Every successful investor has gone through situations that have rattled them to their core – that made them question their strategy, their abilities, everything. It happens after something you really believe in lets you down.
You learn from hindsight and get paid for foresight. Often times an opportunity exists because the conditions aren't perfect yet.
In 1997, Peter Lynch wrote a great article entitled, Use Your Edge.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and crave action.
The Coffee Can Portfolio approach to investing might work for large companies, but it's the surest way to go broke in small microcap companies.
Terry Smith, founder and CIO of Fundsmith, gave a phenomenal presentation in 2019. One of my favorite parts is when he compares successful investing to the Tour De France.