Let’s talk about this Kanye West blow up, and how, as investors and traders, we can use his example to remind us of how important independent thinking is.
Now if you haven’t heard, Kanye made his return to Twitter recently and he came in hot. Over the last week he’s been tweeting things that have caused people to collectively lose their minds. It’s worth going to his twitter and reading it all, but i’ll give you some of the highlights.
He started off with praising Candace Owens, who is a very much hated on, African American conservative. He said he loved the way she thought. Then he started posting pictures of his make america great again hat. And to top it off, he declared his love for Trump.
People couldn’t handle their idol even coming close to the notion of liking Trump. Now we’re not going to talk about whether Kanye is right or wrong in what he said. Or what his motives are with all these tweets. Instead we’ll use this example to talk about independent thinking.
How many times have you been influenced by popular opinion when making your investment decisions? Recently we’ve had a non-stop stream of bearish headlines saying this market is done for. Mix that with the volatility we’re experiencing and it’s tough not to believe the hype. It becomes real difficult to sit down and actually think for yourself.
Now we’ve released videos on the how the bull market (NYSEARCA:SPY) isn’t over… but coming to that independent conclusion wasn’t easy while being bombarded by the mass media.
The oil market (NYSEARCA:USO) is another example. After the huge collapse in prices we had, everyone and their mother was bearish on the space. No one would touch it. And if you brought up investing in it, you’d be laughed out of the room. So again, it took a lot of effort for our team to really do some objective analysis and figure out that a bull market was actually starting up again.
Over at Macro Ops we started talking about oil back in September. We recommended WTI(NYSE:WTI) to our members on September 13th, at $2.18. The stock has almost tripled since then.
The moral of this story here with Kanye is that even if thinking for yourself is hard. And even if you’re called a fool or worse. You have to do it anyway. Because that’s the only way to be successful in life and markets.
Watch the video above for more!
And remember, stay Fallible investors!
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.