psychedelic stocks

[neovox]

I don't know anything about stocks, but I get the sense that psychedelics might be worth looking into. Its early in the game, but psychedelic research, funding, and attention is picking up some serious momentum.  Compass Pathways  is the only one on nasdaq.  Others on OTC;  Mindmed,  Numinus Wellness,  Cybin,  

I completely ignorant with the stock market. Thoughts?

[Average Investor]

On 4/5/2021 at 11:36 PM, neovox said:

I completely ignorant with the stock market.

 I would pick up a couple books if you want to take it seriously. 

[Lyubov]

I made a post on this recently. I plan to buy some stocks in these in the near future. Compass Pathways is getting some heat though for playing unfair. I still have more research to do before investing. 

[Matt23]

Check these out.  A solid stage yellow thinker's (I'm pretty damn sure) take on this subject.

 

 

 

[Guest SirVladimir]

It's so obvious that the psychedelic renaissance will come that we should start preparing ourselves for it.

It'll spread across industries like fire. You can start thinking about how to enrich today's activities and turn them into tomorrow's trends. Psychedelics will transform the simplest activities like reading. I know that, and I love writing, so there you go. A life purpose example for you. 

Edited April 8, 2021 by SirVladimir

[Lyubov]

Bought 50 shares of compass pathways. Gonna look into buy shares of others in this field. I’m investing in the future of mental health and psychedelics finding their way into broad society! Gonna hold these stocks for a good ten years plus. I’m certain they will grow greatly.

[BlackMaze]

On 7/4/2021 at 7:29 PM, Average Investor said:

 I would pick up a couple books if you want to take it seriously. 

Could you maybe recommend a good book to start learning? 

[Average Investor]

@BlackMaze

If you are low on money and just starting in investing/business, then I recommend Rich Dad Poor Dad and Rich Dad's guide to investing by Robert Kiyosaki. These will be fundamental for building the right mindset to building assets and business. 

If you are looking to fully manage a portfolio for the best returns, then I recommend The Intelligent Investor by Benjamin Graham. This is probably the best investing book of all time. It will teach you a aggressive, defensive, mixed approach. It will be a fundamental tool for value investing.  If you were to really want to go deep into it, then get the Security Analysis by him too. This is the guy who taught Warren Buffet. This is by far one of the best possible resources. I would say a must read before even buying a single stock on your own. This book alone has made me a 124% return in one year in my Roth IRA. 

There is one book on Leo's book list that is fantastic for a defensive portfolio. It also helps with building a proper mindset around money in general. It has all sorts of advice for what to do before selling, when to sell ,etc. I would highly recommend buying the booklist even if just to get this book. The tips in this book have helped me get rid of my anxiety around investing. As well as help me have a more balanced portfolio.

If you are investing through 401k plan, then Speculator Vs Investor By John C Bogle (Founder of Vanguard) would be a great read. I feel like this one did not have any of the most hard hitting stuff however, if you are just an aggressive stock picker, then I think this would help balance you out. 

For someone who is really a novice and not looking into it much, then go for Money Master the Game by Tony Robbins. That will be good for just anyone with a 401k. 

All of those books are stage orange. The one from the book list is quite stage green/yellow though. 

Edited April 8, 2021 by Average Investor

[BlackMaze]

@Average Investor much appreciated man thank you. I do have the booklist but i still didn't read the books about money. I do not have any idea what everything means to be honest i am a complete begginer. I don't even know how to invest by myself. Is just a mobile app enough? I really plan to invest as much money as i can the next years instead of just leaving the money in the bank. 

Edited April 8, 2021 by BlackMaze

[Average Investor]

@BlackMaze It really depends what you are looking for. For some they can get really nice retirement accounts through their work. Some even offer bonuses for contributing. 

Most of those mobile apps that offer the free stock are not what you need. If you want short term gains they could be okay though. I would not really recommend that. Taxes can literally eliminate all of the gains in some cases. Although, some of those apps do have tax advantaged accounts.

If you are in the US and don't have sort of retirement account through your work, then a Roth IRA typically is the best. A Roth IRA would allow you to pay no capital gains tax if you don't draw the money until you are 59 1/2. This can save hundreds of thousands of dollars in taxes potentially. I prefer vanguard as my broker since they have ETFs (Exchange Traded Funds) at a very low cost. Those funds allow you to get a small piece of a group of stocks. There is others, but vanguard is really good. 

Especially as a newbie I would avoid the temptation to just go buy a bunch of random stocks. If you want to try that route, then give this a start https://www.investopedia.com/simulator/

 

I would try to build a longer term mind set. Set this to 8-11% annual and see how you could potentially earn. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator This will show you how powerful being a longer term investor can be. 

Get the first book in the money section of the book list. I would start with reading that book. That will be the best investment you can make. After that I would read investors Vs speculator and Rich Dad Poor Dad. If you like Rich dad, then read Rich Dad's guide to investing. If you then decide that you want to take it to the next level and do a more in-depth portfolio, then I would read the intelligent investors. You will want to read the other material first to help you build the correct mindsets and give you enough of a foundation to make wise decisions. 

It's important to actually invest or use that simulator to help you get a real understanding and a grasp of what you are doing. 

Oh and one other book I think would be really important to read is the great crash of 1929. You must read that book to give you a sense of what a market cycle looks and feels like. I would read that before the intelligent investor. That is a must read book to really understand the markets. 

Edited April 8, 2021 by Average Investor

[BlackMaze]

@Average Investor thank you very much! This saves me a big chunk of time of not knowing where to start and a lot of confusion. I will start using your advice and recommendations. I should have started years ago but if i don't start now i'm sure that i'll regret it later. 

[Average Investor]

@BlackMaze Absolutely, it's taken me a good amount of time to learn this stuff. Most people I have known in person would not have used this avenue to help build financial freedom. All of this stuff will really set you apart from the average investor. Slow and steady wins the race. I think a solid foundation here helps free up a lot of future time and energy to put into other facets of life. It is one of those things I find that can suck a lot of time and energy though if you are not careful. Build a balance that works well for you. 

[Yarco]

I bought HORIZONS PSYCHEDELIC STOCK INDEX ETF (PSYK) which holds Mind Medicine, Compass, Numinus Wellness, and others.... basically the most diverse psychedelic stock holding you could pick, and it's currently down 25% from where I bought it at lmao.

Make sure that you have the correct risk tolerance before buying psychedelic stocks. I have faith that long-term it's gonna go way up from here, but it's basically like owning Bitcoin at this point.

[Lyubov]

12 hours ago, Yarco said:

I bought HORIZONS PSYCHEDELIC STOCK INDEX ETF (PSYK) which holds Mind Medicine, Compass, Numinus Wellness, and others.... basically the most diverse psychedelic stock holding you could pick, and it's currently down 25% from where I bought it at lmao.

Make sure that you have the correct risk tolerance before buying psychedelic stocks. I have faith that long-term it's gonna go way up from here, but it's basically like owning Bitcoin at this point.

My next purchase. I like spreading out. Buy a bit of everyone in this sector. Also this is a long term investment. I plan to hold my stocks in this sector for ten years minimum. They are only bound to go up. Anyone who knows how powerful these treatments are knows this is only gonna rise in value. Basically comes down to how well these companies handle themselves and which ones come out on top so to speak. I think all of them are gonna do well.

Edited April 9, 2021 by Lyubov