‘Wolf of Wall Street’ J. Belfort explains how you can make money on Wall Street
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Former stockbroker Jordan Belfort, famously known as the ‘Wolf of Wall Street,’ has shared insights into how individuals can make money on Wall Street without resorting to high-risk maneuvers. Contrary to common beliefs, Belfort advocates for a patient and disciplined approach rather than pursuing quick riches, he said during an interview with Tucker Carlson on December 30. To begin with, Belfort addressed a common misconception among aspiring investors regarding the notion that a small initial investment necessitates a grand slam to turn into substantial wealth. “The mistake that the average person makes is that when you don’t have that much money to start, let’s just choose a number, let’s say just $10,000. <…> You say to yourself, if I’m going to really get anywhere as an investor, I need to make a big hit, like to turn that into a million bucks. I’ve got to find the next Apple computer, the next crazy crypto token. <…> Which leads you to engage in wild speculation short-term trading,” Belfort said. The importance of high-quality stocks Instead, Belfort encouraged a counterintuitive strategy stressing the importance of selecting high-quality stocks and the benefits of long-term holding. “You don’t need to start with a lot of money to end up with a lot of money by doing the exact opposite, which is holding for the long term, and in all the highest quality stocks and relying on long-term compounding and reinvesting dividends and making small contributions along the way,” he added. Belfort, also a motivational speaker, emphasized the importance of tuning out market noise and steering clear of attempting to time short-term market movements. He underscored that predicting the market frequently leads to the creation of taxable events and, more often than not, results in losses. Finally, Belfort also touched on the inherent challenges of…
Filed under: News - @ December 31, 2023 8:54 am