Chasing The Latest Fashion
“Don’t play games that you don’t understand, even if you see lots of other people making money from them.” Tony Hsieh - CEO, Zappos
It's enticing to go after the 'sweetheart' of the day. To buy the hottest stock in the market. To put all your money into a business or a market that's the talk of the town.
But that strategy almost never plays out. The best time to buy a stock is often when it's seen a bear market. The best time to start a business is often in the midst of a recession.
Because the confidence to take those decisions, at times like those, stems from an underlying knowledge of a market, a customer, a company, a product.
That understanding drives the confidence to move forward, the confidence to succeed.
So while what's in fashion is fun and interesting and popular, unless you understand it, it's almost never worth your time.
Focus on what you know. On what you believe. On what you Love. That's what will move the needle.
Besides, chances are, if it's that hot, by the time you decide to go after it, you're too late anyway.