Unfortunately, most people do for one simple reason: they’re only willing to listen to opinions which confirm their perceptions of reality.
For example, a person who thinks new gTLDs will succeed and only reads articles/posts written by authors who feel the same way. Or a person who thinks new gTLDs will fail and, the same way, only reads articles/posts written by authors who feel the same way.
Doing that makes you feel reassured, it confirms your beliefs but it’s very dangerous because people who are afraid of being exposed to new perspectives will *always* be at a competitive disadvantage.
It happens a lot in the domaining industry but it happens a lot when it comes to other types of investors as well.
To be a good investor, you have to become brutally honest, first of all with yourself.
I always love coming across websites which make me question my strategies because the more different opinions I am exposed to, the better I become at making informed decisions.
If you prove to me with crystal-clear arguments that I’m wrong, I’ll admit it.
Not only that but I’ll change my strategy accordingly.
Most people wouldn’t be willing to do that.
In their mind, it would be a huge hit for their ego, it would be like admitting that they “lost” but it’s exactly the opposite.
By being willing to listen to different opinions and by being willing to actually change your mind when someone presents overwhelming evidence that you’re wrong, you’re avoiding losses.
You’re not losing, you’re winning.
It might be a humbling experience but that’s just the way it is.
You can’t be a good investor if you live in a bubble, I’m sorry but you just can’t!
November 15th, 2013 at 5:32 pm
Very true. I’m more of a brandable-domain guy and feel that more value lies in them than their generic counterpart, but I’ve been (reluctantly) slowly easing my way into reading and learning more about their investment value. I know and have heard of too many people that you are describing and they essentially lock themselves in their bubble and never amount to their full potential. They also struggle to be unique and pursue new ideas and on the other-hand pursue ideas they in their bubble perceive as something the world wants or needs. So living in your bubble is not only detrimental to your professional life but it can also end up costing you a lot of wasted dollars. Diverse your reading and have an open mind to what you find unreadable, it may spark your next idea or get you up another rung on the latter.
November 15th, 2013 at 9:25 pm
Good tip! I always try to listen to opposite opinions and check my own assumption.