My Worst Investment Ever
By Andrew Stotz
()
About this ebook
“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.”
– Otto von Bismarck
This short book started when I asked a few friends what their worst investment was. What I did not expect was that each of them had such a vivid story to tell. Heck, even my 79-year-old mom responded with a very specific story.
The truth is that in the world of finance we are always talking about our winners, about the story of our returns. But, we so rarely talk about failures. This is a book about investing failures. You may relate to one of these stories, or have lived one of them, but most importantly, I want you to learn from them.
Andrew Stotz
Andrew Stotz, PhD, CFA is the CEO of A. Stotz Investment Research, a company that provides institutional and high net worth investors with ready-to-invest stock portfolios that aim to beat the benchmark through superior stock selection. Andrew has a highly contagious enthusiasm for all facets of life. He has lived in Thailand since 1992 and has been a university lecturer and equity analyst since 1993. He is also an author, yoga student and wellness aficionado. He graduated with a Bachelor of Science degree in finance and an MBA from California State University. Andrew earned his PhD in finance at the University of Science and Technology of China in Anhui province, with a focus on answering questions raised by fund managers and analysts during his career about picking stocks and managing portfolios. During the two decades as a financial analyst, Andrew has written thousands of pages of equity strategy and company research. In fact, in his last year working as Strategist, Managing Director – International Business at Maybank Kim Eng, he published 850 pages of research. His final eight years in the business was spent as a head of research and strategist, managing research teams and writing regular strategy reports. Andrew has been a lecturer in finance for 25 years at various universities in Thailand and is currently a research faculty and a member of the international advisory board at Thammasat Business School and an adjunct professor at the University of Science and Technology of China. He has also served two terms as president of the CFA Society of Thailand. Prior to his time at Maybank Kim Eng, Andrew was the head of research at CLSA Thailand, was voted No. 1 Analyst in Thailand in the Asiamoney Brokers Polls two years in a row. He was also voted No. 1 Analyst in Thailand Institutional Investor Magazine All-Asia Research Team Report. While head of research at CLSA Thailand, his team was voted No. 1 in both above surveys. Over his career Andrew was also head of research at Citigroup Securities (Thailand) and prior to that he was head of research at TMB Macquarie Securities (Formerly ING). The first decade of his career was spent as an equity analyst, with a particular focus on the valuation of banks. Entrepreneur and angel investor are two other titles applicable to Andrew. He co-founded CoffeeWORKS Co. Ltd., a leading Thailand specialty coffee roaster, in 1995, and remains a major shareholder and its finance director. Andrew has authored a book that explains Dr. W. Edwards Deming’s 14 points for Management, called Transform Your Business with Dr. Deming’s 14 Points and the book How to Start Building Your Wealth Investing in the Stock Market. Finally, Andrew teaches seminars in eight different areas of focus: How to Value any Company in the World, Quantamental Investing Across the World, How to Make Your Company Financially World Class, Become a Great Presenter and Increase Your Influence, Plan Your Work, Work Your Plan, How to Start Building Your Wealth Investing in the Stock Market, Transform Your Business with Dr. Deming’s 14 Points, and 10 Ways Ethics adds Value to You.
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My Worst Investment Ever - Andrew Stotz
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Also by Andrew Stotz, PhD, CFA
How to Start Building Your Wealth Investing in the Stock Market
Transform Your Business with Dr. Deming’s 14 Points
Introduction
Everything but the basics
Buying into an illiquid investment that is hard to sell
Buying into an illiquid investment where you lack influence over management
Putting faith in an unproven management team
Investing in people you don’t know, and not reviewing their past and references
Sometimes you must kill your darlings
Being oblivious to or disregarding major shifts in an industry
Being overly reliant on professionals
Buying more as the price goes down without considering that the market may be right
Ignoring the reality that things change for companies
High cost of inertia
Being unaware when a good investment opportunity is right in front of you
Failing to act when you recognize a good investment opportunity
Complicating things, rather than considering buying a company whose service you value
Confessions of a crypto lemming
Letting fear of missing out (FOMO) drive