A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. You need to keep raw irrational emotion under control. Charles Munger Vice-Chairman, Berkshire Hathaway
Market corrections often cause investors to abandon their investment plan, moving out of stocks with the intention of moving back in when things seem better — often to disastrous results.
Investors who understand that overreacting in the short term is a loser’s game are also more likely to adhere to their long-term investment plan.
Long-term wealth is built by controlling emotions and avoiding such costly mistakes.
One of the most important services a trusted financial advisor can provide is to help remain disciplined, unemotional and focused on long-term financial goals.
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