LUKE23 wrote:I'm looking to get into investing, and know almost nothing. Any experienced people have a good place to start?
Read all the stuff that you can get your hands on for Warren Buffett. He's a great starting point. There's a book out there literally detailing events that happen to Berkshire from the beginning to now and his approach and rationale to every decisions. Read all of them once. Ask people questions. Read all of them again. I personally think that your foundation needs to be built on credible solid knowledge and facts in order to sustain above market gain year after year.
Afterward, you need to find your niche market that you have masterful knowledge of. It could be healthcare, construction, commodity, real estate, retail, etc... The bottom line is that you must have superior expertise of the field and understand the historical valuation of different assets in that class. It's perfectly fine if you don't know something, but don't be an idiot who pretends to know stuff and acts like you know it. That's when you lose money. Unlike the media emphasis on diversification, my approach is to accumulate and take massive positions in things that I feel and know very strongly about, and watch it skyrocket within my 5-10 years time frame and take profit on my set valuations. I never get flustered about my position initially dropping 10-20% bc I have deep conviction about the sustainment of the business for the next 10 years, and know the historical valuation of diff names in the asset class.
Lastly, don't be an idiot and day trade. Feel free to ask any question.