8 classic pieces of investing advice from Yankee legend Yogi Berra

New York Yankees legend Yogi Berra has died.

He was 90 years old.

The baseball Hall of Famer is regarded as one of the greatest players of all time, but in the years since his retirement he has become perhaps even more famous for his legendary quotes, used by almost anybody for almost any situation.

In 2014, Fran Kinniry at Vanguard used eight classic Berra quotes and applied them as pieces of investing wisdom.

'If you don't know where you are going, you'll end up someplace else.'

The idea here is that if you don't stay focused on your investing goals and stick to a plan, you're going to end up with a bunch of investments you didn't mean to make, and, most likely, a lot less money than you thought you'd have.

'We made too many wrong mistakes.'

Mistakes happen, but it's the ones you make over and over again that will get you. The point here is that not every investment will work, but a well-diversified portfolio will smooth out the bumps over time.

'A nickel ain't worth a dime anymore.'

The longer you invest, the more time you give your money to compound. Inflation will eat away at your purchasing power over a long timeframe, but consistent a investing plan will help you stay ahead of the curve.

'It's tough to make predictions, especially about the future.'

Don't time the market: you'll get it wrong.

'In theory, there is no difference between theory and practice. But in practice, there is.'

Everybody has a great idea until it comes time to use it, in investing and otherwise.

'90% of the game is half mental.'

Markets take big swings and investing is hard. If you remain calm when times are tough and don't get too greedy when times are good, your investing goals have a higher chance of being met over the long term.

'If you can't imitate him, don't copy him.'

If you're buying a strategy or investment product you don't understand, you're not going to get the most out of it. In fact, the opposite will probably happen: your plan will backfire.

'The future ain't what it used to be.'

All investing advice and products come with the same disclaimer: 'Past performance is not a guarantee of future results.' Whatever happened in the past is unlikely to happen in the future, but a successful and smart investor will know this and be ready and willing to stick with their own well-thought-out plan in response.

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