Ahmad Ashrafi is the founder, CEO and managing director of Infinity⁹.
As the closing bell rang on Wall Street in early 2000, tech stocks had reached dizzying heights. Investors everywhere were pouring their savings into anything with “.com” in its name. The consensus was clear: this time was different, and the internet would change everything. Just two years later, countless investors watched their portfolios crumble as the bubble burst, teaching a costly lesson about the dangers of following the crowd. Fast forward to 2021, and a similar scene played out in living rooms across the world. This time, social media buzzed with tales of overnight cryptocurrency millionaires and meme stock fortunes. The fear of missing out drove many to invest their life savings into assets they barely understood.
Every era has its investment crazes. In the late 1990s, it was internet stocks. The mid-2000s saw real estate speculation reach a fever pitch. Cryptocurrencies captured imaginations in the late 2010s, and meme stocks dominated headlines in the early 2020s. Each time, the story was the same: Early investors made fortunes, media coverage intensified and latecomers rushed in, hoping to catch the wave.
These moments in financial history reveal a fundamental truth: The most successful investors aren’t those who follow trends but those who think independently and make decisions based on thorough research, expert support and discipline.
Why Having A ‘Why’ Behind Financial Decisions Is Important
Before you start making financial decisions, it’s important to identify your “why.” Many people, I’ve observed, fall into the trap of getting swayed by trend after trend in their financial lives because they don’t have a clear “why.” When you have a “why,” you have a North Star that guides everything you do financially.
To determine your “why,” think about what’s important and urgent to you. Ask yourself fundamental questions: “What am I trying to achieve?” “When will I need this money?” “How much risk can I genuinely tolerate?” Once you know your “why,” you can start mapping out the steps to achieve your financial goals.
The Art of Independent Research
Independent thinking in investing isn’t about ignoring all outside input—it’s about developing the ability to analyze information critically. For example, while many focus on quarterly sales figures, investors can also look deeper, examining a company’s ecosystem, brand loyalty and cash flow generation.
This kind of independent research takes many forms. It means reading annual reports instead of just headlines, understanding business models rather than following stock tips and considering contrary viewpoints rather than seeking confirmation of our beliefs, to name a few. It’s about building knowledge gradually and systematically, not looking for shortcuts to wealth.
The Role Of Trustworthy, Reputable Experts
As you travel to your financial destination, be mindful of who you listen to for advice. Your lawyer or neighbor could have investment strategies that have worked well for them, but that doesn’t necessarily mean those approaches are right for you.
Think of independent thinking as being the captain of your own ship. While you make the final decisions, you still rely on navigational tools and experienced crew members. Similarly, successful investors often work with financial advisors, tax professionals and legal experts—not to unquestioningly follow their advice, but to gain additional perspectives and technical expertise. Interview various professionals and look for a combination of expertise and experience. Screen their track records. Ask them to share examples of the results they’ve generated for other people—that’s a strong indicator of whether or not they’ll be able to help you reach your financial goals. The key is finding advisors who encourage dialogue rather than those who simply push products or follow trends.
The Discipline Of Patience And Learning From Experience
Perhaps the greatest challenge in independent thinking is maintaining discipline when markets turn volatile. During the 2020 market crash, investors who had developed their own clear investment thesis were better equipped to stay the course—or even invest more—while others panic-sold at the bottom.
This patience stems from understanding that real wealth is usually built gradually. It’s about making consistent, well-researched decisions rather than trying to time the perfect entry and exit points. It’s about having the confidence to stick to your strategy when others are losing their heads.
Every investment decision, whether successful or not, offers an opportunity to learn and grow as an investor. It’s important to document your thinking, review your decisions objectively and refine your approach over time.
Your Path Forward
As you develop your own investment approach, remember that independence doesn’t mean isolation. It means thinking critically, doing thorough research and making decisions based on your own careful analysis rather than market hype or peer pressure. It means having the courage to go against the crowd when your research suggests a different path. In a world of instant gratification and trending topics, the ability to think independently about investments has become more valuable than ever. The next time you hear about an investment that you “can’t lose” or feel pressured to follow the crowd, take a step back.
Remember that the most successful investors aren’t those who follow every trend but those who think independently, do their homework and have the courage to stick to their convictions. Your future self will thank you for it.
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