Portfolio Management Pitfalls

With the development of internet sites dedicated to private investors, the flow of private bankers and brokers worldwide, there is a certain temptation by many people with savings or spare cash to ponder managing their own money.  There has been a certain democratization of information and “knowledge” through the spread of specialized media, and more focused attention from conventional media. This abundance of information and tools, from live quotes to online tutorials has increased the feeling with many private investors, that “it can be done”.  A certain do it yourself culture, which permeated with the rise and fall of the internet stock mania, has pushed many into managing their own wealth, with minimal input from “experts”.  My experience can be summed up with two main points: 1) If you don’t have the right psychological frame of mind, you are almost certainly doomed.  I am referring here to a certain detachment