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Independence
As already mentioned in the ‘Optimism’ chapter, investing is always a future-oriented activity, i.e. a bet on what will happen. The beauty of the future is that nobody knows what it holds. This is precisely why some successful investors even describe investing as an art rather than a science. The success of an investment can only be assessed in retrospect and it is also possible to discuss when this assessment should take place. At the moment of investing, the following therefore applies: there is no right and wrong - at least not as far as future assessments are concerned! That is why one element is fundamental to successful investing: independent thinking! Even the most successful investors are only right two out of three times. Accordingly, you should treat ‘expert opinions’ with caution, because even a good education and decades of investment experience are no guarantee of success. Unfortunately, the opposite is sometimes even the case and the economic interests of bank advisors or experts are contrary to what would be best for you and your money. Or to put it in the words of John Templeton:
