Biggest regrets of the older posters here?

[Liberty]

I was trying to say that it is relatively easy (for me) to get sidetracked: I was working on updating price-targets for a few stocks I own but here I am again, posting stupid stuff in a stupid thread. All the time I wasted on the internet ..  :P

 

If that's what you meant, then I misunderstood you. I've just seen too many people write sneering remarks of the kind. My apologies.

 

They publicly complain about what other people are doing, implying that they're better than them, etc.

Hmm. I thought that was exactly what value investing is all about.

 

You know it isn't in this context.

 

Finding undervalued companies and betting on them when it's an unpopular opinion is different from writing condescending remarks on the internet.

[west]

Before this devolves into a flame war, I want to mention the "harrumph" was supposed to be self mocking, the implication being that I'm being curmudgeon-y, and that I really shouldn't be paid attention to.

 

That being said, if people want to discuss this stuff, fine.  I'm just sadden by two things.  First, these questions repeat themselves.  And when you see a question over and over again it starts to grate on you a bit.  Especially since, getting to the second thing, all of this "noise" can scare away some of the better contributors to this board, e.g., PlanMaestro.

[compoundinglife]

Before this devolves into a flame war, I want to mention the "harrumph" was supposed to be self mocking, the implication being that I'm being curmudgeon-y, and that I really shouldn't be paid attention to.

 

That being said, if people want to discuss this stuff, fine.  I'm just sadden by two things.  First, these questions repeat themselves.  And when you see a question over and over again it starts to grate on you a bit.  Especially since, getting to the second thing, all of this "noise" can scare away some of the better contributors to this board, e.g., PlanMaestro.

 

I read the response as the friendly "Get off my lawn!" comment :) No worries from me.

[Uccmal]

What is interesting to me is the number of posters whose biggest regret is having missed out on the bargains of 2008/9.  It was just so obvious they say how cheap things were.  Of course hindsight is always 20/20.  Things could have turned out differently than they did.  BAC, etc could have been nationalized.  Other things could have happened.

 

In any case, since it was so obvious that there was extreme value then, I am surprised that more people aren't salivating at oil and gas.  Sure, there will be losers, but there will also be many winners.  There will be any number of stocks that bought today will be worth multiples in a few years most likely.  But wait, you say, it's not obvious which ones those will be.  Who knows what will happen with the price of oil.  Exactly.  But it wasn't any more clear in 2008/9.  There were winners with banks and losers.  There were winners with leveraged companies and losers. 

 

So you have your chance.  You want a return of those bargains, you've got them.  People say oil and gas is too hard, it belongs in the too hard pile, it's outside of the circle of competence, insert your favorite cliche.  Don't forget, the exact same things were said about financials, etc a few years ago.  You don't get to pick your crisis.  When it comes that's your opportunity.  I suspect in a few years when some of these stocks have become 10 baggers and more people will declare how easy it was back in those days to know that.  A lot of people will probably decide to start looking into the names then.  It's just never easy.

 

Well Said.  Aside from PWE.  The rest I have got on my list are not getting to new 52'week lows yet. 

 

Did buy 500 shares of MTL the other day, though. 

 

I think people are confusing your comment  with cheap financials.  In 2009 I bought SB, GE, WFC, AMEX, FFH options to my recollection.  I did not buy BAC (2010) AIG (2011) or JPM until much later.  One of the best was JPM after the whale. 

[moody202]

I say one of my regrets is not finding good mentors early in my life. This board helps fill the void!

 

[Liberty]

Before this devolves into a flame war, I want to mention the "harrumph" was supposed to be self mocking, the implication being that I'm being curmudgeon-y, and that I really shouldn't be paid attention to.

 

That being said, if people want to discuss this stuff, fine.  I'm just sadden by two things.  First, these questions repeat themselves.  And when you see a question over and over again it starts to grate on you a bit.  Especially since, getting to the second thing, all of this "noise" can scare away some of the better contributors to this board, e.g., PlanMaestro.

 

These questions repeat themselves because there are new people coming in the community all the time. It isn't Parsad that is asking for tips on what to avoid in the beginning and such. Whenever you started out and didn't know anything about anything, I'm sure that having a friendly place to ask for advice would be much appreciated.

 

And if people discussing things in threads that nobody is forced to click on is really enough to scare someone off, then that person will have nowhere to hide on the net. But I don't think that's the real reason anyone would be driven off anyway, though it might be a convenient excuse. Nobody who liked everything else here would give it up because of harmless threads like this one.

 

It's also funny when I hear some people talk about how this forum has change since 2008-2009 or whatever. Of course. Everything was on sale in a once-in-a-lifetime fire sale that lasted for a long time. Of course there are fewer life-changing bargains to write about today. It's not this forum's fault.

 

I think Plan just preferred the Twitter format, where he posts regularly. He also stopped writing in his blog...

[james22]

What is interesting to me is the number of posters whose biggest regret is having missed out on the bargains of 2008/9.  It was just so obvious they say how cheap things were.  Of course hindsight is always 20/20.  Things could have turned out differently than they did.  BAC, etc could have been nationalized.  Other things could have happened.

 

Yeah, Depression-era investors learned something very different.

 

I've learned to regret recency bias.

[Liberty]

I wonder if in 10-20 years many investors who started out close to 2008-2009 will regret that they expected it to repeat every few years... That certainly seems to be the case for many people.

[oddballstocks]

I wonder if in 10-20 years many investors who started out close to 2008-2009 will regret that they expected it to repeat every few years... That certainly seems to be the case for many people.

 

This is a really good point.  So many are waiting for "the next big one".  We will get another crash, probably some smaller ones and bigger ones, that's how it works.  But I'm not sure if we'll see a massive one or not, maybe we will.  Seems these things are 5-10 years apart, and 2008 is getting further and further in the rearview mirror.

 

Someone earlier said that everything makes sense in hindsight.  This is very true, looking forward it's murky and foggy, looking backwards it seems so clear.

 

At times there were career choices, or decisions that I regretted.  I thought they set me back.  But I've grown/matured and realized that it's all about the attitude.  I've realized that what I thought was wasted time was valuable when I considered it as such.  Some things I consider advantages now a few years ago I'd have classified as regrets.

 

I love how the answer to this question changes with time.  I remember about 10 years ago the common response was "I regret not buying Starbucks or Microsoft in the 90s."  Of course at the time they weren't sure things either, well Microsoft was, but they had some dark clouds looming.  This thread reminds me of my brother-in-law who told me "Next time you find a sure thing stock that'll triple call me up and I'll take out a loan to buy it."  Sure thing buddy, that'll be right after I mortgage everything I own to buy.  Sure things are only sure things in the past.

 

Some people say to live without regrets, but that's usually a license to be stupid.  I'd say a better route is to live in a manner where you can accept failure and grow from it.  You will fail, you'll probably fail big, some will be epic.  Just learn and move forward.  Failing isn't really that bad, the one who hurts the most is yourself, others don't care much.  Others are usually there to help you move forward, the biggest hurdle to overcoming failure is yourself.

[loganc]

I wonder if in 10-20 years many investors who started out close to 2008-2009 will regret that they expected it to repeat every few years... That certainly seems to be the case for many people.

 

+1. 

 

I don't think this mode of thinking is limited to investors that started in the 08/09 vintage.  To me, it seems like the consensus opinion is that 08/09 is going to be a regular occurrence.  It is axiomatic that the next recession is closer today than it was a few years ago, but I am just not sure that it makes much sense as an investor to be positioned like the next financial crisis is happening tomorrow.  I think the most prudent action is to own shares in companies that can take advantage of whatever the future brings.  Given the namesake of the site, the obvious example is BRK - BRK stock will go down during a calamitous event, but there is ample liquidity to be deployed in such an environment that should ultimately result in a more valuable franchise.  Is the mark to market loss on BRK stock really that horrific?     

 

 

[rukawa]

The better question is ten years from now what will you regret not having done over the next ten years. Now obviously if one knew the answer to that question you would change things. So then the question is how can you get this information before hand.

 

Some suggestions:

 

1) you look at what people regret when they are 10 years older than you

2) you talk to people who are somewhat older than you to gain some perspective.

3) You remain fully aware of the opportunities around you.

 

Some possible regrets:

 

1) the person you marry or don't marry

2) not starting a business

3) not switching a bad job soon enough

4) not being aware of the opportunities around you.

[meiroy]

My biggest regret in life was going to law school.

 

Most graduates of lower tier law schools are unemployed OR underemployed.

 

The schools are a scam.  They put out salary & employment figures that are absolutely false.

 

I work with dozens of younger attorneys.  The stories they tell would send a chill up your spine.  Some of them took over a year to get a job.  Some of them worked for $12/hour.  Some had terrible work conditions.  Some had combinations of all the above...

 

The industry is broken...When you factor in debt, most attorneys will be "working poor" all their lives.

 

Unfortunately, this is starting to spread to other areas of higher education.  People are graduating with such high levels of debt, they will never be able to pay it off....

 

It is a as simple as this...don't borrow more than a nominal amount ($20k) for an education.

 

Interesting. 

 

Does current cost of legal services follow this oversupply? 

[oddballstocks]

My biggest regret in life was going to law school.

 

Most graduates of lower tier law schools are unemployed OR underemployed.

 

The schools are a scam.  They put out salary & employment figures that are absolutely false.

 

I work with dozens of younger attorneys.  The stories they tell would send a chill up your spine.  Some of them took over a year to get a job.  Some of them worked for $12/hour.  Some had terrible work conditions.  Some had combinations of all the above...

 

The industry is broken...When you factor in debt, most attorneys will be "working poor" all their lives.

 

Unfortunately, this is starting to spread to other areas of higher education.  People are graduating with such high levels of debt, they will never be able to pay it off....

 

It is a as simple as this...don't borrow more than a nominal amount ($20k) for an education.

 

Interesting. 

 

Does current cost of legal services follow this oversupply?

 

Not in my experience.  If there's an oversupply the legal consumer isn't reaping any benefit.

[Liberty]

The better question is ten years from now what will you regret not having done over the next ten years. Now obviously if one knew the answer to that question you would change things. So then the question is how can you get this information before hand.

 

Some suggestions:

 

1) you look at what people regret when they are 10 years older than you

2) you talk to people who are somewhat older than you to gain some perspective.

3) You remain fully aware of the opportunities around you.

 

Some possible regrets:

 

1) the person you marry or don't marry

2) not starting a business

3) not switching a bad job soon enough

4) not being aware of the opportunities around you.

 

Good point. You reminded me of something. I used to have a computer desktop background that read: "What's the most important thing you could be doing right now and why aren't you doing it?"

 

Sometimes doing better is just about paying attention and not making too many choices by default...

 

I'm not saying that the desktop reminder worked and that I almost did the most important thing, but sometimes it did work, and made me realize that I wasn't consciously avoiding doing more productive stuff, I was just drifting away from it. It's cliché, but if you really want to get somewhere, keeping your eye on the ball at all times is the first step.

[SharperDingaan]

Couple of comments.

 

What is a regret changes radically with stage in life. Should have had 3 kids & a parrot (punk rocker) back in the day, is a great idea at 60; but sucks when you are 30-40 & trying to pay for it all.

 

A major regret was not realizing until very late, what my advantages as a young man were. Once you have been trained, you have nothing to lose, have no attachments, & have the whole world at your feet; but its only a limited time offer. Work for the most aggressive firm that will accept you, take the high risk options, always speak your mind, & thoroughly enjoy yourself. Speaking your mind will be the most valuable thing that you will do.

 

A second regret was delaying entry into private companies for far too long; playing the market was only supposed to be the vehicle that funded the lottery tickets. There are far more very smart people in private industry, & much of the agency corruption that takes place in a public company - just does not occur.  Nobody ever heard of a Capone having an employee agency problem.

 

SD

 

 

[fishwithwings]

Biggest regret (investing-wise): spending too much time on stuff like this thread (and other distractions) and too little time on actually valuing obscure companies.

 

I feel like i'm making the same mistake... However, on the flip-side, I have found great ideas on the forums and websites....  A few ideas have generated 50%+ returns.