their eyes on their own portfolios. But investors are sensitive to the “other” guy. Investors hate missing the boat. Nothing irks them more. They’re fine hearing that someone else is doing worse. But when someone else is smiling carefree and yappin’ away about their good fortune, that makes investors’ blood boil. Nothing makes the phone ring more than a down quarter.

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In my conversations with you, we spend time talking about how you, not anyone else, got to where you are. We talk about why you’re looking for an advisor who’s a fiduciary because you tell me horror stories about what this guy or that guy did. Not cool. But sometimes, that’s what it takes to make a change that’s right for you.

You and I know that a seasoned, calm, methodical investor isn’t prone to reviewing his portfolio at cocktail parties. But believe me, it’s hard to listen to, isn’t it? I don’t wish misfortune upon Mr. Happy Yappy, but sometimes he doesn’t know what he doesn’t know. He hasn’t felt a serious loss—yet. He doesn’t know what it feels like when markets stay down longer than he can stay solvent.

When wealth is created over a lifetime, when you take care of your portfolio like you would a member of your family, with the care and thoughtfulness it deserves, you begin to understand. You don’t kick this position or that one out the door in a fit of rage. You don’t trade like a madman. You don’t talk about your money like it’s a recap of last night’s game.

This is your life we’re talking about.

Action Line: It’s been my experience that the sound of silence is a true indicator of wealth. Mr. Happy Yappy makes me cringe. When you’re ready to talk, I’m here.

Read every one of the Investing Mistakes to Avoid here.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.