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Yes thats exactly what i was trying to say. Especially your point about getting there only to be evicted because you dont know how to set up house.

Honestly i think the answer is yes, because you must be able to opperate in different cycles. This does not mean that you have to achieve spectatular results in each cycle, only that your investment strategy allows you to move through the different cycles achieving a long term satisfactory rate...

I do not wish to comment on the Perth property market as i do not know it. But if the financial goal is reached during a boom (any boom), the key is to ask whether that goal will be maintained after the boom. This will be a question of personal circumstances and risk. During the dot.com...

Well put. But the reason i always emphasise the recognition of investing vs speculating are the different risk applications that must be made. There are very different rules applying to risk vs speculation and its important to have the right frame of mind at the outset. The reason i...

possibly. Thats why i emphasise long term performance, it tends to weed out the 'lucky' from the skillful. Look at it from another point of view. If i come up with a new system of playing roolette. So i go down to the local casino and i win a bucket that night. Was i investing or just...

I would say that a succesful investor is one which can generate a reasonable rate of return OVER LONG PERIODS OF TIME. The return doesnt need to be consistently reasonable, but that return needs to be achieved over a long period. This removes the 'speculative' element. (Note a speculator...