company balance sheet from a looming disaster. And they understand that a relationship exists between interest rates, inflation and what they end up earning on their investment cash.
Great investors do all that and something more, something far more vital. It doesn’t involve learning how to interpret share earnings forecasts, how to understand credit risks or how to evaluate the future of small companies. What it involves is far more basic – and far more essential.
This extra something is investor psychology, and it’s what this chapter is all about. In this chapter, I tell you what investor psychology actually is and explain some specific emotions that make an investor tick. In addition, I explain that although gambling and investing share certain similar characteristics, they’re actually very different ventures. And for those of you whose emotions range from cautious to scared stiff, I provide some starting-point investing advice.
Investor psychology comes in two parts – the psychology of the marketplace and the psychology of the individual. This section helps you understand each part – and their interaction, because you can’t define where one stops and the other starts.
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