Seek out the best users of information. As you may imagine, folks often ask me for my advice on how to begin investing for the first time. I'm sure that sounds like I'm trying to get off the hook of answering the question, but it's actually the best advice I can give. A cohesive philosophy is the most important aspect of profitable investing.
Philosophy is the foundation of strategy, which preceeds investment selection.
One of the key components of investment philosophy is your determination of that which you deem to be of value and how you measure that value. In that sense, and without knowing it, we've all got our own philosophical basis and act it out every time we decide to spend our money. It is important to see that the consideration you give to price, quality, and benefit will generally be the same you'll apply to your investment choices. Focusing on your spending pattern, and the logic behind it, will allow you to eliminate inconsistent and irrational choices and results. You need to learn that at home before you can demonstrate it on Wall Street.