Kyle and Clay discuss how human psychology impacts investment decisions, provides strategies to mitigate biases, and stresses the importance of patience, simplicity, and understanding value. They also explain the significance of recognizing market biases through market cycles and prioritizing temperament over intellect.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:00:59 - Why greed makes us feel smart
00:13:41 - The follies of trying to time the market | The downside of timing the market
00:14:31 - Why we shouldn’t rely on luck to consistently generate returns
00:30:18 - Why we should avoid speculation
00:31:29 - Why you’re handicapping yourself by holding stocks for short periods
00:35:16 - How the market tests us and our conviction
00:57:52 - The importance of being aware of our own biases
01:11:52 - Why we should focus on keeping our investing simple and avoid complexity
01:12:42 - Why temperament is more important than intelligence

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▶️ RELATED EPISODES:
- Stock Market Basics & Financial Independence w/ Clay Finck & Kyle Grieve:    • Stock Market Basics & Financial Indep...  
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- 100 Baggers: Stocks that Return 100-1 w/ Chris Mayer:    • 100 Baggers: Stocks that Return 100-1...  
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🎧 Listen to our episodes here: https://link.chtbl.com/TIP-WSB

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📖  BOOKS MENTIONED:
- The Psychology of Money by Morgan Housel: https://amzn.to/49YSEnL
- Same as Ever by Morgan Housel: https://amzn.to/3P9ao83
- Mastering the Market Cycle by Howard Marks: https://amzn.to/48DafR3
- The Most Important Thing by Howard Marks: https://amzn.to/3Iq5pvO
- The Joys Of Compounding by Gautam Baid: https://amzn.to/3v7xl4y
- What I Learned About Investing from Darwin by Pulak Prasad: https://amzn.to/49W3tXR
- Richer, Wiser, Happier by William Green: https://amzn.to/4bXELYN

Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀

💡 OTHER RESOURCES
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On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market.

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