When I first started out learning about investing, I thought there was only one way to play the game.

Soon I realized everyone is playing wildly different games, and are constantly talking over each other.

This is not math, there is no one right answer. Instead, there many right answers, depending on the nature of the game, with each player trying to play it to his own strengths and weaknesses.

Few do this. Clearly define your game, what are the risks and payoffs associated with it. If you don’t know what game you are playing, you might end up being the patsy.

If so, you can be at risk of taking cues and advice, or be influenced from other people playing different games, which can lead to risks you don’t intend and outcomes you didn’t imagine.

Figure out what game you are playing, then play it, and only it.