"Uncommon Sense" investing appears to be common sense for many investors except not many have acted upon good investing principles constantly and consistently. Mark Homer in his book "Uncommon Sense" stated his investment is guided by the following 5 points and I have added the last point which is implied in his book:
- Have one-half of one eye on mainstream views and news.
- Investigate and research for yourself.
- Don’t be contrarian for the sake for it.
- Don’t innovate too early.
- Look for hidden-from-the masses value.
- Test your proposition.
In investment, we very often act as a god and pretend to be so. However, we make mistakes, and we will continue to do so in investing, except that we shall learn from our mistakes and be a better investor. Indeed, we learn more from our failure than our success in investment!
It is our investment decisions. We have to do our homework and not solely dependent on others. We should not just forward an article written by a renowned investment bank or an investment guru without checking its accuracy and verifying if its primary conclusion is valid from the facts the article has highlighted. Sometimes, we may find that there are other factors that may cause the conclusion off target, irrelevant or not as sure as it appears.
It is important not only to have a balanced approach in collecting accurate and relevant information, but we also need to take action at the best moment which sometimes is the decisive factor for a deal. Timing is however one of the most difficult decisions in investing. We need to train our mind and "common sense" to have it right and it may take many failures for us to achieve it.
It is common sense that we should test our investment proposals within the risks comfortable to us before making an investment decision, whenever time and circumstances permit.
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