Matson On Necessary Lie Syndrome
A necessary lie is a lie we tell ourselves just before we engage in unhealthy or dysfunctional behavior. For speculation masquerading as investing, it is, “This time is different. I really do know what is going to happen this time.” You can probably think of a time in your life when you have told yourself a lie just before you acted in a way that was self-destructive, and you may be able to identify times when you have done it while investing. This is the brutal type of self-assessment that is required to be a successful investor.