My younger brother has always thought that speculation is a very difficult thing to do, so I've always emphasized that these things are gambling; investing is relatively easier, but the key is that there are some businesses you can hold onto, businesses you'd dare to average down even after losing 90% of your investment. You must have some degree of faith in them. Why have faith? The most likely reason is that you are directly involved with these industries in real life.

Only experience can defeat experience; imagination is hard to defeat. It's best to have had good experiences in reality, thus overcoming imagined profits or losses. So-called faith is essentially successful real-world experiences forming a fixed path paradigm. As for developing path dependence, that's something to think about only after achieving success.

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