Investing is no easy game. Many of us dream of becoming the next Warren Buffett, but the road to successful investing is built on more than just stock picks and market knowledge. Jason Zweig, an expert on behavioral finance, breaks down seven virtues that set great investors apart from the rest. Let’s dive into these virtues and see how they can transform your investment approach.

1. Curiosity

Curiosity is the spark that ignites everything. The best investors are always on the hunt for new knowledge. They actively seek out information about different companies, industries, and economic trends to stay ahead of the curve. Curiosity also helps them challenge biases and stay focused on the truth rather than blindly following the crowd. The more curious you are, the better your chances of spotting hidden opportunities others might miss.

2. Skepticism

Wall Street is notorious for making simple things sound complex and irrelevant things seem crucial. If you want to survive in the investing world, you need to be skeptical. The market is full of noise, and not everyone has your best interests in mind. Being skeptical helps you navigate through misleading information and propaganda. Ask tough questions, dig deeper, and don’t accept everything at face value.

3. Independence

To outperform, you need to break away from the herd. Independent thinking is a hallmark of great investors. It’s easy to follow the crowd, but real gains come from going against the grain—calculated risks are key. Remember, the majority might be wrong. Great investors make decisions based on their own research and convictions, even when it feels uncomfortable.

4. Humility

Humility is often overlooked but is vital in investing. No matter how intelligent or experienced you are, the market can always prove you wrong. The best investors never assume they know it all. They stay humble and remind themselves that mistakes are part of the game. This mindset helps them stay cautious, use a margin of safety, and remain open to learning.

5. Discipline

Knowing what to do is different from actually doing it. Discipline bridges that gap. Many investors understand the principles of investing, but without discipline, they fall into traps like emotional decision-making or chasing quick profits. Successful investors stick to their strategies, build strong habits, and maintain discipline even during volatile market conditions.

6. Patience

Good things take time, and investing is no different. Success doesn’t come overnight. Sometimes, your investments take years to bear fruit. Patience is about waiting through the uncertainty, even when you’re unsure if your thesis will play out. The best investors know that quick wins are rare and often too good to be true. Stay patient and trust the process.

7. Courage

Courage is essential when the market is in turmoil. Remember what Warren Buffett says: invest when there’s blood in the streets. But knowing when to be brave is a fine line. It’s easy to look back and admire courageous decisions, but in the moment, it takes real guts to buy when others are selling. The key is knowing when to act and when to hold back—great investors master this balance.

Conclusion

Success in investing is about cultivating these seven virtues. Curiosity drives learning, skepticism keeps you cautious, and independence ensures you stick to your convictions. Humility keeps you grounded, discipline turns knowledge into action, patience gets you through the waiting game, and courage helps you seize opportunities when they arise. Master these virtues, and you’ll be well on your way to becoming a great investor.