Core Concepts: Computers and Office Supplies

So how do you become a better stock owner? It starts with knowing what you own. If you are absolutely convinced that you hold Office Depot at 50% of value, for example, you probably won't short-circuit the opportunity. If you're unsure about what you own, the odds increase substantially that you'll miss out on a potential multibagger.

Note also the asymmetry between being a great stock picker and being a great stock owner. If you have a sound analytical mind and are able to detect patterns in the data that others don't see, you have a good chance of being a great stock picker.

To be a great stock owner, though, you have to turn off the analytical mind. That's because, over a period of years, an analytic mind can employ a multitude of excuses to short-circuit a great opportunity. When it comes to stock ownership, sometimes the no-brains have a distinct advantage.

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