Behavior vs. Everything Else

The single most important factor in a lifetime of successful investing is your own behavior.

You could have the greatest portfolio ever created. But one poor behavioral mistake a decade, and you might as well have just kept your money in the bank.

In fact, I would argue that portfolio design only matters to the degree that it influences your behavior.

So next time some hand-wavey person on the financial pornography network starts talking about how you should buy, sell, or do anything at all, just remind yourself: none of that matters if you don’t behave.