"Cash on the sidelines [is one of the biggest mistakes], Malik said. "Studies have shown that when you market time, you lose money relative to if you just stayed invested. This started last year as everyone expected a recession to come. They are holding their cash and 5% returns."

Common investing mistakes include not doing enough research, reacting emotionally, not diversifying your portfolio, not having investment goals, not understanding your risk tolerance, only looking at short-term returns, and not paying attention to fees.

Michael Batnick's "Big Mistakes" provides an insightful look into the colossal blunders made by legendary figures such as Warren Buffett, Bill Ackman, Jesse Livermore and John Paulson. This book sheds light on their worst investment decisions and the valuable lessons they learned from these missteps.