Investing can be a lonely venture, but it doesn’t have to be. It’s always nice to find people who have a common interest to share stories and get tips, but sometimes these relationships can be more even more helpful than that. In this video from Motley Fool Live, recorded on Jan. 14, Motley Fool contributors Brian Withers and Brian Feroldi discuss the power of community and how it can help you become a better investor.
Brian Withers: Find an investing buddy. We’ve talked a little bit about our horror stories. If you’re the only investor that you know and you don’t get a chance to chat with other folks, commiserate, just share your story, share your fears, share your concerns, it’s a lonely place. For a long time, and actually, until I met Mr. Feroldi back in 2012, that was where I was. I didn’t really know anybody. Nobody else in my family was into the investing thing, so it was just me, and Brian encouraged me to get on the Fool boards.
If you haven’t done that, I encourage you to do it. You can go out to the community boards link just about anywhere. Get started on one of your favorite services, one of the popular boards in your favorite services, or pick one or two of your largest stocks, and you would be surprised how giving, how friendly, how open, and just the camaraderie that you get from other folks who are doing the same thing and betting on the same companies that you are.
It’s just a wonderful place when you have successes, the community cheers for you, and when you have losses, the community consoles you. It’s just a wonderful place and if you can find some people in your community who do it, whether it’s an investing club or just friends at work or whatnot, that’s even better.
Brian Feroldi: Totally love this one. The Motley Fool boards is where I learned 90% of what I know about investing, just from reading and learning from other smart investors. There’s always people out there that know companies better than you. As Brian said, they are so willing to share information.
The best thing about a community is that you can keep your head on straight when things are going bad, like the day after the attack on the Capitol, I was on Motley Fool live 9 a.m. just saying, I’m here just to listen because I need to have other people that I know and trust talk rationally. [laughs] That’s the power of having a positive community behind you.
That’s my favorite thing about Fool Live, is you get to connect with and talk to other investors.
Feroldi: Motley Fool boards are awesome and Twitter is awesome, too.
Withers: Yeah. All right.