OPINION: Aim to be one of the relatively few investors who actively seek out opposing views that challenge their ideas.
If you want to become a better investor, you have to look beyond simply the facts and figures—things like portfolio allocation, risk analysis, due diligence. To avoid making the most common investment mistakes, you must do the much harder, yet exceedingly valuable, work that comes from looking inward.
Only a relative few have the courage to actively seek out opposing views that challenge their ideas and then, even occasionally, change their minds. You should aim to be one of them. We also see this with cryptocurrencies BTCUSD, +0.44%, where investors tend to divide into two camps: crypto proponents who believe the value of these tokens will continue to skyrocket and skeptics who seize on every downturn as evidence that cryptocurrency is a dying fad.One way to fight against this urge is to think about a stock you like. Then, instead of poring over news that reaffirms your belief, find the strongest voices on the other side and see if what they’re saying makes any sense.
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