This is a cool piece of advice from Peter Lynch in the midst of a bull market. Do you know why? When you want to get rich very quickly, you are very likely to throw your money after whatever shows up in front of your nose. In other words, you will easily just buy anything, hoping that it will make you rich tomorrow.
Maybe you have seen a YouTube video, maybe a friend told you to buy something, or maybe you just see a big green dildo somewhere, and you want to join the fun and decide to buy more of that token.
It might work out for your good, in some situations, but if you want to be safer, then you better know what you own and know why you own it. What do I mean? If you invest and use your brain at the same time, you will have a much better chance of success. How do I know that? Because you will not buy shit-tokens and so, but instead, you will invest in tokens and projects that you have long-term faith in. As a result, you will sleep better at night, and the possibility of success will grow knowing that you are in it for the long term.
Of course, pump and dump coins might give you better profit short-term, but the risk is bigger, and you need to pay way more attention. So, I would rather relax and spend my money on safer projects that you truly believe will be around and healthy and doing good in five years from now!
Know what you own, and know why you own it. – Peter Lynch
Read the quote from Peter Lynch once more and take it to your heart!