I was re-reading an old book (2003) I had titled "Investing in Fixer Uppers" by Jay P. DeCima (ISBN 0-07-141433-9) and came across a great tale that I know is relevant to me, and I suspect to many of you as well... enjoy!
From Page 49 of the book:
The Greatest Seven-Inch Fisherman
"TV minister Robert Schuller tells the story of a young boy watching an old man who is fishing off the river bridge and doing quite well. The young boy couldn’t help noticing something very strange about the old fisherman. It seems that ever time he would catch a really nice trout, 10 or 12 inches long, he would very methodically take it off the hook and toss it back into the river. Each time he would catch a small fish, he would take it from the hook and carefully place it inside his fishing basket, making sure to close the lid each time.
After several hours of watching the old man fish, the boy’s curiosity got the best of him. He walked out on the bridge and told the old fisherman what he’d observed. “Why,” he asked, “do you keep all the small fish and throw the big ones back into the river?” The old man looked at the boy, slightly amused and smiling, then answered, “Because I only have a seven-inch frying pan. The bigger fish won’t fit in my pan.” The old fisherman had already determined ahead of time what worked best for him. Now he was merely working his proven plan."
The moral of the story, for me, stick to my area of expertise... be come good at what I do (investing in 2-4 family properties), really good, then and only then consider adjusting my strategy. As Jay states: "It's far more rewarding and profitable to be good at doing one thing really well than to be just mediocre trying to be good at everything."
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