Q.ai recently had the pleasure of having Matt Schifrin moderate an Ask-Me-Anything (AMA) on Discord to talk about top investing mistakes. Matt is currently the vice president and assistant managing editor of Money & Markets for Forbes Media.
About Matt Schifrin
Schifrin has worked for Forbes for more than three storied decades. An SABEW and MIN Best of the Web award-winner, he’s done everything from investigative reporting to establishing the Forbes Best of the Web magazine in 1999 to the Forbes Investment newsletters. He’s now responsible for overseeing Forbes’ investing, personal finance, markets, Wall Street and digital assets content. Schifrin also appears on television and radio, and he authored the book, The Warren Buffetts Next Door, The World’s Greatest Investor You’ve Never Heard Of.
Despite his busy schedule, he carved out some time to join Q.ai on Discord to answer our community’s burning questions.
How Matt got his start at Forbes
“I got my start back in the stone age, before internet, in the mid 1980s,” he shared with the Discord. “I was an economics major who caught the journalism bug after an internship at the predecessor to CNBC, called Financial News Network. It was back when people cared little about covering finance and business. Forbes pretty much hired me out of college, and I have been here ever since. But Forbes is a very entrepreneurial place, so I have had many roles.”
Schifrin’s multifaceted experience at Forbes has positioned him to answer tough questions and offer unique insights into the world of investing.
Top investing mistakes investors
“The biggest mistake investors make is probably excessive trading,” he shared, for example. “You should have conviction about your buys or sells… Historically, trading is best left to professionals.”
He also added that, if an investment sounds too good to be true, it likely is, indeed, too good to be true.
“I think if your gut and your data don’t line up, I would double and triple check my data, and challenge my underlying assumptions,” he advised.
Fortunately for today’s generation of investors, technology is here to facilitate smarter investment decisions, he added.
How Millennial investors compare to previous generations
“Every generation complains that the previous generation ruined things for them. I think millennials are lucky because technology has given access to information and tools that can make them better investors,” he wrote. He also acknowledged the power of Artificial Intelligence. “Back when I was coming up, it was an exclusive club that you needed to be invited into; you had to go to the right schools. The playing field has leveled. But the downside is unsophisticated investors misuse tools, and misunderstand the info they have access to.”
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