Stories abound of investors who have amassed wealth through meticulous strategy, keen analysis, and extensive research. These financial wizards have unlocked the secrets to navigating the market’s complexities for remarkable success.
However, emulating their triumphs is no small feat for average investors—it demands extraordinary perseverance and an understanding that each path to success is distinct.
Investing is akin to traversing a labyrinth with its unforeseen challenges; it involves not just ambition but also enduring commitment and the insight that everyone’s journey is individual.
However, attempting to directly mirror the portfolios of these financial legends is a strategy filled with hidden risks.
The Risks of Imitating Investment Gurus
In today’s digital age, numerous online personalities openly share their investment choices on platforms like X (formerly known as Twitter), Instagram, and YouTube.
Television business news channels often feature ‘stockpickers’ who are revered by anchors and viewers alike.
However, attempting to replicate the trades of such ‘experts’ can lead to significant losses, especially when these role models shift from conservative strategies to more controversial positions.
What works for one investor might not yield the same results for another.
Financial freedom, though seemingly elusive, can be more attainable with an open-minded and persistent approach.
The Evolution from Harshad Mehta to Digital Investing
The investment landscape has undergone a dramatic transformation from the era of Harshad Mehta to today’s world dominated by online trading apps.
While Mehta’s shenanigans led to the advent of electronic trading in India, today’s landscape is significantly different.
In the past, investment tips and strategies were exchanged in informal settings like bars, trains, and social events.
Now, digital platforms have emerged as the new arenas for sharing financial information, altering the way we seek and follow investment advice.
Despite these changes, one principle remains constant: successful investing demands a personalized approach rather than mere imitation.
Balancing Risk and Reward in Asset Allocation
Many market-related websites feature stock screeners with labels like ‘Super Investors’ and ‘Guru’, focusing on stocks owned by prominent investors.
Cloning the portfolios of these successful investors might seem like a quick path to wealth, but this approach overlooks essential differences in financial goals, investment opportunities, and risk tolerance.
For example, large investors often have the advantage of investing substantial sums over extended periods, a luxury not shared by many retail investors.
Adopting Intelligent Investment Practices for Personal Finance
Embracing smart investment strategies requires a deep personal reflection on your financial goals and crafting a plan that aligns with your unique situation, rather than blindly following the successes of others.
It emphasises patience as crucial in navigating the market’s volatility and underscores the importance of diligent research across various assets to make informed decisions.
Effective risk management through diversification and disciplined investing, like rupee-cost averaging, is vital for mitigating losses and steadily building wealth over time.
Ultimately, adopting these tailored principles enables individuals to become wise managers of their finances, focusing on long-term achievements instead of short-lived trends or external influences.
The Importance of Diversification in Investment Strategies
You may find it profitable to emulate the portfolio of successful investors, but prudence lies in diversifying your portfolio.
Diversification involves spreading investments across various asset classes, such as stocks, bonds, real estate, and commodities to minimise risk and promote steady returns.
It works on the principle of balancing losses in one area with gains in another to ensure more consistent portfolio performance over time.
While renowned investors successfully employ this tactic by navigating different market conditions, retail investors face challenges like limited capital and lack of expertise required for managing diversified portfolios effectively.
Crafting a Unique Investment Strategy Inspired by Experts
Aspiring investors should take inspiration from the success stories of market experts but tailor their strategies to suit their risk profiles and financial goals.
This involves thoroughly understanding your financial situation, staying informed about market trends, and making investments based on this knowledge.
Becoming a savvy investor is not about blindly following others.
Learning from the best in the field of investing is valuable, but it’s crucial not to mimic their actions blindly.
Intelligent investing is not about emulating someone else’s strategy.
It’s all about picking up tricks from the big players, you know? Crafting your personal strategy for investing that fits just right with how much risk you can stomach. You’ve got to factor in your financial goals and time frame too.
You are not simply mimicking but building a game plan tailored to your needs.
Think of it as learning chess moves from grandmasters and then adapting them to your own risk comfort level.
Remember, it’s about understanding and embracing the rhythm of the market dance while staying true to yourself – recognising when to be bold and when it makes more sense just holding on tight!
Financial advisors face myriad difficulties each day. To succeed, they must combine the skills of asset managers, financial planners, psychologists, and marketers. While most advisors can wear some of these hats well, managing several roles is very difficult, especially if switching from one role to another during a single advising session.
Stephanie McCullough, founder and a financial planner at Sofia Financial in Berwyn, Pennsylvania, said many challenges advisors face come from many misunderstanding their role in financial matters. “The general public is very confused, with good reason, about what we do and who we serve. They are not aware of the many different service models that exist,” she told Investopedia. “It’s still a common assumption that someone needs millions of dollars of investable assets to get the help of a financial advisor.”
Meanwhile, many advisors are working with far less help than in the past. “We used to have a whole back office that took days to enter trades and allocate them within client accounts. Now, one advisor does the job,” said Crystal McKeon, a certified financial planner and chief compliance officer at TSA Wealth Management in Houston, Texas.
Here are some of the biggest challenges financial advisors face in their efforts to grow their business and promote their brand to the public.
Managing Client Expectations
This is an area where advisors need to understand client psychology to succeed. While managing a client’s portfolio might be pretty straightforward, handling their expectations can be more complex. Many clients are unrealistic about investment returns and interest rates.
For starters, clients are often not financial professionals. They are unaware of global markets outside of the headlines they see, how investments work, how macroeconomic conditions may impact certain asset classes over others, why markets may be volatile, and how long investments may take to succeed. In addition, every client has biases, preferences, fears, and expectations. Clients may perceive what they think may happen based on what has happened before.
For example, Bitcoin might have increased more than tenfold from 2019 to 2021, but the asset class will continue to be volatile and may see similarly large declines.
It’s up to the financial advisor to guide them and educate their clients while providing investment advice.1
“For the most part, talking to clients about market volatility during actual times of market volatility is too little, too late,” David Flores Wilson, a certified financial planner at Sincerus Advisory in New York City, told Investopedia. “A better approach is to talk about likely future market volatility when they are first engaged as clients. During [periods of market volatility], we illustrate based on their risk tolerance what they could expect in terms of potential downside in the future.”
Advisors can also show their clients how value increases through investing. One way to do so is by helping clients maintain a long-term perspective in their investing so they don’t go off track with every movement in the market. Clients who can begin to see how their advisor keeps them on track will likely remain loyal to them.
“Educating clients by creating realistic expectations and planning for market drawdowns should be embedded in portfolio management,” said Neil R. Waxman, managing director of Capital Advisors in Shaker Heights, Ohio. “There is only one certainty: investment values will go up and investment values will go down.”
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Staying in Touch
Advisors have more ways than ever to stay in close contact with their clients, but many don’t when things are going well. A constant flow of communication is necessary to maintain a solid relationship with most clients, regardless of what the markets are doing. Advisors can use Zoom and text messaging to keep in touch with tech-savvy clients. Once a market heads downward, being in touch is even more essential.
“During tough market times, it’s all about communication,” Alyson Claire Basso, managing principal of Hayden Wealth Management in Middleton, Massachusetts, told Investopedia. “It’s not just about whether they’re making money or not, but how well you’re keeping them in the loop.”
She said that research backs up her view that clients don’t necessarily leave advisors because of losses but because of a lack of communication.
“It’s crucial to stay in touch, be transparent, and manage expectations, especially when things get rocky. By being there for clients, listening to their concerns, and keeping them informed, we build trust and loyalty, even when the market is unpredictable.”
Negative news is never fun to share, but being transparent, empathetic, and supportive is a must.
Managing Information
Financial advisors always face an overwhelming flood of information. However, successful advisors understand that the key is not to react to every piece of news but to focus on client behavior and long-term strategies. Advisors must guide their clients toward reliable, time-tested sources of information to prevent misunderstandings and avoid decisions based on misinformation.
The breadth of information that advisors must manage is vast and includes the following:
Clients. Advisors must stay attuned to changes in their clients’ lives, goals, and financial circumstances. This awareness allows them to continually adjust and develop road maps tailored to each client’s evolving aims and needs.
Regulations. Staying informed about changing rules in the financial industry is critical. This knowledge is often essential for maintaining the licenses required to handle specific securities.
Economic trends. While macroeconomic conditions are beyond an advisor’s control, understanding global economic circumstances is crucial as they significantly impact portfolio performance. Advisors need to anticipate how worldwide shifts might affect their clients’ investments.
Political developments. Government actions (or inaction) can have broad financial implications for investors. Advisors must stay informed about legislation to position their clients favorably.
Taxes. Changes in tax policies often directly affect investment strategies. Advisors need to be vigilant about shifts in capital gains tax rates, tax brackets, credits, and the treatment of various investment types, including alternative and foreign assets, as these can significantly alter a client’s portfolio trajectory.
By effectively managing this diverse range of information, advisors can provide their clients with more valuable, timely, and comprehensive guidance.
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Emotional Engagement
Many financial advisors are very analytical. Professional certifications are often data-driven and require abundant skills in quantitative reasoning. However, many client decisions are based on emotion. Advisors need to be able to relate to their clients on an emotional level to maintain a working relationship.
“Money is an extremely emotional and personal topic,” said Valerie R. Leonard, CEO and financial advisor at EverThrive Financial Group in Birmingham, Alabama. “This adds to the emotional vulnerability that clients can feel when talking about their past or present relationships with money. If clients don’t believe they can trust you to be transparent or keep their conversations and financial details confidential, they will never do business with you. It’s really that simple.”
Your engagement with clients, of course, has many forms. For instance, suppose a client’s portfolio isn’t doing well. Your engagement likely includes considering the following:
When to tell the client
How often to check in with the client
How to tell the client (i.e., do they prefer blunt language or a soft landing?)
Where to tell them (i.e., is an electronic message most appropriate?)
Preparing for how they will likely react
Financial advisors are bound by legal and ethical standards. As such, they must represent their clients to the best of their abilities and disclose any conflicts of interest.
Group Support
Independent financial advisors may often feel alone in their practices and have little in the way of planning support. Advisors who struggle with this can find support in organizations such as the Financial Planning Association (FPA), the National Association of Insurance and Financial Advisors, or the National Association of Personal Financial Advisors.
These groups have a wealth of resources in marketing, sales, and practice management to help make your professional life easier.
“When you’re joining a professional association, you’re looking for education, you’re looking for resources, you’re looking for peers to connect with,” said Peter Lazaroff, an Investopedia top-10 financial advisor, who noted he’s partial to the FPA, though he also belongs to other organizations.
How Do Financial Advisors Manage Client Expectations?
Managing expectations is a very socially driven, psychological issue that requires empathy, communication, and education. Clients often do not have the knowledge or expertise that their advisor has, and each client experiences different emotions about changes to their portfolio. Financial advisors must understand that their perspective is different from their clients, and bridging that gap is the responsibility of the advisor.
How Much Do Financial Advisors Make?
The median annual income nationwide for a personal financial advisor is $99,580 per year as of mid-2023, according to the last Bureau of Labor Statistics (BLS) estimate. The median hourly wage for professionals in the field at $47.88 per hour.2
Which Financial Advisor Professional Association Should I Join?
Each financial advising-related association has a focus. When deciding which to join, research them to ensure they have the kinds of services and networking opportunities you’re looking for.
Financial advisor Peter Lazaroff said that some associations offer free services to members that can be instrumental in your business. He mentioned that continuing education and even media training are crucial things some organizations offer that modern financial advisors can’t do without.
“Join a professional association that has continuing education, other resources to support your practice’s growth or your growth, and peer networking opportunities—those are what’s crucial to me,” he said.
The Bottom Line
It’s important for advisors to understand where their clients are coming from and make them understand the value that they offer. Those who can successfully manage their clients’ expectations can improve retention and their bottom lines. The pressure to stay ahead of technological advances, maintain a competitive edge in a crowded market, and meet the increasingly sophisticated demands of clients requires advisors to be not just financial experts, but also empathetic communicators and strategic business managers.
The most critical challenge, however, lies in building and maintaining trust with clients in an era of economic uncertainty and heightened scrutiny. Successful advisors will be those who can effectively balance the technical aspects of financial management with the human elements of relationship-building and clear communication. Joining a professional association can provide additional support.
We enter 2025 against an unusual macro backdrop. In 2024, time-tested recession indicators failed, inflation fell even as growth stayed above the historical trend and the Federal Reserve cut rates by 100 basis points even though financial conditions were already easy. Incoming data that didn’t fit with a business cycle led to outsized market responses and abrupt shifts in narratives. This heightened market volatility creates plentiful investment opportunities, we think. Take fixed income. Fed rate cut expectations went on a historic round trip last year. See the chart. The Fed itself pivoted from talk of an easing cycle a year ago to a mere recalibration now. By year end, markets had come around to our higher-for-longer rate view. We expected inflation to cool some – as it did. Yet we long believed that sticky inflation would prevent sharp Fed rate cuts and leaned against market pricing for most of the year.
2024’s round trip in rate cut pricing shows this is not a business cycle but a transformation – our first lesson. We see mega forces, or structural shifts, reshaping economies and markets. This transformation could keep shifting the long-term activity trend, making a wide range of outcomes possible. Last year, we focused on key stock drivers: strengthening corporate earnings and free cash flow growth. This led us to stick with companies delivering on earnings even when valuation concerns flared up. We stay risk-on as we think U.S. corporate strength is the scenario most likely to play out next year. Yet we eye signposts, including greater trade protectionism, to change our view if other scenarios appear more likely. Structural changes mean rethinking long-held investment principles – like the assumption growth will eventually revert to its historical trend.
Leaning against a cyclical view
We lean against markets interpreting data through a business cycle lens, our second lesson. Such an interpretation last year spurred recession fears and brief stock selloffs. That played out in December, too, with the sharpest stock slide in decades to follow a Fed cut during a bull market, our analysis shows. Our U.S. equity overweight isn’t shaken by the Fed’s signal of fewer rate cuts – we had expected that. Our overweight is grounded in the artificial intelligence (AI) theme, robust economic growth and broadening earnings growth. Soaring tech valuations and the concentration of returns in just a few tech companies caused some market jitters. Yet we see market concentration as a feature, not a flaw, of transformation.
Transformation can happen quickly. That is why our third lesson is to expect more volatility and surprises than usual as transformation widens the range of market outcomes in real time. A year ago, the word “hyperscalers” – or large tech firms investing billions in AI – had barely entered the public lexicon. Public policy is another area we expect to see swift change. We think policymaking could itself become a source of disruption and surprises – in an already more fragile world given heightened strategic competition between the U.S. and China. Trade protectionism is shaping up to be a key risk in 2025.
Our bottom line
We carry 2024’s lessons into 2025. We got clear evidence this is a transformation, not a business cycle. And we found it helps to lean against markets adopting a business cycle lens, eyeing more surprises as the transformation unfolds.
Market backdrop
U.S. stocks surged more than 20% over the course of 2024. Mega cap tech names led the way on the AI theme – even as stocks finished the year on a down note overall after the Fed signaled a slower pace of cuts ahead at its December meeting. Markets have brought up their year-end 2025 rate expectations to nearly 4%, in line with our higher-for-longer view. U.S. 10-year Treasury yields swung in a range of nearly 100 basis points during the year, closing out 2024 near 4.58%.
We get U.S. payrolls for December this week. Wage growth remains elevated due to an unexpected rise in immigration, in our view. While wage pressures have cooled some as immigration has slowed, they remain above the level that would allow inflation to fall to the Fed’s 2% target. Given the risk of resurging inflation from potential trade tariffs and the immigration slowdown continuing, market expectations of only two more Fed policy rate cuts in 2025 now seem reasonable, we think.
After talking to hundred of investors I’ve learned that the majority go into the experience with the feeling that they’re doing this for themselves, and so they’re on their own. They seek the education and the hand-holding they need to do it themselves. Which is fine if that’s what they want to do. But I’ve found that investing is much easier and much more enjoyable when you do it with someone else. Peers and mentors have helped me to gain more from my investments, and I’ve also made lasting friendships with people I’ll know and love for the rest of my life. Now I don’t mean going into joint investments with these people, but talking about the routes you’re taking and the things you invest in, sharing tips and pointers, and going on that journey together. An investment mentor can do a lot for you.
Looking at having peers and mentors that are doing more than you, are putting more value than you are contributing, that is a powerful person to have in your life. If you don’t have that person and there is not this drive to meet that level or get to that next point of resistance then I would say that’s one place to start. Now, it doesn’t have to be someone you hang out with all the time, it doesn’t have to be someone you have a relationship with. We live in a world where you can get on a podcast and you can listen and find personas or find people that are doing amazing things and use them as your mentor and use some of the things they’re doing as your goal and that’s what’s going to kind of push you along and hit really that other need that we have.
Now, I think the idea of these needs, they’re different for people and sometimes are even different based on the circumstance you’re in in your life. Looking again at this growth side of things, it’s just one of those principles that’s going to continue to push you and you can either deny it or you can accept it. Accepting that principle is incredibly empowering because I think if you accept it, now there’s some accountability associated with it. You know that you have to be growing and whether it’s through books or courses or personal development seminars or whatever, you’re gonna try to get yourself driven, get yourself motivated and pushed to that next level.
So let’s maybe go through a few other needs. And there have been studies on this Abraham Maslow is big into it, Tony Robbins is huge into this. We have a lot of these kind of gurus that are out there that have really kind of discovered some various similar principles and they’ve organized them in different ways. There’s really two ways to do it. You can just live life and experience things and try to figure it out on the fly or you can learn from people that have discovered them already.
Q: Why is it important to have an investment mentor in your financial journey?
A: Having an investment mentor is crucial because it provides guidance, knowledge, and expertise that can help individuals make informed investment decisions, avoid common pitfalls, and achieve their financial goals more effectively.
Q: How can individuals find a suitable investment mentor?
A: Finding a suitable mentor involves networking, seeking recommendations from trusted sources, and researching potential mentors. It’s essential to identify someone with relevant experience and a willingness to share their insights.
Q: What are some of the valuable benefits that individuals can gain from having an investment mentor?
A: Benefits of having a mentor include gaining access to industry knowledge, learning from real-world experiences, receiving personalized advice, and building confidence in one’s investment decisions.
Copycat investing, as the name implies, refers to the strategy of replicating the investment ideas of famous investors or investment managers. The strategy is also known as coattail investing since the investor rides on the coattails of those who presumably have much more investment prowess.
But is copycat investing a viable trading or investment strategy? While the evidence about its success is somewhat mixed, there are certain techniques you can use to increase your chances of becoming the perfect copycat investor.
Buffett Bootleg vs. Miller Mime
The long-term success of legendary investor Warren Buffett has attracted a host of copycats over the years, and that could be because replicating Buffett’s strategy has made people money.
According to a 2008 study by Gerald Martin and John Puthenpurackal, a hypothetical portfolio that mimicked Berkshire Hathaway’s investments a month after they were publicly disclosed would have outperformed the S&P 500 by an annual average of 10.75% from 1976 to 2006.1
But before you rush off to check Buffett’s current holdings, consider the other side of the coin, when a long streak of outperformance ends with a resounding thud. Fund manager Bill Miller joined the pantheon of great investment managers after his Legg Mason Value Trust Fund beat the S&P 500 for 15 years in a row, from 1991 to 2006.2 Miller’s fund finally had a bad year in 2007—losing 6.6% and trailing the S&P 500.
However, 2008 was an outright disaster for the Value Trust, which plummeted 55%, compared with a 37% plunge for the S&P 500, as Miller loaded up on flameouts like Bear Stearns and AIG.
Investors who had mimicked Miller would have rued their decision if they had continued to do so after 2006. Miller eventually opted to step down from managing the Value Trust Fund in 2012.3
How to Be a Copycat
Copycat investing is more widespread than one would think, although it is often done discreetly and without much fanfare by institutional investors like mutual funds and hedge funds. But the idea of latching onto someone else’s investing ideas has also caught on among retail investors.
The earliest copycat investors would routinely scour regulatory filings from mutual fund companies to discover which stocks star managers had loaded up on in recent months. Nowadays, online value investing research companies such as GuruFocus offer an alternative to this arduous process by tracking and displaying the holdings of the best investors and investment managers.
Then there’s “mirror investing,” which copies the copycat strategy and takes it one step further. Services such as TD Ameritrade’s Autotrade enable an investor to link investment accounts to portfolios actively managed by other investors or investment professionals and automatically mirror every investment move that the latter make, within specific allocations set by the investor.
The obvious difference between copycat investing and mirror investing is that the former attempts to duplicate trading ideas only of well-known and recognized investment gurus.
Who Should You Copy?
Investors considering a copycat strategy should consider replicating investment ideas from the following sources.
Successful Money Managers
All institutional money managers with over $100 million in qualifying assets are required to file SEC Form 13F quarterly detailing their investment holdings.4 This is a great source document for copycat trades.
Buy-and-Hold Managers
Copycat investors would be much better served by getting ideas from long-term managers who believe in buy-and-hold, rather than investment pros who are short-term traders. This is because the time lag between an actual trade and its reporting may be a detriment to effective trade replication.
It’s better to go with someone like Buffett, who has often been quoted as saying, “Our favorite holding period is forever.”5
Activist Investors
Activist investors like Carl Icahn can usually cause a stock to appreciate as soon as the news of their involvement in the company becomes public.6 Icahn often shares his investment plans on X (formerly Twitter), which makes it easier for copycat investors to act on them rather than waiting for regulatory filings.
What Are the Risks?
Like any other strategy, copycat investing has its share of risks.
Success Is Not Guaranteed
No investment strategy is a sure-shot winner. For example, a copycat investor may have to stick with the strategy for many years if following a value-based manager since value stocks sometimes take an eternity to turn around.
Losing patience and abandoning the strategy prematurely may result in substantial losses.
Stock May Have Already Moved
A stock may have already moved significantly between the time it was acquired (or disposed of) by a money manager and the time this news is made public. This has an adverse effect on the stock’s risk-reward profile for the copycat investor.
Too Many Copycats
Too many investors—retail and institutional—are watching the top hedge funds and money managers. Given the speed of information dissemination and trading nowadays, an investor who is a little late to a copycat trade is at a huge disadvantage, because the stock may have already moved quite a bit in a short time span.
Differing Investment Objectives
Your investment horizon and objectives may differ from that of the money manager. For example, you may have a very short-term horizon, while the manager you are copying may be in for the long haul. Or the money manager may have a risk tolerance level that is much higher than your own.
How Should You Do It?
Here are some suggestions to consider while implementing a copycat investment strategy.
Follow Credible, Successful Professionals
Stick with the tried-and-tested money managers, since you may occasionally come across a stock that could be a spectacular success. As an example, Carl Icahn sold close to 3 million shares of Netflix (NFLX) in October 2013, after the stock had more than tripled that year.
Icahn’s average cost of the Netflix stake was $58 when he originally acquired the shares on Oct. 31, 2012. A year later, the shares were sold around $323 for a gain of 457%. Copying a timely investment like that could juice up returns for any investor’s portfolio.
Exercise Patience
Chasing a stock is never a good idea. If a stock has already moved up on news that an investing heavyweight has taken a position in it, the best course of action may be to wait for it to come back within your buying range. If it does not, move on to something else.
Look for Accumulation
Large-capitalization stocks that are having hard times may be a great opportunity for patient investors. Look for such stocks where money managers have commenced accumulating significant positions since this signals their confidence in a turnaround in the near- to medium-term.
Follow Pros in Different Sectors
Don’t put all your eggs in one basket by focusing only on investment professionals in one or two sectors. Many top managers and investors in a specific sector have a considerable degree of overlap in their holdings. Diversify your copycat strategy by replicating investment ideas from gurus in different sectors.
Conduct Your Own Due Diligence
Do not assume that copying trades from the best money managers around absolves you of the responsibility to conduct your own due diligence. Ensure that copycat stock you are considering is suitable for your investment objectives and risk tolerance before you acquire it.
Who Are the Best Investors to Copycat?
If you’re going to use a copycat investing strategy, the best investors to imitate are ones with a proven track record of success, such as top mutual fund managers and well-known investors. You can also use a company’s public filings to find out more about shares bought and sold by corporate insiders and significant shareholders.
Does Copycat Investing Work?
Copycat investing can work, and it’s a great way to learn from top investors. But keep in mind that these investors, such as Warren Buffet, are working at a much greater scale, which allows them to diversify their holdings in a way that’s difficult for retail traders to emulate.
Which Investing Apps Can Do Copycat Investing?
Investing apps can help you copy others’ investments. For example, you can use eToro’s Copy Trader platform to automatically copy trades in real time.7 There are also investing research platforms like Guru Focus, which can help you identify the trades that big investors are making. You can then use nearly any investing app to place your trades.
The Bottom Line
While copycat investing has its risks, common-sense measures—such as following successful investors, exercising patience, looking for accumulation, diversifying with different sectors and conducting your own due diligence—can help you become a (near) perfect copycat and improve your chances of investment success.
