{"id":1130,"date":"2015-01-06T00:24:40","date_gmt":"2015-01-06T00:24:40","guid":{"rendered":"http:\/\/www.prosolution.com.au\/?p=1130"},"modified":"2018-03-08T17:17:23","modified_gmt":"2018-03-08T07:17:23","slug":"research-the-two-traits-of-the-worlds-best-investors","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/research-the-two-traits-of-the-worlds-best-investors\/","title":{"rendered":"Research: the two traits of the world\u2019s best investors"},"content":{"rendered":"

There are two components to every financial deal being; return<\/em> and risk<\/em>. Often, the vast majority of people fail to assess both with the same amount of diligence and attention because they tend to focus most of their attention on return<\/em>. However, research shows that there are two common traits of extremely successful and experienced investors. Firstly, they are absolutely fanatical about risk<\/em>, asking themselves; \u201cwhat can go wrong?\u201d and \u201ccan I lose any money doing this?\u201d Once they are satisfied that the risk of losing money is remote to almost impossible (they never want to lose money), only then do they turn their attention to the potential upside being, return<\/em>. Secondly, these investors only invest if they can exploit the risk-return equation. That is, they are looking to achieve very healthy returns<\/em> for comparatively very little risk<\/em> \u2013 they don\u2019t accept that you need to accept higher risk<\/em> if you want higher returns<\/em>.<\/p>\n

With that in mind, this article will investigate the specific actions you can undertake to de-risk you own investment strategy.<\/p>\n

Work to a plan<\/em><\/strong><\/p>\n

I believe everyone needs to have a core<\/em> investment strategy. A core<\/em> strategy is the lowest risk strategy to get you from where you are today to retirement (maybe a better description for retirement is \u201cfinancial freedom\u201d). That is, a person that is 40 years old might like to achieve financial freedom at by 55 to 60 years of age. Therefore, a core<\/em> strategy is the lowest risk strategy possible, that achieves financial freedom by age 60. Once a core<\/em> strategy is implemented, if the person has additional surplus cash then perhaps he\/she can invest and take higher risk \u2013 but only after the core<\/em> strategy is implemented and protected. If the higher risk investments pay off, maybe they will be able to retire before age 60. But, if they don\u2019t work, at least they can rely on the core<\/em> strategy.<\/p>\n

Successful investing is all about achieving the highest return for the lowest possible risk. So invest in quality assets and then do everything possible to eliminate or mitigate all investment risks. Having a clear picture of your strategy is key to achieve this. Let\u2019s look at steps you can take to de-risk your strategy.<\/p>\n

Take these two steps to avoid investing in poor quality assets<\/em><\/strong><\/p>\n

Without a doubt, the quality of your assets will determine 80% of your financial outcomes. That is, if you invest in high quality assets, you can expect high quality returns. The reverse is also true. Therefore, to increase the probability of being a successful investor (or put differently, reduce the risk of being unsuccessful), you need to focus your energy on only investing in quality assets. How do you do that?<\/p>\n

I believe that are two fundamental actions you need to take:<\/p>\n

    \n
  1. You need to have a clear idea of what your investment strategy is and what assets you need to invest in to underpin that strategy. For example, your strategy might be to buy three investment properties over the next 5 years and then once that is completed, to invest any surplus cash flow into the share market. You know that the three properties need to be located in major capital cities, be blue-chip properties, have a good land value component, be scarce assets and have proven historical capital growth of more than 7% p.a. In respect to share market investments, you intend on investing in a lost cost index fund. Having a clear strategy in mind will ensure you don\u2019t get distracted by low quality, higher risk \u201copportunities\u201d i.e. stick to your strategy.<\/li>\n
  2. When selecting assets, you need to get an honest appraisal from a professional you can trust. For example, when it comes to selecting an investment property, don\u2019t think it\u2019s smart to do it all yourself because there just too much money at stake of you make a mistake. For example, even a difference of just 2% p.a. in a capital growth rate will cost you $185k in lost equity on a $500k property over a 10 year period (and $725k in 20 years!). Why try and do it all yourself and risk ending up with an \u201caverage\u201d property when you can engage a professional and get an \u201cawesome\u201d property? There\u2019s just too much money at stake to risk making a less-than-perfect decision. Therefore, when selecting an investment property, get advice from a reputable buyers\u2019 agent. For shares, speak to a financial planner or accountant you trust.<\/li>\n<\/ol>\n

    If 80% of your returns will be a direct result of the quality of the assets you invest in then it stands to reason that 80% of your time, energy, money and focus needs to be on ensuring you have the highest possible chance of only investing in the highest quality assets. Tax savings, ownership structure, price, cash flow are all important \u2013 just far less important than quality<\/em>.<\/p>\n

    Protect your most valuable asset<\/em><\/strong><\/p>\n

    The most important ingredient for nearly every investment strategy is income. That is, most clients need to be able to generate some surplus income (i.e. after paying for living expenses and commitments) to invest to increase their new worth. If you are not able to generate income, you cannot invest and you will never achieve financial freedom. Therefore, it stands to reason that you should insure your ability to earn an income \u2013 I\u2019m talking about income replacement insurance.<\/p>\n

    The most severe risk from a financial implications perspective is longer term incapacity because of illness or accident. If I break my leg and need to take 3 months off work it probably is not going to hurt (financially) that much. However, if I have a car accident and cannot work for say 7 years, that\u2019s going to put a big dint in my retirement\/investment plans. Therefore, my advice is:<\/p>\n

      \n
    • Ensure your income is fully insured (typically the maximum is 75% of your gross income). Ensure your policy is \u2018agreed value\u2019 and not indemnity. Ensure the product is high quality (an advisor will be able to assess the quality of a product for you).<\/li>\n
    • If the cost of income replacement insurance becomes expensive, think about increasing the waiting period. For example, sometimes insurance can be half the cost with a 90 day wait period versus 30 days. The longest wait period is 2 years. The longer the wait period the higher the risk you accept so you need to be careful. But even with a 2 year wait period you are protected against longer-term incapacity. Approximately 40% of income replacement claims last longer than 2 years.<\/li>\n
    • Insurance isn\u2019t an all or nothing decision. It\u2019s more a case of \u201chow much\u201d rather than opting for no cover at all. Some cover is better than none.<\/li>\n<\/ul>\n

      As a professional you have educated and trained yourself for many years and as a result your earning capacity has benefited. How much income do you expect to earn in your lifetime? It\u2019s a big number isn\u2019t it? This is arguably your greatest financial asset and it must be protected.<\/p>\n

      Warren Buffett says that \u201crisk comes from not knowing what you\u2019re doing\u201d<\/em><\/strong><\/p>\n

      Professional advice has two ingredients; knowledge and experience. Knowledge comes from training, reading, education and so on. Experience comes only with time. When you seek professional advice you are benefiting from these two components but arguably, the most valuable is experience. They say that most people learn from their own experiences, smart people learn from other people\u2019s experiences and dumb people never learn!<\/p>\n

      When I meet with a new client I have an opportunity to share my experiences. The fact that I have been advising my clients for over 12 years means I have seen a lot of it before. I probably haven\u2019t seen it all but there are very few scenarios or situations that I haven\u2019t come across. I have the benefit of hind sight too because I have witnessed the outcomes of both good and poor decisions clients have made. You need to do very few things right so long as you don\u2019t do anything wrong so do your best to avoid the mistakes that other investors have made before you. Seek out and learn from experiences.<\/p>\n

      Don\u2019t buy financial products<\/em><\/strong><\/p>\n

      People will come and try and sell you financial products. Don\u2019t buy them! You determine your own strategy and implement it without distraction. You are better off to ignore approaches by product sales people and stick to your own plans. The financial services industry loves to sell products and dress them up as advice e.g. come to me and I\u2019ll help you discover if a Self-Managed Super Fund (SMSF) is suitable for you \u2013 before you know it, you have a SMSF! Instead, you are better off to pay someone a fee for this advice so long as they don\u2019t have a product to sell you.<\/p>\n

      Risk first, return later<\/em><\/strong><\/p>\n

      Low-risk investment strategies might be boring because they won\u2019t make you rich overnight but there\u2019s no denying that they work. An investment strategy\u2019s job is not to excite or entertain you. Its sole job is to make your money work as hard for you as possible whilst taking the lowest risk. As such it would be very wise of you to ask yourself \u201cwhat can go wrong\u201d more often than you ask \u201cwhat can go right\u201d. Plan for the worst and hope for the best.<\/p>\n

      If you need any assistance with developing or de-risking your own investment strategy, please do not hesitate to contact us.<\/p>\n

       <\/p>\n

       <\/p>\n ","protected":false},"excerpt":{"rendered":"

      There are two components to every financial deal being; return and risk. 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