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If you are interested in becoming a smarter long-term investor, looking back at lessons from history could be a good guide for developing your investment philosophy. Stephen Foerster, author of the new book ‘Trailblazers, Heroes, and Crooks: Stories to Make You a Smarter Investor,' points out examples of successful investors like Warren Buffett, who he argues part of his success was his ability to be greedy when others were fearful and fearful when others were greedy.

Professor Foerster joins Wealth! to discuss the importance of developing an investment philosophy of your own, whether you are a novice or a professional investor.

Foerster argues that it is integral to have principles and beliefs that guide your investing, some of which include diversification, having a long-term perspective, and understanding the risks of investing, while avoiding overconfidence.

Watch the video above to hear how Professor Foerster lays out principles for better long-term investing.

This post was written by Jeremy Moses