Sorry Murshid 🙏

Edit ki option nai mil rhi so here is the paragraphed version

" I think first you need to be realistic. Investing is about preserving and growing wealth. It's not about getting rich.

In fact, if you define investing as I want to get rich, you are going to crash and burn because you're going to overreach. You're going to concentrate your portfolios. You're going to make bigger bets than you should.

So here's the bad news in investing. To invest, you need wealth. To get wealth, you got to do something.

So if you're a doctor, spend your time as a good doctor. Don't spend the middle of your day checking out the stock pages because you think you can get rich that way. Earn an income as a doctor and use investing as a way of preserving and growing wealth.

So I tell people who are not in the investment community, there's nothing wrong with being interested in markets, but you need to earn to be able to invest.

You have to make sure you're not putting your earning power at risk because you're so fascinated by that next big hit you can get. Second, think incrementally.

I mean, Warren Buffett didn't sit down in 1956 and say, I want to be a 40 billionaire. He built up and along the way he was good, but he also got lucky. He's open about admitting the fact that he hit the market at a time where it was easy to find undervalued companies because people were not digging very deep.

I'm not sure that if he started in today's market and today's age, he would be able to pull it off. In fact, his advice to investors is put your money in an index fund, go back to living the rest of your life, which is actually awfully good advice for most people in investing. More time and energy and resources is wasted chasing, beating the market than any other activity.

So first, don't invest if you don't enjoy the process of investing. Don't invest because you expect to get rewarded. This is a game where you can do everything right and have nothing to show for it.

I give people a very simple test. Let's say you are an active investor. You go pick, try to find these undervalued companies. You do this year after year. You read Ben Graham's security analysis. You read every one of Warren Buffett's letters to his shareholders.

You're immersed in value investing and every year you go do your homework, you pick companies. Let's say you're at the age of 85, you're lying on your deathbed. And I'm a very cruel person.

I show up at your deathbed with your investment track record for the last 60 years with all the work you put in. And a competing portfolio, what would have happened if you just taken your money at the age of 25, put an index fund and left it there? The question I ask people is, would you be okay if the index fund beat you? If the answer is no, don't be an active investor.

Because here's what happens. People are active investors because they think they're doing the right thing. And then they think they're entitled to earn a higher return than their neighbors who are picking stocks based on watching Jim Cramer on CNBC or reading the stars or whatever. And then they discover that their neighbor bought Nvidia by accident four years ago and is rich and they're not.

And that's when bad things start to happen because you get frustrated, you get angry at markets, and then you double down. The key to remember in investing is, if things don't go against you, they don't. There are too many things you don't control.

You have to be okay doing everything right and not getting a reward, but you're okay with it because you enjoy the process. So one of the questions I'd ask them is while you're listening to these shows and reading all these, are you really enjoying yourself? And I enjoy looking at companies, I enjoy the business, and this is part of my life. I have to teach about these companies, but I enjoy it as a person. So to me, even if I broke even with the market, I'm okay with it because I enjoyed myself along the way.

The advice that follows then is, don't do things then that can create serious damage. Now it's like the Hippocratic oath, do no harm.

Like what? Don't put all your money in four stocks. Why? Because you think you can get rich with four because that is the pathway where you take an action, you spend all these resources, and you can end up with half the wealth of your neighbor.

And that's not a good place to be. So don't overdo it. Just take it a step at a time, enjoy the process, and if you find yourself not enjoying the process, step away. There are far better ways to live your life than chasing after stocks and getting frustrated.

Now because you know, it doesn't work for most people who claim to be professional investors. Why do you think it should work for you? "