The 3 Most Important Words in Finance
The 3 Most Important Words in Finance
November 22, 2020 by Ben Carlson
There are generally 3 stages of growth for a successful investor:
Stage 1. I know everything (when you’re first starting out)
Stage 2. I know nothing (after you learn a bit about markets)
Stage 3. I know what I don’t know (after you realize how hard markets are)
That last stage is difficult for many people in the world of finance to figure out. Or even if they admit it to themselves it’s difficult to let clients in on the fact that even the masters of the universe don’t know what’s going to happen next when it comes to the markets.
A number of years ago Jason Zweig interviewed the late Peter Bernstein and asked him some of the most important things he had to unlearn over the course of his career:
Q. Over the course of your career, what are the most important things you’d say you had to unlearn?
A. That I knew what the future held, I guess. That you can figure this thing out. I mean, I’ve become increasingly humble about it over time and comfortable with that. You have to understand that being wrong is part of the process. And I try to shut up at cocktail parties. You have to keep learning that you don’t know, because you find models that work, ways to make money, and then they blow sky-high.
There’s always somebody around who looks smart. I’ve learned that the ones who are the most smart aren’t going to make it. I don’t know anybody who left investing to become an engineer, but I know a lot of engineers who left engineering to become investors. It’s just so infinitely challenging.
When I first started out in the investment business I was always overly impressed with the smartest people in the room who seemed to have it all figured out about what was going to happen with certain stocks or the markets in general.
It took a while but I eventually discovered it was those investors who had enough self-awareness to admit they didn’t know what was going to happen next and they didn’t have all of the answers who were truly intelligent.
The 3 most important words in finance are ………
To continue reading, please go to the original article here:
https://awealthofcommonsense.com/2020/11/the-3-most-important-words-in-finance/
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
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KTFA
Tuesday Night Video
FRANK26…8-4-26….AKI !!!
This video is in Frank’s and his team’s opinion only
Frank’s team is Walkingstick, Eddie and Omar in Iraq and guests
Playback Number: 605-313-5163 PIN: 156996#
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The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
No drama. No intrigue. No songs and dances. Just straight, factual news that I read and interpret to the best of my ability after being an avid Dinar investor and insanely obsessed Dinarian for over 15 years.
Follow MM on X == https://x.com/Slashn
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Tuesday Coffee with MarkZ. 08/04/2026
MarkZ Disclaimer: Please consider everything on this call as my opinion. Be sure to consult a professional for any financial decisions
MZ: It looks like a slow news day so we can focus on some questions after we cover Iraq's liquidity crunch and Japan's already 100 billion bailout that is not enough. Pipelines and diversification hold the key to Iraq's future. Dr. Jay Caprietta shares a word after the news.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
TNT:
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KTFA:
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At a Glance
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Coffee with MarkZ, joined by Bob Lock and Zester. 08/05/2026
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: Work continues on HCL logistics, the latest from Iran. Zester talks about the Clarity Act. Bob Lock takes questions on trusts.