| Late in his career, Tyson also said, "I ain't the same person I was when I bit that guy's ear off." Good for him. (Personal growth means different things to different people.) But the key in investing - and in life - is to learn along the way. Expect to make mistakes in the financial markets. The only shame is making the same ones over and over. Investment losses can be money well "spent" if you understand what you did wrong and why. Perhaps Tyson's greatest investment wisdom was this little pearl: "Everyone has a plan until they get punched in the mouth." How true! Many investors put money at risk only when they feel optimistic about the economy, the stock market and the future in general. Big mistake. Things go well for a while but then the unexpected happens... Interest rates spike up. The economy turns down. A hedge fund blows up. A new hot war ignites in the Middle East. Or the stock market experiences a sharp correction, a new bear market or an outright crash. It's times like these that separate the men from the boys. That's why you should know well in advance what you'd do in such circumstances. Experienced investors view sudden sell-offs as opportunities. When everything drops in value at the same time, prices get detached from values. More to the point, they get detached from reality. We saw this during the recent bear market. There were so many bargains - not just in U.S. stocks but in high-yield bonds, foreign equities and real estate investment trusts - yet it's surprising how many people I talk to who sat on their hands and did nothing. Why? Because they never considered how they would feel to find themselves on the ropes, chastened and exhausted. So take Mike Tyson's "advice." Invest from a defensive position. Learn from your mistakes. And know in advance what you'll do if the market gives you a punch in the mouth. If it bites off part of your ear, on the other hand, you're on your own. Good investing, Alex | 
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