The Best Investment Advice Is Sometimes About What Not to Do

This Element is an excerpt from It''s About More Than the Money: Investment Wisdom for Building a Better Life (9780137050321) by Saly A. Glassman. Available in print and digital formats.

Why the best investment advice you ever get might be what not to do.

Shortly after 9/11, a terrible period for all investors and advisors–for all Americans–Edward called to thank his advisor. “Thank me?” the advisor exclaimed. “Why? I feel terrible about our losses over the last year.” Edward said, “No, you don’t understand. You told me not to invest $600,000 in a private equity partnership I was seriously considering. I’ve just learned that investment was a total failure.”