Lesson #2: Be fiercely independent

Dev Anand was the ultimate style icon of Hindi cinema. He was free India’s first super star who cast his magic spell on multiple generations.

But behind his romantic demeanor, this man was fiercely independent and fearless in his views and ways of living life.

He was the first one from the film Industry to come out against the Emergency imposed in the late 1970s by the then Prime Minister of India, Indira Gandhi.

He actively campaigned against her with his supporters in Indian parliamentary elections in 1977, and also formed a party called the National Party of India, which he later disbanded.

He also stood by his friend Kishore Kumar when his songs were banned on the All India Radio.

Independence of thought is an important character trait of an investor as well.

Independent thought is not popular, but it is absolutely priceless and effective when you are investing in the stock markets.

However, nothing you read about in the papers or see on business channels is independent. This is a tragedy, because independent thought is essential for your progress as an investor.

The reason is simple – when we think like everyone else is thinking, the best we can expect is to achieve what they’re already achieving.

If your aim is to earn better returns than other investors over the long term, you need to avoid getting influenced by what others are saying, and instead think independently.

In simple words, if you want to win the investing game, you can’t be running a rat race. This is because the biggest problem with a rat race is that even if you win, you are still a rat.