Welcome to another Nugget of Wisdom! A free weekly post I send out every Thursday. These are designed to be short and sweet, a quick read to (hopefully) impart some sort of wisdom, or at the very least to get you thinking about something interesting.
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Nobody cares about your bags
Over the years I’ve left so much money on the table because I cared too much about what other people thought. I held things I should have sold because I was worried about offending founders, artists, friends, other bagholders, or, and worst of all, random anons on Twitter.
I don’t think everyone is like this. Some people have the ability to do their own thing and not care at all what others think. Others, like me, are on the other end of the spectrum and care way too much. I think the optimal balance is (like most things in life) somewhere in the middle.
I also don’t think there’s a particularly easy fix to this. Caring too much what other people think is a personality trait that often runs deep. It takes conscious awareness and regularly reminding yourself of how silly it is to care about the opinions of strangers in order to overcome — in my experience, at least.
One of the mental unlocks for me has been recognizing that part of the reason it’s silly to care about what other people think is understanding that they simply don’t care about your bags. Everyone is living their own life, thinking about their own bags, staying in their own lane. They only care about your bags insofar as how that impacts them and their bags.
Here’s a list of mistakes I have made over the years because of caring too much about others; hopefully by seeing these, you can avoid making the same mistakes than me — or at least, avoid re-making the stame mistakes:
Holding something that is up 3x because you want to hit a 10x and brag to others about it
Holding something that is up 20x because you want to hit a 100x and brag to others about it
Getting greedy with gains because you want to post a screenshot on Twitter
Holding because you don’t want people to think you’re “paper handed”
Holding because you don’t want to offend or upset the founder
Holding because you don’t want to offend or upset the community
Refusing to buy into coins because your friends think they’re stupid, or worse, because the random people you follow think they’re stupid
The list is endless, but the theme is the same: letting the unknown opinion of unknowns impact your investing decisions is silly.
Thanks for reading! In case you missed it, check out Monday’s post below 👇
This Letter isn’t meant to be alarmist in any way shape or form — I have no idea if we’re close to a bear market, or how severe it’ll be when it does hit — but I do know that there will eventually be one.
