BIO: Tony began a career in equity sales in varying capacities, including running sales and trading at Bank Hapoalim for three years and a team of sales traders at Dahlman Rose for five years. In November 2016, Tony launched the Morning Navigator, a macro trading newsletter distributed to over 800 professionals worldwide.
STORY: Tony invested six figures into a small ophthalmic company his friend told him about. He didn’t know much about the company besides what his friend told him. He lost investment when the share price collapsed.
LEARNING: Understand the nuts and bolts of the business you want to invest in. Be patient and willing to get rich slowly. The stock markets are for growing wealth, not creating it. Time is the only surefire thing on your side.
“Live to trade another day.”
After graduating from Cornell University in 1990, Anthony Greer began his trading career in the foreign exchange market for Sumitomo Bank and Union Bank of Switzerland, where he began running large bank books. He joined the J. Aron division of Goldman Sachs in 1994, where he learned the rigor of risk management in trading gold and the Goldman Sachs Commodities Index. Tony left the commodity desk at Goldman Sachs to launch his equity trading operation in 2000, surfing the dot.com crash for two years. Tony began a career in equity sales in varying capacities, including running sales and trading at Bank Hapoalim for three years and a team of sales traders at Dahlman Rose for five years. In November 2016, Tony launched the Morning Navigator, a macro trading newsletter currently distributed to over 800 professionals worldwide.
Worst investment ever
When Tony was at Goldman Sachs in the ’90s, he managed to get into the Dotcom bubble. His love for music led him to discover Amazon. Tony would order records he was dying to have on Amazon, which would be delivered to his door in a few days. This business model fascinated Tony so much that he invested in tech stocks.
During that period, Tony decided to expand his portfolio. A friend of his put a name in front of him. The friend insisted that he knew a lot about the company and that it would be a nationwide chain where everybody went to check their eyes and buy glasses. He said that PE funds were investing in it. Tony amassed a massive position in this company, whose shares sold at 20 cents a share. Tony had six figures worth of this little ophthalmic company that he didn’t know much about. Suddenly, the bottom dropped out, and the PE companies sold their shares, causing the share price to collapse even further.
- Always consider the total dollar value of money invested, no matter what percentage of your portfolio it is.
- First, understand the nuts and bolts of the business you want to invest in.
- Starting early is very valuable. Be patient and willing to get rich slowly.
- Position sizing matters most, no matter how much you want to make your investment a big bet.
- The stock markets are for growing wealth, not creating it.
- Time is the only surefire thing on your side.
Live to trade another day by trading carefully without greed.
Tony recommends subscribing to his Morning Navigator newsletter and reading No Worries: How to live a stress-free financial life. The book is about getting the three big ones right, i.e., education, home, and car. You’ll learn how to live a life without worrying about your finances.
No.1 goal for the next 12 months
Tony’s number one goal for the next 12 months is to immerse himself in his business.
“If you’re interested in getting some help looking for trades and taking risks, contact me; that’s what I do.”
Andrew Stotz 00:02
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning. In our community. We know that to win in investing, you must take risk, but to win big, you've got to reduce it. Ladies and gentlemen, I'm on a mission to help 1 million people reduce risk in their lives. And I want to welcome my listeners from New York to that mission. Fellow risk takers this is your worst podcast host Andrew Stotz, from a Stotz Academy, and I'm here with featured guest, Anthony Greer, Tony, are you ready to join the mission?
Anthony Greer 00:39
Andrew, let's do it, man, I'm energized.
Andrew Stotz 00:42
I told you my last redeeming feature is my radio voice.
Anthony Greer 00:46
It's really good. Yeah.
Andrew Stotz 00:49
So let me introduce you to the audience. So Tony, began his career in the 1990s. As a commodity trader at Goldman Sachs. That was interesting, because I was a Emerging Markets Equity guy at that time, he transitioned into equity sales after that for various firms over a period of about 15 years. And in the fateful November of 2016, Tony launched the morning navigator, a macro trading news letter currently distributed to over 800 professionals worldwide. Tony, take a minute and tell us about the unique value that you are bringing to this wonderful world.
Anthony Greer 01:30
Yeah, well, you know, since your audience, I heard you address directly the risk takers out there. So as far as they're concerned, I'm doing God's work on the morning navigator every morning, you know, why one of my strengths my superpower has been identified by one of my long standing clients who is a portfolio manager. And he consistently sort of thanks me for coming up with a handful only of high conviction ideas per month, in trading that I give and accountable, you know, technical fundamentals, sentimental, and kind of everything background on and kick the tires on and offer good risk reward and sort of putting down trade ideas is what I like to do, I like to use, you know, my 30 plus years experience in front of the screens to help people understand where they should be looking in the morning when they wake up and are looking to, you know, understand the investment world or put on a trade be a day trader or, you know, figure out where they want to allocate their portfolio and their 401 K, you know, at the turn of the year and things like that. So that's my strength. And that's what I've been trying to do consistently as I can for the last six plus years now.
Andrew Stotz 02:45
And I'm just curious, let's take it from a different angle, who is the morning navigator? Newsletter not for like, who is somebody that's listening that should say, well, it's not really for me versus kind of who is it for? Who really benefits from this?
Anthony Greer 03:02
Yeah, you know, it's people that have risk in the markets or, you know, investment capital to allocate, whether it's on a short term or long term basis, are really clients of our have all been great clients of my service. And that has to do a lot with the fact that Andrew I am, I'm a really serious trend follower, you know, I have a, I have a really, really involved spreadsheet that I spend a lot of time on the closes of every day, week, month, quarter, and year studying. And when you've put together several years, you know, perhaps decades of that doing that diligence, you've got a really good mosaic of how the markets have moved versus each other over the last several decades. And so with that hindsight, you're able, I'm able to offer a little bit of potentially foresight, and saying, you know, hey, I've seen this kind of setup before, it looks like these sectors might be really good to be in this year. And I've seen this setup before, like my big call from 2022 Was that rates were going to go higher tech was going to get killed and natural resources were going to explode. And that was going to be due to the inflation that was created by the Federal Reserve doubling their balance sheet in response to the illegal lock downs. So I had that trade on, which worked, you know, in spades and tech went down, and commodities rallied. And that was something I was really proud of. That's kind of one thing that I was, you know, not to toot my own horn because you're as good as your next call. And I still have to wake up tomorrow and make another call. But that's something that worked and people really appreciated that I shook them up and said, Listen, that technology that you've been sitting, performing like a you know, like a maestro in your account, since you bought it, you're in for some tough times ahead. And people really appreciated that kind of heads up and some of the other trades that were correlated to it. That worked out really nicely. So it's great when a plan comes together. or I'm wrong, perhaps as much as I'm right. But I have, you know, with the experience of having to manage risk, put up a p&l, at the end of every month, quarter year, perform like that, I've been able to, you know, create some strategies that are very tactical and remove a lot of the emotion from trading. That's fair to say,
Andrew Stotz 05:27
and what is your universe? I mean, is it is it sectors? Is it countries? Is it? You know, some people are, you know, all about individual stocks. I mean, whereas, for the investor out there that, that it's thinking, you know, about your service, where is the focus of your trades? Yeah,
Anthony Greer 05:45
the best, you know, since I have really, really Navy SEAL experience as a commodity trader, and I've grown to understand the equity world really well from working in it for 20 years in varying capacities from running an international sales trading desk at Bank Havoline, for four years to, you know, running a three man or four man team that does, you know, 40 $50 million dollars in commissions over the course of a year, you know, in an unbelievable year. So I've had a lot of perspective in the equity markets. And I try to combine those two worlds to finding where I can have some tailwinds in terms of having sort of risk at my back, you know, in my money performing for me, so that that's a really unnatural, I call myself a natural resources based trade idea generator, you know, and I follow the I'd follow the precious metals markets extremely closely, I follow the oil market, like the back of my hand, for 20 years now, oil is probably the biggest, the market where I take the most risk every single year, it's one of the markets that I've gotten so comfortable with that, you know, I can sleep with an enormous amount of risk on the oil markets, if I feel that I understand what's going on. And whereas in other markets, I can't do that at all, you know, what I mean? Like, I just will not allow it, you know, so kind of, that's where I swing my bat. But I do fairly well, in the gold markets, base metals, when they're offering opportunity are amazing to trade because they trend for years. And you know, things like that are what I like to identify, and sometimes they start identifying the buds and the green shoots of those moves, because of the way that I studied the markets. But a lot of times because of the way that I manage risk, I'm allowed, I managed to keep guys in trend or keep my clients in trends for longer periods than I even thought possible myself sometimes. So
Andrew Stotz 07:41
maybe last thing in this, you know, kickoff session is just, maybe you can give us an idea of like, what's a trade? Or what's an opinion that you have, you know, here it is the first day of February 2024. It's an election year in the US, there's so many things going on. I mean, I haven't lived in the US in 31 years. But when I look at what's happening there, it's like, to me, it's like a house on fire. And I'm just curious, like, what would be one idea that you've got that you're talking to clients about,
Anthony Greer 08:16
and your house on fire, you know, for two guys that are, you know, kind of, you know, from the same generation is all too accurate. You know, I wake up and come down here every morning to my home office. And I start off reading the headlines, you know, like this peeking through my finger, because I'm afraid to see what the world is going to show me, especially about the United States of America where I live. So a trade idea that excuse me, sorry about that a trade idea that I am in the middle of and I couldn't be more excited about is I'm bullish stocks this year, in a very serious way and bullish stocks this year. Basing that theory on. I think that this analog, the proper analog for this year, meaning an old you know, a year from the past that this year might look like to me is not the Oh 708 great financial crisis sell off and it's not the 2000 Internet bubble sell off. Right? That's what people on Twitter like to compare this year to they're like, you know, tech stocks are exploding. Rates are about to head lower. And rates headed lower when the.com bubble burst and rates headed lower when we had the great financial crisis. And so this year, therefore is going to be the same and rates are going to you know, eventually go down and they're going to take the market with them. And so that logic to me can be disproven pretty easily by saying in 2000 there was a real bubble like an actual stock bubble where when you went out into the bars at night, all you heard was stock tickers, and everybody was telling you how rich they were getting off of their own personal pet stock ticker. This is not that scenario, right? And then in Oh, 708, you know, we were before the bubble burst we were hearing about hairdressers in Las Vegas that owned eight properties on spec with no money down at 0% interest, you know, and you were like, wait a minute, that's not going to work forever. And those were the things that, you know, the Federal Reserve had to address those bubbles unwinding with low rates, right? This is much more like 9495 To me, where in 94, the Federal Reserve had to raise rates from 3% to 6%, in order to combat bubbling inflation, and a really, really fast growing economy that they had from keeping rates at 3% into the app into the.com. Bubble, right. And in 94, when rates rose, the s&p was really, really volatile. And we wound up down a percent and a half on the year, which reminds me of last year, where it was really volatile and only made that 20% comeback in Novi DESE, right or 15 18% and nobody's so anyway, it reminded me of that we're now we're heading into a period that started on November 14, where the stock market is saying, as long as inflation is not a risk to the bond market, the stock market is in great shape. So we're gonna see rates be sideways to lower for several years, we're going to see the technology tailwinds of AI of cryptocurrency implementation of all kinds of cybersecurity. All of that is going to start kicking in now that we've got this inflation albatross behind us, because the Federal Reserve is not going to tolerate nine and a half percent headline inflation anymore. That was a fluke, right? They threw cold water on it, they raised rates from zero to five and a half percent. They kneecap the economy. And they said, look, we got rid of the inflation. Right. So they had a slowdown in the whole machine. And what's amazing, if you listen to the, for example, the last IMF forecasts, we are not falling into a recession, the soft landing has been achieved. Love them or not central bankers did it again. And this is one of my axes to grind, where I always see people throwing rocks at central bankers and you know, just destroying their reputations and things like that. And you can do that to Jerome Powell, if you want. But I think the guy has done an unbelievable job of landing this plane. Right? He raised rates 500 basis points and then didn't cause a recession, and actually did get inflation to go down. And the stock market now, like you said before, very aptly pointed out is a forward looking market, right? We know how much it discounts the future. We are heading into an election year and it sure looks like if we have free and fair elections, what might happen. And it looks like that's what the market might be betting on. Maybe not all at once. Maybe there's going to be fits and starts. But it seems to me like the market wants to bet on a Trump administration to and I tell you one thing, it all depends on the altitude that you start out from. But that presidency if that happens, that's not bearish stocks. It's my whole thesis. So I'm bullish stock. Sorry. It took so long. I didn't have to shorten it.
Andrew Stotz 13:25
I got it. I got it. I'm pretty bullish. You said you're bullish stocks, right.
Anthony Greer 13:31
Yeah. Yeah. Go. No, no bullish bullish stocks, just to say, I hope I didn't say bearish.
Andrew Stotz 13:38
I just thought at the last minute, I just thought you said that, but maybe not. Okay. So and
Anthony Greer 13:42
I just wanted to say for yeah, that's, that's a call that I made on November 14 on my, in my newsletter, where I literally came out after CPI was released for October. And I saw the market responds to that day, I sent a special note to my readers and said, Everybody stop what you're doing and buy stocks on November 14. Okay, this is what the market just sent a signal and I picked it up, go ahead.
Andrew Stotz 14:07
Here's my that sounds good. And I know the listeners appreciate that I'm gonna throw out mine, my thesis on markets and the like, I'm outside of the US. So it's a little bit different perspective. But my perspective is probably similar that US stocks are probably going to fly this year, number one, because interest rates are coming down. And if we get any recessionary moves, then interest rates could come down very fast. In fact, I would predict that if we start to things start to crumble a bit, we could see the Fed bringing interest rates back down, you know, significantly and I think that would fire up the market number one. The second thing is that I think we're probably going to see escalations in war. And war is very powerful tool for We're getting reelected. And I think that we're going to see potential escalations there. And in the end us benefits for more, if you can create chaos around the world, and ultimately, you're the safe haven, it allows you to have a safe haven status for longer period. The third thing is that, I don't think I just think that the opponents of Donald Trump just will simply not allow him to win. And if that even comes down to assassination, I think it's not out of it's not off the cards, in my perspective. So though, it may be that the market thinks that he's going to get there, I believe that the forces be against him have too much more power than he has, you know, against them. And the last part about the election aspect of it is that Biden won't be running for president from the Democrat Party side. And I can't be sure, you know, nobody can be sure. But I would say, the easiest shoo in for the Democrat party's probably Gavin Newsom. There are some harder options for them. But I would say that's probably one of them. So all of those things come together. And I would argue that it's probably bullish for the US and maybe bearish, the rest of the world. What are you there?
Anthony Greer 16:30
Well, China is, you know, if you look at you nailed it, you hit it right on the head, right, the Shanghai Composite has completely collapsed. Right in the last several weeks. So why is that happening? We can come up with a number of reasons. Right? They have a number of issues in China they have there's an economic slowdown, you know, that seems like there. There's all kinds of overextended issues, we can call it with China, just to summarize, and I'm not I'm not a foreign specialist, like my, like I said before, Andrew, my wheelhouse is US stocks, US sectors, I don't feel the need to invest my capital outside the continent, quite honestly. So to get back to the original story is I think that the market is going to take at face value, no matter what, right at face value, it's going to take what's going on, right? Just like it takes the economic data, it takes China's economic data, whatever the number is, that's what the market follows. And I don't, you know, I don't like to speculate. But whenever you hear somebody saying that that market is fake, or those numbers are not real, it's like, Look, man, there's a million people out there reacting to those numbers. So if you don't want to, you can go stand over there in the room and be upset at the numbers, but that's what the market reacts to. So anyway, I don't know how I got on that tangent, but well, that in bullish stocks alongside you, and for a lot of the same reasons. It's
Andrew Stotz 17:50
a good point. And I think when you talk about your methodology, and you talk about momentum and the likes, part of the key tenant of that is you can't ignore the market. You can't sit there and think that, well, I've got this great thesis, and I'm gonna bet it all on that thesis, I'm sorry, but your thesis may be wrong. Your thesis may be too early, you know, there's many reasons and you know, your job is to also protect client capital.
Anthony Greer 18:19
Yeah, and Andrew, you know, that, that that story, right, there really lends itself to like a story that directly relates to like my worst trade ever, right? Like, which is the theme of the podcast. And, you know, I like to what you just said is the way that I became a winning trader from becoming a bad trader. So this is kind of like feeds into the same theme of what's my worst trade ever. My worst trades ever were. And this is kind of one of the things that I thought about before coming on the show tonight was one of my worst trades ever. We're all generated from the ideas that I had in my head that I therefore invested in, and then sat there like a smart ass and said, Okay, someday, eventually, the market is going to agree with my head because I'm so smart. And I thought of this is going to happen in the future, like, I can read the effing future. Yeah. Right. And then once I threw that idea out the window and started studying what the hell is going on in the markets, and letting that tell me, Oh, well, that's going on, and this is going to happen, right? If this is going on, then I can bet you that that's going to happen. I'll tell you that because I've seen this before. Right? And that's become the, you know, sort of cheat code for my winning trade strategies, quite honestly. Yeah,
Andrew Stotz 19:36
I love the thing. The phrase that I heard many years ago is somebody said, I know who originated it, but I'm, I'm on the cutting edge of history. Meaning, understanding what's happening right now, but I'm not relying too much on my, you know, predictive abilities because we know after many years In the market that, you know, nobody can really predict the future. So Well, now it's time to share your worst investment ever. And since no one goes into their worst investment thinking it will be. Tell us a bit about the circumstances leading up to and then I think we're ready to hear your story.
Anthony Greer 20:15
So you bought me you want me to hear my worst actual trade investment ever? Yeah. All right. So during that, when I was at Goldman Sachs in the 90s, I managed to catch the.com Bubble pretty good, right? I was involved in tech stocks, I was like, the reason that I was able to get there was because I was a massive consumer of music. And so as soon as I could buy, as soon as I could order stuff on Amazon and have records that I was dying to have, and I was making a little bit of money at that age, you know, 2728 years old, with a really keen interest in music, when I realized that I can have like these old covers albums, whatever I want it delivered to my door and a couple of days. And that's how I could collect music. I just went berserk right and started, I finally had expendable income, I started invest in these things. And I caught the.com Bubble pretty good. But along those during that period of time, I decided that I had a you know, I was so smart that I had to round out my portfolio, like I was learning by talking to other people, like you can't just be low tech stocks, you gotta be alone, some material stocks, some small cap stocks, some high risk, you know, lottery tickets, and so a friend of mine put a name in front of me called Franklin ophthalmic, and it was like a 2030 cent stock. And he was like, Listen, man, I got the story on these guys, this is going to be a nationwide chain, this is going to be where everybody goes and gets their eyes check gets glasses paid by the host these PE funds are investing in it. You know, this is what it's got to be. So to make a long story short, Andrew, my portfolio grew in technology. And I'd look at this little Franklin ophthalmic stock and be like, you know, we've got some room for some more than a lottery ticket. Right? So let's, let's buy another two 3000 shares at 20 cents, let's buy another five, you know, Bobo, and I amassed a massive position in this thing, because my technology stocks were growing, you know, to the sky at the moment. And I thought I was very smart for that, by the way, which turned out to be a mistake also, which is another story. But so to make that Franklin Alfama story short, I wound up with, you know, six figures worth of this little popcorn, fart ophthalmic company that i In the end, didn't really know much about, but I thought I was being smart by you know, kind of balancing the portfolio. And I was buying more of this. And I was like, I gotta buy more of that. And all of a sudden, the bottom dropped out. And it was like this Pe company was just like, see later, we're done with these guys. And I was like, Wait a minute. I didn't. I didn't. That was not my risk management. You know, that was one of the options. And I looked at it later. And I didn't realize it until my accountant cornered me on it that year. And he was like, Well, what about this fucking this excuse my friend? What about this? 100 grand or whatever, this stock? What happened to that? And I was like, oh, that's gone. He's like, gone. Gone. I was like, yeah, oh, yeah, man gone, like that thing, went to a penny and then went pink sheets. And I don't even think I can hit a bit unless it's an appointment that shows up to buy some, like it is bankrupt. And I was just like, I just got rents. And you know, look, thank God, it was over the sum of money that compared to what I had in technology, you know, wasn't killing me at the time at the time, though it is. But just getting that lesson of like, just thinking that, like, Man, did I not think through the risk on this thing? Right? And when you buy penny stocks, that's what you get. Penny stocks, right. And they are a wing and a prayer. And no matter what, you know, one of the lessons should be consider what the total dollar value of the money is, no matter what percentage of your portfolio it is. Because if it's gone, holy smokes is that like a much bigger offense than being down 10% on a trade or down 20% on one you couldn't get out of. Right, which happens to me sometimes, but that's as bad as it gets for me. Now I have to living through something going to a donut. And I could have bought myself a Corvette and a Harley Davidson with the money. So
Andrew Stotz 24:20
let's just do a wrap up of the lessons you mentioned about the size, you know of the positioning. What other How would you summarize the lessons?
Anthony Greer 24:30
It was a blatant, you know, a blatant youth mistake of thinking because this was a listed security. And because I was buying it at 17 cents and it had all of this beautiful fundamental potential. What you know, my risk and at that point in my head was 17 cents. Right? Like where's this thing going? Like it's not going bankrupt? The stock market this is 95 678 The stock market is like you can't even touch it. It's so hot. Right? And you're like well This thing's gonna catch fire eventually. And then all of a sudden the PE company that thought the same thing and the stock would move, and they change management, they did this and they found all of a sudden, there was one accounting issue, there were they were like, yeah, get this thing off the books, like take a 50% loss, they were like, dreaming 50% loss, it is like, get it off the books. And neither me nor like, sort of the friends in the circuit that I knew that knew this stock that were investing in it, even remotely saw that report that possibility. So it was literally just not understanding the nuts and bolts operation that I was investing a reasonable sum of money. And that was just stupid on my part, and I've never done it again, never done it again.
Andrew Stotz 25:40
Great, well, the let me maybe summarize, you know, what I took away, the first thing is that, you know, this is really a position sizing, you know, issue in the sense that we all get excited about ideas, and they can they can be, you know, reasonable ideas, and sometimes not. But one of the key things is particularly with, well, it gets a little bit difficult, if you say with new ideas, right? Some people bring in new ideas in their portfolio at a very low level, but that doesn't protect you from you know, getting falling in love with a position, for instance, and then it goes against you. So I would say the first lesson from my perspective is, it's all about position sizing, no matter how much you want to make this a big bed, and you see, you see the Corvette or whatever, you know, in the, you know, you could have bought multiple converts, if it hadn't done what you had thought it would done. Right. But you know, position sizing is a huge one, I think the other thing is that I always say that we create, grow and protect our wealth. Most people go into the stock market thinking they're creating wealth, but actually, they're growing wealth. That's the way they should be looking at the stock market, in my opinion, we create wealth through our business, through our salaries, you know, by the gap between our salary and our, you know, spending, but we also create, you know, through our business, but the point is, is if you go into the stock market, thinking you're going to create wealth, you're already setting yourself up to take on very risky bets, and put big position sizes. And that's why I always focus on, you know, the stock markets for growing wealth, not for creating it. Anything you would add to that. Yeah,
Anthony Greer 27:22
that's I tell you, that's really, really good advice on the sort of, you know, to me, that rhymes with the idea of getting rich, slow, right? Like when I look at a stock market chart from the time I just call it when I was in high school when I had a job, and I had a couple of extra bucks, that I could have done whatever I wanted with, and I'm not going to make the excuse that I didn't put it in the market then because I was, you know, not smart enough. But if somebody was telling me back then like I kind of try to inflict on younger kids today, you should think about putting some of this money in the markets, you know, because over time that will you know, that will grow for you. And I've always said, you know, if you've got a 20 year time horizon, I'm going to tell you what, you're going to have positive returns in the s&p because that's the way this thing is set up to work. So that's generally the idea that, you know, it's much easier, quite honestly, on your life. If you just say, from the time you can I want to put small amounts of money into this just index fund, index fund index fund, and maybe a couple of different sectors. I totally agree with diversification. But starting early can be like, you know, as valuable as anything, if you could just be patient and be willing to get rich, slow. Because it works.
Andrew Stotz 28:34
Yeah, time is the pretty much the only
Anthony Greer 28:39
surefire only thing on your side. Right, sometimes like not to interrupt. Sorry. Go ahead. Yeah, you know, like the stone songs go, you know, it's the only thing on your side and in some trades, you know, and so that's really important. And when you can have your money working for you slowly over time. And you look back over a long period, you're like, Wow, that was kind of easy lifting. Like, I wish I did more of that, like, why didn't I do 5x That I could have done 5x That makes so much more money. But it's
Andrew Stotz 29:05
a great lesson for all the the younger listeners and viewers because just this past weekend, I was teaching a course I do at university based upon my book, How to start building your wealth investing in the stock market, which is really, you know, it's the get rich, slow concept to some extent, but the and keep it simple concept. But I always, you know, love to say Who's the youngest person in this room. And the youngest person was 25 years old. And I was like, and who's the oldest besides me? And the oldest was, you know, 5055. And it's like, right there you can see that that young person has such a major advantage over the 55 year old because of time, and most people never really see that or take advantage of it. So I think it's Medical thing, what I wanted to just go back in time, let's go back in time to when you, you know, made this trade. And based upon what you learned from this story and what you continue to learn, what's one action you'd recommend to our listeners, you know, that our listeners take to avoid suffering the same fate there, they see that sexy, shiny object, they see that 17 cent number, they get excited the you know, it's what is one thing that you would recommend that person who's in that position right now do?
Anthony Greer 30:33
Yeah, I think that's something that comes right to mind is live to trade. Another day is the biggest mantra that I have. And it's, you know, for the longest time, it was a posted that I used to write on every year and put it on my screen, until I got a tattoo to my brain. And now I don't need to post it anymore. But live to trade another day, is I think why at 55 years old, I'm able to have like, you know, the most virile and active participation level in the markets that I've ever had. And that's only because I've made mistakes along the way, I've blown up accounts. And I've learned the lesson, the hard way of saying, Oh, look what happens when you get, you know, big balls and decide that you want to make this money in a week or two. Or you start saying, Wow, look how much money I made last month, if I make that 12 months in a row, that means I make XYZ million dollars, and nobody can touch me, right, and I'm just gonna start swinging for that seat like, that is like, you know, misguided type of approach to this whole thing. And once you learn, you lose the money once or twice, and you get shut down a couple of times, and you say, Okay, I swear to God, the next time I stepped foot in this market, I am going to make sure that I walk out the ring and not get carried out. Right, because I want to live I want to survive, I want to be in this I want to know what the next opportunity is. Because over time, it's just like, you know, the A good analogy for me is playing blackjack. And I don't know if that's a big thing for you. But I could play blackjack in Las Vegas for five, six hours at a time. And always during that five or six hour period, there's like one little stretch, where the dealer just keeps losing over and over and over again. And if you're astute enough to pick that up over that five hour period, you can make a fortune looking for that opportunity. But the whole game, if sitting in Vegas with all the drinks and cigarettes and rock and roll music that they're playing the game of the game is to bet $25 When there's nothing going on, right and stay alive to have another beer and to vet $25 Again, and stay alive for the next hour. Because then at some point, you can put 2500 up with the confidence that like hey, man, the odds are in my favor this time, right? I just got to split eight against your six, please take 2500 put 5000 up on the table. If I can get it there, though, then at least the odds are in my favor. Right. And when a trader gets that kind of thing at his back, he understands what it is I was patient, I waited, I didn't chase the market, I let it come to me I got in at a good price. I got out at a good price. I didn't let I didn't have any emotion, no sweating. And you know, that's what a perfect when it happens perfectly. And you can replicate that from time to time, but you need to model.
Andrew Stotz 33:16
Alright, what's the resource that you'd recommend for our listeners?
Anthony Greer 33:20
Yeah, you know, I'm gonna be an egregious best friend of Jared Delia and a friend of mine, who also writes a newsletter that compliments the navigator very well. But he just published a book called No worries. And it just sounds like it might be well geared for your audience, I got to read a copy of it before it published. And my first takeaway after reading it, and Jared has got you know, more wisdom about finance and his pinkie than I've had in my entire life. And I, my first takeaway was man, I wish I read this thing when I was 18. Then again at 25, I wish I read it when I was 32. I wish I read it at 40. And I would have read it again at 50. Just for fun because there's so much frickin wisdom in here. So, you know, he talks about getting, you know, the three big ones, right, which is, you know, your education, your home and your car, in terms of personal finance, but it's a book about how to live a life without worrying about your personal finances. And the wisdom and knowledge and guidance that are in it are just really really good stuff for the everyday investor. And so I think it's a good thing to recommend to your clients. I've been buying copies and given the friends and they love them already.
Andrew Stotz 34:30
Great recommendations called No worries how to live a stress free financial life. And it's got a 4.9 out of five rating with 310 ratings, which is a pretty remarkable performance. So I'm going to be getting that maybe we need to get Jared on the show.
Anthony Greer 34:50
Oh yeah, we'll make that I'll make that introduction for you. That's one that you need to he's one that you need to have on here for this topic. 100%
Andrew Stotz 34:56
Exciting. All right, last question. What's your number one goal for the net? couple of months.
Anthony Greer 35:02
Man, my number one goal for the next 12 months is to really immerse myself in my business. You know, that's one of the things Andrew that is an asset that I've grown to become very proud to have. And it is really an asset of personalities. And people when I come down to it, right that my squat, my subscriber base, and the people that I write to every day, the people that I talk to in my slack channel every moment of every trading day, and the people whose portfolios I'm trying to help in my consulting business, those are my biggest assets. And I'm trying to figure out ways this year to get closer to them, and to help them more. And so if it's with a little more contact than just my note, and we're going to do a conference call with the whole subscriber base, or whoever wants to listen once a quarter to get caught up, we're going to do things like that. And we're going to keep people more on top of what's going on in the markets real time. Because every time I, you know, go through the extra effort go above and beyond the call of duty and put something out and say, hey, you know, I know I didn't have a no plan tonight. But here's the reaction to the FOMC. This is what I think the response is like, you just bought somebody a pizza pie for happy hour, right? Everybody's like, Man, that was huge, that really helpful. Thank you for taking the extra time. And so kind of putting in that extra time to the asset that I have is where I want to focus my energy this year, I think it'll get I think it'll be an investment that's worth it in spades over the next five or 10. It's
Andrew Stotz 36:31
an investment for all of us to be making. That's a good inspiration for all of us. Well, listeners. There you have it another story of laws to keep you winning. Remember, I'm on a mission to help 1 million people reduce risk in their lives. As we conclude, Tony, I want to thank you again for joining that mission. And on behalf of a Stotz Academy, I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience?
Anthony Greer 37:00
I hope to help you know the same as you I want to help as many people as I can. And reading the navigator is something that, you know, not to be a shameless plug. But I've been able to help people. And you know, there are real time reviews on my website. And so if you're interested in getting some help looking for trades and taking risks, that's what I do.
Andrew Stotz 37:18
Perfect, and we'll have a link to that in the show notes. And that is a wrap on another great story to help us create, grow and protect our wealth. Fellow risk takers let's celebrate that today. We added one more person to our mission to help 1 million people reduce risk in their lives. This is your worst podcast shows Andrew Stotz sake. I'll see you on the upside.
Connect with Anthony Greer
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- The Become a Better Investor Community
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- FVMR Investing: Quantamental Investing Across the World
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
- Achieve Your Goals