Aswath Damodaran: Humility Is The Single Most Important Characteristic You Need To Be A Successful Investor

In his latest webinar titled – The Illusion of Smart Money, Aswath Damodaran says that humility is the single most important characteristic you need to be a successful investor. Here’s an excerpt from the webinar:

Humble vs Arrogant: I think that investors are better grouped into humble and arrogant, with:

¤ Humble investors recognizing that success, when it comes, is as much a function of luck as it is of skill, and failure, when it too arrives, is part of investing and an occasion for learning.

¤ Arrogant investors claim every investing win as a sign of their skill and view every loss as an affront, doubling down on their mistakes.

If I had to pick someone to manage my money, the quality that I would value the most in making that choice is humility, since humble investors are less likely to overpromise and overcommit.

You can watch the entire webinar here:

Aswath Damodaran: The Illusion of Smart Money