1/7/07

Do Your Homework

Have you done your homework? I was watching a program on CNBC the other night called Mad Money with Jim Cramer. It is certainly not something I watch with regularity, but I had read an interview with him that I found quite interesting. The investing part was interesting, but the coaching implications were even more interesting to me. His big thing is homework. He recommends an hour of research “homework” for every stock you own. I started thinking that is what the good coaches I know do. Before they go out to the field or the track they really do their homework. Each segment, each exercise is planned, when the workout is over they evaluate the workout in the context of the whole plan. There are no knee jerk responses; they are disciplined, just like a good investor. I know I can spend up to three hours a week planning for the subsequent week. Each workout takes about 15 to 20 minutes of planning. This work up front pays rich dividends, there are few surprises. Progress is predictable and steady; conversely lack of progress is explainable and easily corrected. Make sure you do your home work?

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