Jim Rembach is a Customer Experience Authority and President of Influence to Action, which operates several entities, including CX Global Media, Call Center Coach Virtual Leadership Academy, Contact Center Virtual Summit, and Customer Service Weekly. He’s the host of the Fast Leader Show, B2B Digital Marketer, and Customer Service Weekly podcasts.
Jim is a Certified Emotional Intelligence practitioner, Community Specialist, Employee Retention Specialist, and Digital Marketer. His work as a digital business development expert enables organizations to deliver on the needs of the new digital business development imperative.
“Do it again even after losing because there are opportunities existing out there, and you’ve got to make those moves.”
Jim Rembach
Worst investment ever
Time for some risk
Jim had some money that he was willing to risk in a new investment, so he started looking around for risk opportunities.
Finding the right fit
Jim picked about five different companies to look at. He did his research and ensured that he had marked off all the checkboxes. Then he decided on a female apparel company that seemed promising. Even though the company had some short term debt issues, it got refinanced for favorable rates.
Staying down under
Jim had hoped that the company would pick up, and the stock starts performing well. However, they went down further.
Jim stayed hopeful. He did more research, and all indications showed that the company would pick up. Jim decided to double his investment in the company.
The unavoidable loss
Roughly four or five months after he doubled down, the company declared bankruptcy, and just like that, Jim lost his entire investment.
Lessons learned
Keep taking risks
Continue taking risks even when you lose. Don’t have your emotions tied so profoundly in the loss and make it stop you from trying again.
Do your due diligence
Do your due diligence and research, look at fundamental elements before you make a move.
Andrew’s takeaways
Play with money that you can lose
Invest money that you can afford to lose to avoid losing all your wealth.
Be aware of event risk
Event risk happens very suddenly. It could be bankruptcy, a corporate governance event where the owner did something benefiting themselves and harming others. With event risk, when it is announced, either trading stops immediately, or the stock price falls 30%, and you can’t execute that stop loss.
Apply rules of risk management
Risk assessment is critical when getting into investment. Size your position and go into a position slowly.
Actionable advice
Have an active pool of funds that you’re looking at doing some speculating with. Also, learn how to become better at your research from a human perspective.
No. 1 goal for the next 12 months
Jim’s number one goal for the next 12 months is to look at the permanent shifts that people think are temporary and make some investments because he believes wealth is made in downturns, not upswings.
Parting words
“Move forward. Even if you end up taking two steps back from one step forward, it’s just temporary.”
Jim Rembach
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