 Good day, fellow investors, and welcome to Investing Motivation Mondays. Today we're going to talk about... And they're chanting, trust the process in it. So it's all about trusting the process when investing. I'm first going to explain a little bit who are the Philadelphia 76ers and trust the process behind it. Then I'm going to apply that trust the process of long-term success on investing by using some quotes from the book Benjamin Graham wrote The Intelligent Investor. And then we're going to conclude with how is the process going to lead you to the most important thing when investing. And those are your long-term financial goals. You don't want to risk to be 45, 50 and not have enough funds for retirement. So let's start by discussing trust the process. If you're familiar with the Philadelphia 76ers, you know that trust the process means. However, for those that are not familiar, here's a short briefing. The Philadelphia 76ers are an NBA team. And in the basketball league, you get players by drafting them from university through an annual draft. The worse a team you are, the more chances you have to get a higher draft pick in the draft lottery. So if you have terrible results, you get better players next year. Former Sixers general manager Sam Hinke decided the team should sacrifice short-term wins in order to finally get a chance to win it all. The NBA championships, of course. In 2013, they traded their best players to get the best draft picks and rebuild a team. From there, the 76ers went from a mediocre team to a terrible, bad, bad, bad team. I think the 2016 season was the worst win-loss record in the history of the National Basketball Association. However, four terrible years allowed the team to draft players like number one draft pick, Markele Fultz, Ben Siemens in 2016, number three picks, Jachlil, Okafor and Joel M. Bid. Further, they also traded other players to get younger players like Dario Sharich from Croatia. And let's see what has been their result. The 76ers are in for their best season since Ellen Iverson was in town almost 20 years ago. And we might even see a ring in this or in the next few years. The point of the trust the process story is that what seems the best thing to do in the short-term might not be the thing that will lead you to the best results in the long-term. And the Philadelphia 76ers have sacrificed four years. Let's say they have sacrificed four years of dividends to get to the best result they could have ever hoped for years ago. And now they are a championship contender. Let's see how this goes on investing. So with investing, you can decide to follow the latest fads and trends or you can build the process that will lead you to your financial goals. Four years ago when I was working for Bloomberg, when I was riding the tube to get into London City, then I used to read The Intelligent Investor. And I have found this piece of paper in the book and I have found six quotes that I think perfectly connect to trusting the process when invest. Let me go to the quotes and explain how the process of investing works for the long-term. The first quote from Graham is bull markets and badly. Which simply means that bull markets accumulate on optimism and then end in pessimism. You should stay on the positive side of that. Second, be a critical thinker. So similarly to what Philadelphia has done, they have thinked in a different way and now they have built one of the best teams. So you have to think, okay, really be critical of whatever somebody, whatever I am telling you, be critical of it. Analyze it from your risk-reward perspective, from where you are in your life and make the best decision for you, whatever anybody else is doing. Perhaps somebody will be five times richer in two years, but that won't be the best decision for you because he might lose it all in the sixth year. So really think about where you are, what is your risk, what is your risk-reward tolerance and make critical thinking decisions. Number three, invest in businesses. What did Philadelphia do? They invested in players. Similarly, we have to invest in businesses. So even if it means sacrificing a few dividends, even if it means sacrificing a little bit of stock price appreciation due to some buybacks or whatever due to a trend or whatever, if you're investing great businesses, like if you're investing great players, you will at the end come out winning. And that's the goal. It doesn't matter when you win, as long as you reach that goal. Number three, sell to optimists and buy from pessimists. The star player of the current Philadelphia 76ers was Joel M. Bied. And he was injured during the draft and everybody was fearful about his injuries. However, they believed in it. They saw the huge potential he has and they looked at the downside. So pessimists didn't want him, somebody was buying from the pessimists. Similarly, when investing, you sell to the optimists, let them be optimists, let them think, I don't know, the economy will continue to go on as is for the next 10 years and you simply buy from the pessimists who think that there will be a stock market crash that we have never seen in our lifestyles or in 100 years of history. So that's the balance you have to do. There is no other. Perhaps there will be a crash, but if there is, we will just buy more and more. The higher the price, the lower the return. When you draft a player, you get him for the rookie wage. When you hire a superstar, you have to pay hundreds of millions. So you max out your salary cap and you don't have any money for other players. So Philadelphia went for the cheapest way to get best players. Similarly, always, always the price what you pay determines your returns. Always buy with a margin of safety. Not all players of the 76ers that they drafted did extremely well. John Lille of Okafor was, let's say, a dud. With investing, you will always have duds and then you can trade them for something else, but at least you don't lose much. That's the key. Potential, leave the potential open, but always invest in a way that you don't lose much. So to conclude, what you do now has to bring you to that long-term goal, which can be retirement, which can be your kids, educational funds, which can be whatever, trip around the world. However, you have to come to that goal without risking it. Without risking, you have to be sure to come to that goal. And that's trust the process investing. Do the right things now that will definitely lead you there. Don't risk what you need now for something you don't need in the future. Thank you for watching. Looking forward to your comments. Let me know if you like this Monday motivational investing. Investing is all about hard work, a lot of numbers. Perhaps it's good to make one video a week just for motivation to keep us going through those numbers, through those stock market declines and make us win over the very, very long term. See you in the next video.