Ask Professor Milligan – Episode 1

Key Takeaways

• Start investing in companies whose products and services you already use and understand—look in your own backyard before seeking exotic opportunities like crypto or IPOs
• If you lack time for active stock research, ETFs and mutual funds are safer alternatives; only pick individual stocks if you have time for thorough research and a network of reliable investment ideas
• Every successful investor has a documented exit strategy and risk management plan—stop losses are just one tool to enforce discipline and prevent emotional decisions
• For IPOs, recognize that retail investors can only buy after institutional allocations; analyze the prospectus with a six-point criteria before the stock goes public, then watch for entry opportunities rather than chasing the initial listing price
• If you own a winning long-term position like Tesla with significant gains, resist the urge to exit early—focus on the company's future growth catalyst rather than trying to time the perfect exit price