Self Development Plan to be a World-class Stock Investor

This is my development Plan to be a World-class Stock Investor

1. Deliberate practice:
   1. Improve the skills I already have, and extend the reach and range of my skills
   2. do something unfamiliar and improtant, outside of my comfort zone
   3. take action on real-life situations, 10~20 times a week
   4. Think deliberately and thoroughly
   5. enormous concentration in short time (two hours per day in the morning), frequently
   6. Take time (min ten years or 10,000 hrs) to develop my expertise, be patient
   7. Start early in young age or early phase on training
   8. improve my skills: fast reading, fast memory, read with prepared questions in mind, become an expert on accounting
2. Seek coaching
   1. deliberately picked unsentimental coaches who would challenge them and drive them to higher levels of performance.
   2. seek out constructive, even painful feedback – ask Todd, Tilson, Wei, Jie about my investment ideas, post on Seaking Alpha and gurufocus
   3. use elaborate simulations – use varified case to test my thesis – deliberately practice with appropriate feedback
   4. know when I am doing right and concentrated on what I am doing wrong. Study all my investment and trading history to do in-depth lesson learn.
   5. Motivated self-coaching: Days after I have read other investors’ (like Todd) investment ideas I particularly enjoy, I will try to reconstruct it using my own research. Then I will compare it with the original, so I can discover and correct my faults. I will also work to improve my sense of investment by study this idea from various perspectives (both positive and negative)
   6. Constantly measure my results using winning match and track record
3. Feedback:
   1. seek out constructive, even painful feedback from my own results
   2. Measurement: measure my success rate and efficiency of analysis
4. Luck and opportunity
   1. have a prepared mind
   2. pray

Original Details (https://hbr.org/2007/07/the-making-of-an-expert)

articleThe Making of an Expert HBS

1. Deliberate practice: Not all practice makes perfect. You need a particular kind of practice—deliberate practice—to develop expertise. When most people practice, they focus on the things they already know how to do. Deliberate practice is different. It entails considerable, specific, and sustained efforts to do something you can’t do well—or even at all. Research across domains shows that it is only by working at what you can’t do that you turn into the expert you want to become.
   1. The classic example is the case method taught by many business schools, which presents students with real-life situations that require action. Because the eventual outcomes of those situations are known, the students can immediately judge the merits of their proposed solutions. In this way, they can practice making decisions ten to 20 times a week.
   2. Genuine experts not only practice deliberately but also think deliberately. We actually track this kind of thought process in our research. We present expert performers with a scenario and ask them to think aloud as they work their way through it.
   3. Deliberate practice involves two kinds of learning: improving the skills you already have and extending the reach and range of your skills. The enormous concentration required to undertake these twin tasks limits the amount of time you can spend doing them.  ‘It really doesn’t matter how long. If you practice with your fingers, no amount is enough. If you practice with your head, two hours is plenty.’”
   4. While this may seem like a relatively small investment, it is two hours a day more than most executives and managers devote to building their skills, since the majority of their time is consumed by meetings and day-to-day concerns. This difference adds up to some 700 hours more a year, or about 7,000 hours more a decade. Think about what you could accomplish if you devoted two hours a day to deliberate practice.
   5. Moving outside your traditional comfort zone of achievement requires substantial motivation and sacrifice, but it’s a necessary discipline.
   6. It takes time to become an expert. Even the most gifted performers need a minimum of ten years of intense training before they win international competitions.
   7. Not only do you have to be prepared to invest time in becoming an expert, but you have to start early—at least in some fields.
2. World-class coaching
   1. Real experts seek out constructive, even painful feedback. They’re also skilled at understanding when and if a coach’s advice doesn’t work for them.
   2. Real experts are extremely motivated students who seek out such feedback. They’re also skilled at understanding when and if a coach’s advice doesn’t work for them. The elite performers we studied knew what they were doing right and concentrated on what they were doing wrong. They deliberately picked unsentimental coaches who would challenge them and drive them to higher levels of performance.
   3. The best coaches also identify aspects of your performance that will need to be improved at your next level of skill. If a coach pushes you too fast, too hard, you will only be frustrated and may even be tempted to give up trying to improve at all.
   4. Relying on a coach has its limits, however. Statistics show that radiologists correctly diagnose breast cancer from X-rays about 70% of the time. Typically, young radiologists learn the skill of interpreting X-rays by working alongside an “expert.” So it’s hardly surprising that the success rate has stuck at 70% for a long time. Imagine how much better radiology might get if radiologists practiced instead by making diagnostic judgments using X-rays in a library of old verified cases, where they could immediately determine their accuracy. We’re seeing these kinds of techniques used more often in training. There is an emerging market in elaborate simulations that can give professionals, especially in medicine and aviation, a safe way to deliberately practice with appropriate feedback.
   5. Benjamin Franklin provides one of the best examples of motivated self-coaching. When he wanted to learn to write eloquently and persuasively, he began to study his favorite articles from a popular British publication, the Spectator. Days after he’d read an article he particularly enjoyed, he would try to reconstruct it from memory in his own words. Then he would compare it with the original, so he could discover and correct his faults. He also worked to improve his sense of language by translating the articles into rhyming verse and then from verse back into prose. Similarly, famous painters sometimes attempt to reproduce the paintings of other masters.
3. feedback
   1. True expertise can be replicated and measured in the lab. As the British scientist Lord Kelvin stated, “If you can not measure it, you can not improve it.”
4. Luck and Opportunity
   1. Nobody questions that Mozart’s achievements were extraordinary compared with those of his contemporaries. What’s often forgotten, however, is that his development was equally exceptional for his time. His musical tutelage started before he was four years old, and his father, also a skilled composer, was a famous music teacher and had written one of the first books on violin instruction. Like other world-class performers, Mozart was not born an expert—he became one.