Why 100-Baggers Cause Bad Decisions and How to Stay Grounded

0:00I think as investors, we all think we want that 100 bagger. But the question is, do we really? Because once we get it, what actually happens to a lot of us, we start doing some really dumb stuff. Like we get greedy, we get scared. We start watching the stock chart like we're doctors watching a heart monitor. And the flip side is losses. Not just losing money, but losing our confidence. Today, Andrew and I are going to be talking about the emotional side of investing, the emotional side of money. And we're going to be talking about how people try to go about finding those hundred baggers, which a lot of times is just hype chase, how to handle when you get one, and how to bounce back, most importantly, I think, when we don't hit it and we end up losing a bit.

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2:58Start your free trial today at shopify.com slash beginners. That's shopify.com slash beginners. You're tuned in to the Investing for Beginners podcast. Investing for Beginners podcast. The show for the long-term investor. We cut through the noise to focus on what works. compounding discipline and the conviction to buy wonderful businesses and stick with them your path to financial freedom start now and a welcome back to the investing for beginners podcast everybody my name is steven morris and across from me is my therapist mr andrew say there he is the one that uh that keeps me grounded uh keeps me from freaking out um because i do a lot um not really but you know anyway so uh you know Andrew making money is hard and keeping our brain from sabotaging us I think is even harder than making money um it is so easy once you find a good stock and you know it's structurally sound it's financially sound has a good moat and you still find a way to talk yourself out of it and we've seen you know from our value spotlight members we've seen it happen with them we've seen it happen with us like it is just the mind is such a brutal place and i actually get made fun of a lot and i don't know if you've ever noticed this but some of my friends make fun of me because i i have a habit of saying it's all about mindset um and but but everything is all about mindset and it definitely applies to this uh our mindset can make us or break us really in the stock market yeah i mean costco came to mind when you mentioned stocks that just never pulled the trigger on apple also i mean these are stocks i hold now but i've had friends even my wife i'm embarrassed to say told me to buy apple several years before I did.

5:10Um, and so, yeah, I got, it's so easy to get dismissive. Um, we all have our different ways. We struggle with mindset with stocks and I've gone through different seasons of like different times struggling with different mindsets and it's never good. I don't know how we get away from sabotaging ourselves. Um, other than just trying to come back and learn and and do better next time yeah definitely so i want to i want to try to keep um because i've got some comments recently or questions uh were you you know using analogy not analogies uh uh oh shoot uh what are they called letters um acronyms we're using acronyms too much um or or like in the no phrases uh so like 100 bagger so will you just explain really quickly and just in case uh we have some brand new listeners and they've never heard that before yeah a 100 bagger is a stock that 100 x's doesn't matter does it matter the time frame like does it have to do with a year 20 years doesn't matter no um this phrase was popularized by chris mayer he wrote a book about it um he actually found that a lot of hundred baggers took 12 15 17 years and those were the the faster ones a lot of them took 25 30 years so it's very rare I mean, NVIDIA is something that makes it so unique and just a crazy story is how unprecedented that is.

6:56And I know it's cliche because technology, blah, blah, blah. It is true, like the way technology has created this massive amount of scaling in a very short time period is not something we've seen before. um so that all said though i do think the the economics to getting to 100 bagger um if you're doing it in a way where you're looking for stocks that are already successful and then become more successful you really need a few key components to it and um it's it usually takes a lot of time definitely uh so simplifying what andrew said basically the 100 bagger is the outcome in price um in return uh it's not a strategy so all these social media posts like you know on the x machine or facebook or whatever claiming that they have the foolproof strategy to to find your 100 baggers they're probably full of crap um it's it's not a strategy at least i've never seen a good one um i don't know maybe you have andrew you've been around a lot longer than me but yeah it's not a not a good strategy anyway so it is funny you talk about um as since we're talking about this i i brought it up before we started recording uh spacex like i i had a whole bunch of my friends andrew like talk about like they were so excited for spacex to ipo and i was too just because it's spacex um but i also didn't buy the ipo either um because i know ipos are going to do what ipos do and that's look great in the very beginning and then drop very hard and so which spacex has um and i guess that that's kind of like the first key lesson i think from helping control your mindset is try to ignore the best you can try to ignore the hype um everywhere you look there's hype and the second it gets out that you're interested in the stock market i get text messages and i have no idea how these people get my phone number but i get text messages like we gotta we got this stock that's going to go from zero to a million overnight you know text yes for more and it's like so annoying how do they get my number i have no idea but um it's just it's impossible to escape the hype yeah it really is um was there a time where you felt really tempted by the hype or maybe succumb to the hype and can look back and reflect on no um i don't think i've been doing it long enough trying to think because so since i've started investing well i guess so i started right after the um video game um video spot no game spot game spot game stop game stop that's it yeah um I was about six months after that whole thing went down and I had been learning about investing and trading you know for about a year prior to that happening so I guess the only like super huge hype that's happened was around Nvidia which I didn't buy Nvidia you know regret don't regret doesn't matter I didn't do it um but I know I guess that's one of that's a good point too is I think I was so anti-hype that I actively went against it even though it would have been a good investment you know what I'm saying so like kind of like I guess you no matter which way you go you can you can screw yourself up yeah it's tough it's super tough like for every three or four hype stories that bust there's that one hype story like Nvidia or for me I never thought about buying this stock during its hype cycle but Tesla is another one of those that just you could buy 99 failed hype stories and that one Tesla story pays for all of them um i i i've i've succumbed to the hype a few times with like foraying into options and things like that but when it comes to like running value spotlight running the portfolio i don't i don't think i've ever gotten into that hype and it becomes very boring it feels very business-like and i guess that kind of sucks the fun out of it but some of us are doing it more so for business purposes, I guess you would say, and others like to have fun with it.

12:16I mean, which would you rather have fun playing with your money or having money to go have fun with? If that makes sense. Like, I mean, yeah, doing the work we do is kind of boring sometimes, but having money on the back end to go have fun with i think is far outweighs the boring at least from in my perspective evan i guess who talks about quality of life a lot would might disagree with that statement but i mean teach their own though i don't really care like i just don't want i don't know like so much of my life like i've seen what the hype is around other things in life and it's like nah I don't buy it and it steered me right quite a bit so I guess that's like when it came to the Nvidia thing it's like nah I don't buy it and yeah I was wrong that's fair and I lost a lot of money um I don't even think about it like this is the most I've thought about it probably ever and you know I think that's that's one of the superpowers I have when it comes to investing is like the mistakes like i i can definitely tom brady that stuff man like you throw the pick you just move on and go through your next pass and not even worry about the pick you just threw actually one of the threads i want to pull pull out before we move on is uh since we're talking about the hundred baggers um you said it's kind of complex i was just wondering like what are there anything you look for specifically um to the that you might be able to gleam if a company is going to 100x over the next two decades or so like oh go ahead sorry no what were you gonna ask i was just gonna like you know strong or ROIC or something like that like is there a specific metric yeah so the way Chris Mayer described it in the book is there's really three critical components to it I can't remember if we called it engines or it was something along those lines but you actually you need a low valuation you need a low price to earnings multiple you need high growth and usually that comes from revenue and then you also need margin expansion.

14:52So you get the high growth. And that's the thing that for me, just being a judgy outsider who also avoids the hype and I'll see like big growth stories or people getting excited about a name and just kind of roll my eyes about it, right? But everybody seems to want to focus on that part. Like, oh, this company is going to become the next Facebook or the next Google or something, right? Like all this focus on that piece of the growth, which is fair. Like there are businesses that have done that. But in the 100 Baggers book, there's actually more cases. Like a Monster Energy drink was a great case that will never leave my head where you don't necessarily need to take over the world.

15:39but you get the high growth and then you get a multiplier on that by having your price earnings go from like a seven to a 35, for example. And then you get a multiplier on that. If your profit margins go from like 20 to 40, right? As all of this happens over a long period, but it all multiplies on itself. And so you get a double that turns into a 10 X that turns into 100x the multiplication multiplies on itself and that's the point that i think is is missed most so i would say if you're looking for a hundred bagger you probably want something with lower margins not because you want less profits but because you want something to kind of have margins to grow into because the highest margin you can get is like 99.9999 like you can't go higher than 100 % margin.

16:32We're talking about profit margins. So you need to be able to grow into that profit margin. And then you also actually need to buy something cheap. And it can't be SpaceX. I don't even know what the price of sales was on that. I mean, that$2 trillion valuation, it's ridiculously expensive. So for SpaceX to have 100 bagged, you would have had to have them, I don't know, take over the galaxy, like take the galaxy's market share after they took Earth's market share. it's it's it's pretty insane so you need these other pieces that don't get talked about as much definitely when it comes to handling these big wins are is there anything you've seen or you've done where you look back and you're like man that was so stupid like you know whether and you know I named a few, you know, getting greedy, getting scared.

17:29Is there anything that you've noticed maybe is a common thread for people that win big? And I don't, I hate saying that because it's not gambling. It's not winning. You made a right decision.

17:46But yeah, is there anything that you've noticed being that common thread that really screws people up when they hit that 100 bag. What if you could get a 25 % match on every dividend you earn? Well, now you can. When you earn dividends on the Plink app, you'll receive a 25 % cash boost up to$250 bonus per year. That means if you earn$1 ,000 in dividends, that's$250 more in your pocket. Your bonus can be taken as cash or reinvest it, giving you potential to grow your earnings. No opt-in, no extra steps. As long as you own eligible dividend-paying stocks, ETFs, or funds on the Plink app, your dividends are automatically boosted each month.

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20:12What's the best way to get started in the market? Download my ebook for free at stockmarketpdf.com. I haven't hit one yet, so I'll let you know. As far as like I've had people write in saying they really hit it big with NVIDIA. I've never like talked to them one-on-one, but I have noticed you do get that questioning, that kind of back of your mind like okay what do i do what do i do what do i do whereas in the past um you had maybe the less money less problems kind of idea so yeah i think to your point getting a 100 bagger doesn't just solve all of life's problems you'll probably have other things that come along with that and man as much as like you gotta balance being greedy and then you got of balance, like worrying about losing it, right?

21:07That's a big one where people want to take profits because they feel like these profits, like a scarcity mindset, these profits are going to disappear unless I grab them right now. That's very common when you hold stocks. And then the fear of missing out. I was just talking to a guy who said he had a friend who has lost he ended up losing like a bitcoin wallet or something and if you look today at how much it would have been worth it's like 400 grand or something crazy so it's like you win and you and you lose you lose and you lose and nobody wins in these scenarios we all have emotions and thoughts and questions that run through our minds and i think i mean in my my view that's why you need these principles we teach you need to have a base to fall back on so that you can set up your portfolio in a way where you're not questioning it anymore and you're not having to lose sleep that's like the thing everybody says lose sleep at night if you have a system that you can fall back on then you can let go of the the idea that things will go swing out of control but you have a system and and you just ride or die with that yeah i did a little bit of research on it and i would say the most common thing people do is i would i i'm going to coin this i didn't read anything that called it this but panic sell because like you said they want the product they want to take the profit so they're rushing as fast as they can to get it sold um i didn't but i definitely think that is the wrong mentality you know it took 20 years to become a hundred bagger it took 10 you know maybe not even 100 like maybe 10x you know it took five years to 10x 10 years to 10x whatever um rushing to sell i think is the wrong wrong strategy and like andrew said if you do feel like you need to exit i would do it in a controlled manner you know uh you know exit like 15 20 percent of the time maybe uh maybe less maybe more depending but definitely a not panic sell and just okay i gotta get all completely out of it um but then there's also the the reverse side where it's like okay so you don't sell and now all of a sudden you start you start losing your profits so i mean like you said i guess there really is no win-win in this so like you said you've never you've never had a hundred um but i know you you've had some pretty decent winners is there anything that you did specifically to try to keep yourself calm like as you're watching these stocks rise and not get too excited not get too pessimistic anything in between like is there anything special you did yeah i think it's not the stocks or what the stocks do i really think it's in the context of what you care about.

24:31So for me, it's like, all right, this is retirement money. I'm already diversified. So like, I really have very few cares about it. Whereas if this was, you know, my emergency fund or something like that, and I'm yellowing that, then there's a ton of stress and pain and suffering that goes with that. so i really think it depends on the context i think a lot too comes around to uh kind of a different type of risk tolerance that we don't prepare ourselves for stick with me here let me see if i can make this make sense

25:20um because we we prepare for the buying the stock and it going down right like that's something we mentally prepare for because that happens all the time um but we never prepare to like what are we going to do when we open our brokerage account all of a sudden it's worth you know double or triple what it was last time i looked at it um and i mean that's a conversation you definitely have to i think you definitely have to have with yourself because like we said you know just repeating ourselves again you know you one of these emotions is going to take over for you whether it's excitement fear whatever and so you got to be prepared so that you don't start making emotional decisions and for me like this the rule same rule applies for selling as it does for buying i can never sell the same day that i've done the research to figure out whether i need to sell or not i always have to wait 24 hours um i'm not going to make that much money in 24 hours that it's not worth it and i'm never i mean i guess you could you can i guess i shouldn't say i'm not because it is possible It's highly unlikely.

26:43And it's on the reverse side. It's highly unlikely in 24 hours you're going to lose that much money. You might lose, you know, one or two grand. And I know that's a lot of money to some people, to some people. That's that's that's beans. To me, that's a lot of money. um but i would rather i would rather be sound in my fundamentals and not make a stupid mistake um to where i look back and it's like dang i should have sold her dang i shouldn't have sold i think i shouldn't have sold is the worst when you sell and you just keep watching it tick up and up and up and you're like crap like that sucks um is it too late to get back in like but i mean you know i i just i think that's something we don't ever think about and so that kind of opens us up to a a major vulnerability um when it does inevitably happen because if you stay in the market long enough you are going to have a winner eventually statistically speaking you you will yeah i'd struggle with this a little bit with google um it's now my biggest position so obviously a luxury to have something like that but i look back sometimes uh when warren was talking about he said when coca-cola got to like 50 times earnings in 1999 he he looks back and has admitted that that was a mistake.

28:18He should have sold some of that. So then I look at Google and because it's such a wildly talked about name with all the AI and all the build out and stuff, I see my thoughts flip-flopping on it. Even though when I bought the stock, I had told myself this is a very long-term holding. It gets hard to hold something when it gets more and more expensive. So I like what you're saying, like building a buffer for me um only making decisions once per month is is really good because i'll make a decision in my head and because the month's not over yet i end up realizing oh that would have been a bad decision so i'm glad i waited um and i think you get i like how you you have that as something for yourself because then you can feel good that you've done what you could to make it as as emotionless as possible nothing will ever be completely emotionless but you've taken the steps to reduce that a lot and move that from the process well i mean let's be real like like i said if you stay in the market long enough statistically speaking you're going to to have something make you money like that that's now will you beat the market well statistically speaking no but you're going to make money and but on the reverse side statistically speaking you're going to lose as well more often and i mean you just got to be okay with both and i i hate the culture that the especially americans i mostly americans have around money like it's it's so hush hush and we're so possessive over it like it i don't know i don't know and i'm not saying i don't do that i do just like everybody else but it really does bug me because it's just money right like it's not the end of the world like did i bankrupt myself no um now if i'm gambling in vegas and i go all in and lose my house that's a different story but that's not what we're doing by any stretch of the imagination um can it happen sure will it happen probably not and if if you get to that point then we got much bigger problems than what's going on in the stock market.

30:52So I think, yeah, you just need to prepare. You need to have these thoughts. Like, what do I do? Do I continue to hold? Do I continue to trim? And how do I make these decisions the best I can without making them emotional? So, I mean, if we're going to talk about, you know, you know a checklist or you know a like rule specific rules you follow write them down so you know put them somewhere where you see them as you're doing your trading or you're investing whatever you want to call it um you know mine you know sits on my whiteboard across from me you know you it just says you have to wait 24 hours um i have little notes like that for myself all over the place to just remind myself of specific things that's easy for me to forget especially especially when i get emotional um is there any one rule other like i know you mentioned you don't um you only make decision big decisions once a month is there any other like key rules you have for yourself, Andrew?

32:07Buffers? I don't have hard or fast ones, but one that my wife gave me because she was like, are you sure we're selling that? And I'm like, yeah. She's like, why don't you reread what you wrote about it? And so that's become something I do now every time before I sell something, which it sounds so simple or like obvious, but to get yourself back in the place where you can remember when you were excited about a stock and sometimes that can be enough to keep you from panic selling something especially I know we've been talking about stocks that go up but if you have a stock that goes down and it seems like everywhere you look people are writing negative things about this company if you can go back and remember why you bought something then you can either say hey my thesis is still intact I feel better or maybe my thesis was wrong or maybe I was missing this and then maybe actually make that hard decision to sell something.

33:07So I, that's something I've, I've done. What about you? Is there other things that come to mind for, for you, for emotions? Well, there's something I'm going to be implementing, which we just got done doing two episodes about it. One and two, if you haven't checked that out, you should go check out those episodes where, where we do a business autopsy basically. And we just talk about you know different companies different problems and so i'm definitely working on uh building that for my for myself um kind of i'm calling it an after action review um just of what went right what went wrong what do i need to do better next time um because i you know it's funny that i have that you know the and that that's a straight army thing like in the army literally you you go take out the trash and there's an after action review about taking out the trash i'm not exaggerating bro like there's an aar for everything that you do in the army and and the main thing is just you know in that business a lot of times it's life or death and so So you need to figure out in training what's going to get you killed.

34:32And so, like, and they take it very, very, and you're taught as you grow in the ranks of the army, like, you take that stuff very, very seriously. And so that applies to so many aspects of my life. like i have a meeting and um with newer people that don't know me well like that's a touch point like i hit every meeting until they know me well enough to know that they can give me their feedback freely but you know it's like okay ar what did i do right what did i do wrong what can i do better next time how can i be more efficient with our time like what like these are all things i but i've never built that for for my investing and i have no idea why i think because i'm arrogant um which is a horrible horrible place to be you should never be arrogant um but i think that because i haven't had that kick in the stomach loss yet the the just other than the you know not investing in tesla or not investing in nvidia um those are but i mean that's so easy to just whatever um i haven't had anything that's cost me like money that i felt i guess is a way to say it so i think that's why i haven't done it but those episodes we did made me really think like i should be doing this like with my research you know how and and i was telling andrew i've built myself a ai bot to help me uh pull 10ks from the sec egger and help me go through them faster uh you know i'm because i you know i'm looking it can find specific data for me and pull that directly out of it and if i can get it to go to the website and pull me like yada yada anyway like that idea came from those up doing those episodes Like, how can I be more efficient about my research?

36:39And so I think that is a key element that we should all implement. And I think that is how I will avoid the most, most of what we're talking about when it comes to emotion. That's how I'll avoid it. The best is just understanding, like through all the after action reviews I've done, like what I'm supposed to do next. if that makes sense. This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business.

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38:06yeah it does um the arrogance thing is huge like we all go through that um i know i certainly did and you got through a period where and by the way there's like a psychological some some professor did the thing and there's like a curve you can draw i think it's the kruger dunning effect i can't remember exactly but it's like this curve where um if you're a beginner and you start something new you get that beginner's beginner's luck or beginner's progress and so you think your expertise is like i'm thinking of like a skateboard ramp going like right and then you get humbled because the stock market's a lot harder than just somebody picking it up for three months and then you see that down the other side of the skateboard ramp like all the way down and then your confidence slowly like picks back up again as as you become more experienced but But that arrogance piece is huge.

39:01And I don't want to talk about how long I sat in mine, but it did lead me to missing stocks like Apple and Costco that were not super expensive, but because I thought I was so heavily into value and that my approach was going to work and all the other ones were just going to crash and burn. The arrogance leads to a lack of growth, which catches up to you eventually. so you might feel like you're in a good spot right now you might feel like ah steven's aar is too much work or it's too unnecessary okay like we'll see you know um and so keeping ourselves humble for the market staying curious always learning those are all great ways to improve our results definitely and the the funny thing is like i i'm obviously aware that i've gotten and they're arrogant and I do my best.

39:58I'm trying to control it. But at the end of the day, and like, it's funny you mentioned, like you see that all the time in Jiu Jitsu or BJJ. Beginners, they get super arrogant about like four months to five months in, and then they go fight the real fighters and they get humbled so fast. and I love being that guy that goes and humbles them um but and that's exactly and I just I haven't got my butt kicked yet in the market I haven't been around long enough and I know it's coming and I'm just doing my best to try to keep that in my mind trying to keep my arrogance in check enough to where to where the the blow doesn't hit me quite as hard if that i don't know i don't know if that makes sense or if that'll even work but that's what i'm trying to do because no it doesn't matter what i what i've tried like when i look back it's like man that was i'm so freaking arrogant i'm getting too cocky stop it but um it just it happens without me noticing it and in the real moment and so i'm trying to control it guys i really am but if that's you you know you you like andrew said you really need to be preparing yourself because the the hit will come the other shoe will fall and if you're not if you're not ready for it that shoe can hurt especially if it's on a mat with me uh Brazilian Jiu-Jitsu um love it uh I think another thing Andrew that you mentioned that I'm going to implement is going back and rereading what I've written uh rereading my research and you just made me think and I even think I can use like a notebook LM for this like just pumping all my research into it and giving having it give me like a bulleted like cheat sheet so that like you said as i get irritated with the stock i've bought or something like that i can go back and reread that and see the key points that made me fall in love with that stock to begin with um and that it was so funny when you were talking about that because i thought about like marriage counseling like what's one of the things they're like oh you got to fall in love with your spouse again.

42:29Like same thing with stocks. Like you got to take your stock on a date. You got to, you got to go fall in love with it again. Right. So I know it's goofy. That's totally what I thought when you were talking, but I think those are great tips of things we can do. To, to really help. And then also though, Andrew, you know, we're talking about our arrogance we've also seen in the past something just as detrimental and that that's lack of confidence um which can be just as detrimental in your investing journey as being overconfident you got to find that balance and i don't know i'm all i'm naturally an overly confident person like i approach everything like i'm going to dominate for some reason which usually does not benefit me but so i mean i i don't even know how to help somebody that is struggling with your confidence um i i guess the only advice i can think of is just you gotta go try like what's the worst thing that can happen you lose a little bit of money only only do what you're comfortable with losing and the worst thing that can happen to you is you lose it um you know but i you know it's funny that makes me think of well go ask the girl on the day worst thing she can say is no that no really hurts

44:02like i think the people that told me that never got told no because that no sucks right so i don't know do you have any advice for someone that's struggling just to pull the trigger

44:17I guess it would depend on where your lack of confidence is coming from. If it's coming from a place of you just don't feel educated enough or you're just like naturally an overanalyzer, or if you've gotten your teeth knocked in and now you are questioning the things that you've learned, I think each of those three things could have different solutions. So maybe I'll offer just an example, an idea, you know, maybe it works for you. Maybe it doesn't. Maybe you're in that space or maybe you're not. But if you don't have the education for it, well, that's the easiest fix out of the three. You're here.

44:58Keep listening. Keep coming back. You'll learn it over time. It's like a language. Just immerse yourself. If you're the second person where you're overanalyzing, you're overthinking, you just don't want to make a mistake. just dip your toe in literally listen to the advice that we say or just think of it as one baby step in hundreds and thousands of steps doesn't need to be perfect but you do need to start because once you start you will start to get over that fear of taking the next step of doing something that's uncertain and sometimes you just got to dip a toe in before you dive into the deep end and then the last person if you've gotten your teeth kicked in and this kind of goes to what you were saying steven like maybe take a break and just go find yourself or go have fun with something else like um not everything is all about life is not all about one thing or one pursuit or the stock market so maybe you just need to take a break find yourself there there is wisdom in that advice as well though because it's pushing you outside of your comfort zone and while it does hurt uh the key lesson in all of this is you'll survive um even if you make a bad decision which andrew's made bad decisions i am going to make bad decisions in the future um andrew's still here he survived his portfolio survived uh same will be for me same will be for you um it's not it's not you know it'll be okay and i think that's that's the lesson that our fathers were trying to teach us back then is we'll be okay um and you know fortunately that you know that all all the no's i've received over the years didn't stop me from asking my wife out on a date um which is the only yes that really matters right so um i think that's the lesson so not only did you get investing advice today you got marital dating advice so you are welcome you got you got a bonus um but just to recap um andrew you know confidence versus humility you need to you need to even uh you need to even balance of the two uh always remember that it is hard to find those hundred baggers it is hard to find those huge home run wins um you may find one you may never find one only time will tell but if that's your strategy it's the wrong strategy you need to fix that um and then ultimately just process uh is bigger than outcome um if your process is right if you've done the work to build the good process eventually your outcome is going to equal results and that is what we're trying to do uh that's what we're trying to teach so andrew do you have any final thoughts before we bounce today that was beautiful uh you know i do write poetry but you didn't know that about me your your ai bot does or you do i'm gross one i'm grossly offended you know i'm a good writer um and two no i i i write my wife poetry all the time that's awesome yeah see i have a soft spot yeah you're uh surprising us every single day.

48:43I'm a creative, but anyway, no, I'm kidding. I really do write poetry though. But, so that's going to wrap it up for us today. What guardrails do you guys put in place? How do you handle disappointments? How do you handle big wins? I would love to know any advice that you have because, you know, I'm trying to learn every single day, just like you are. So drop that in the comments below. I would love to hear from you. I will always answer you. and we will see you next time. In the meantime, never, ever, ever forget, invest with a margin of safety, emphasis on the safety. Peace.

49:23You've been listening to the Investing for Beginners podcast. All show notes can be found on our website at einvestingforbeginners.com. To master the basics of stocks in seven days, Sign up for our free email series at einvestingforbeginners.com slash newsletter. Until next time, have a wonderful day. The information contained is for general information and educational purposes only. It is not intended as a substitute for legal, commercial, and or financial advice from a licensed professional. The hosts may own positions in the securities discussed. Review our full disclaimer at einvestingforbeginners.com.

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