To become successful, it is imperative for investors to know their limitations as well as their strengths and weaknesses.
He also believes that if investors cannot resist temptations, then they should absolutely not manage their own money. People can either hire a manager who has those skills to manage their money efficiently or they can pick a sensible, globally diversified index of stocks and bonds for investment, which they should never look at again until they retire.
(Disclaimer: This article is based on Jeremy Grantham’s GMO Quarterly Letter).
