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What's your investing 2021 New Years resolution?
#1
I really don't do resolutions, but this is as good a time as any to refocus.  I am self critical by nature, whether I am up or down 25% in a given year I strive to improve.  2020 was a struggle to recover from the Covid crash.  I made some mistakes along the way but the huge loss was recovered.  But rather than dwelling on the past here is my focus for 2021. 

1. Improve the quality of my top ten care holdings.  Be a little more patient with selling winners, if I sell at all.  When I do sell it's rarely a mistake to sell very gradually, especially with no commission trades.  I've learned this lesson time and time again but I need to improve.  

2.  Don't hold garbage forever.  If it was a real bad idea, it won't likely get better with age.  Patience is good, but opportunity costs do matter, and praying may not be a good investment strategy.         

3.  A little more focus on quality dividend growth and less emphasis on current yield.  Had a good year with income stocks due to my option strategy.  It's a dangerous game when the macro financials change, and someday they will.

4.  Continue my put selling strategy with very few changes.  It saved me this year and allowed me to meet some goals.  Those others baskets I need in a few years were funded ahead of the plan.  Now I need to stay the course and feed my new growthy port.  

5.  Keep trading, because it's fun, but keep the trades small.  There is rarely time to adequately research what I am getting into.  I put a lot of time into investing/trading, but I can't properly track 100 stocks.  The bull has been forgiving.  The bear never is.

I need to refine this list and tape it by my monitor.  Crazy markets can change goals.
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#2
I've been struggling with this.  In 2020, I strategically invested during the Covid crash, notably grew my cash holdings, increased my technology holdings, and increased the quality of my portfolio (by selling "garbage", etc.).  In 2021, I would like to:


  1. Get back to investing in quality, dividend stocks (instead of growing my cash holdings)
  2. Experiment using High Yield CEFs/Stocks and/or Options to fund purchasing DGI stocks.  My portfolio is just now getting to the point where this is feasible.
  3. Find the right balance between #1, #2, and saving cash.
  4. Be better prepared for the next dip.  I missed out on Dec. of 2018, but did reasonably well during the Covid Crash.  During the next major dip I want to be a bit more risky/bold than I was during the Covid Crash.
  5. Evaluate using a paid service to help make better informed decisions.
  6. I'm rather cautious.  I'd like to get better at knowing when to be bold.
Its hard to articulate, but my portfolio has grown up this year (vs growing out).  I want to keep that feeling while learning new techniques and skills to augment it (using High Yield and/or Options to fund more DGI oriented stocks).

Paul
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#3
I don't do resolutions as they are too hard to evaluate. But I do an annual goals list every year since I was in high school. I have 66 goals for 2021 (two pages of college ruled paper). The goals cover everything from personal, business, and financial goals. Some of the personal goals are to read 12 novels, visit a new stadium, and go to Cancun. Some of the business goals are to have a certain amount of collections and to prepare a certain number of tax returns. My top 3 financial goals this year are the following:

1) Have $12,300 in dividend income for 2021.
2) Fully fund my 2021 ROTH IRA.
3) Fully fund my wife's 2021 ROTH IRA.

I know that I have a lot of goals every year, and I don't expect to accomplish every one of them. As long as I make progress on all of them, I am happy. With the 12 novels, if I don't read 12, but read 10, that is good. That is better than not reading any. And with the dividend income goal, I won't chase income at the end of the year if I am going to be short. Missed my goal for 2020 because of dividend cuts, and I was OK with it as I didn't chase to accomplish a goal. All of our financial goals are tied to our long term goal of retiring to Maine for part of the year and Mexico for the rest of the year. So I won't do something stupid to accomplish a yearly goal if it hurts us for our long term goal.
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#4
Excellent responses so far. Setting goals are what drive us to excel. Nose to the grindstone and learn new things. I've noticed this group is very good at setting goals. Sometimes it even involves learning what we shouldn't do but there is only one way to confirm that. I have some regrets for investment decisions I made when I was 30yrs old, but it made me a much more successful investor later. If you don't set goals it's unlikely you will ever step out of your box. Loved your post Chad. Set a goal but don't panic when it doesn't work out perfectly. Recent market action tells me we are all fools for not jumping deep into crazy high valuation stocks. Nope, I've seen this movie before and I cried at the end lol.
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#5
I'm not one to make these resolution things.
But if I were to make an investment related one, it would be to be more careful with my option strategies. It's been working well so far, but I do realize that sometimes I'm taking on too much risk. I should throttle down a bit especially when the valuations are this high.

Promptly, I moved to sell a put in U.
I'm going to get my nose bloodied this year too. Big Grin
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#6
(01-04-2021, 10:12 AM)crimsonghost747 Wrote: I'm not one to make these resolution things.
But if I were to make an investment related one, it would be to be more careful with my option strategies. It's been working well so far, but I do realize that sometimes I'm taking on too much risk. I should throttle down a bit especially when the valuations are this high.

Promptly, I moved to sell a put in U.
I'm going to get my nose bloodied this year too. Big Grin

Thanks for playing.  If you can't share your stupid moves with friends then what good are ya.  Smile
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#7
Don't lose money.  Big Grin
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#8
(01-04-2021, 11:09 AM)Otter Wrote: Don't lose money.  Big Grin

You stole that.  Smile
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#9
(01-04-2021, 11:13 AM)fenders53 Wrote:
(01-04-2021, 11:09 AM)Otter Wrote: Don't lose money.  Big Grin

You stole that.  Smile

If I can copy just 10% of his performance over an investing lifetime, I will consider it a great success.
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#10
(01-04-2021, 11:19 AM)Otter Wrote:
(01-04-2021, 11:13 AM)fenders53 Wrote:
(01-04-2021, 11:09 AM)Otter Wrote: Don't lose money.  Big Grin

You stole that.  Smile

If I can copy just 10% of his performance over an investing lifetime, I will consider it a great success.
LOL.  Warren is amazing but taking it too far being too conservative has cost me money the past few years. It's hard to stay true to his 20yr strategy.  I don't have that much patience unfortunately.
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