Interesting perspectives Anand; tend to agree with you. As Howard Marks says “he belongs to I don’t know group”, being curious and humble is great moat.
Great write up! Just curious to know how do you folks assess performance (esp in a business where you do not the outcome for a long time? Further, even when you know the outcome how do you know whether it was due to skill or luck?
Is it ever late to start looking for a mentor? I too have a good 14 odd years in the market, but since the 2020 crash (and the rebound), I have been trying to unlearn a lot and start at the basement (ground floor is still a bit far). But the baggage/old habits die hard. I even took long sabbaticals from investing work, but the rewiring of the brain is a WIP and miles to go. Your writings help, especially this one with the "I don't know nothing" theme. Thank you.
Is it ever late to start looking for a mentor? I too have a good 14 odd years in the market, but since the 2020 crash (and the rebound), I have been trying to unlearn a lot and start at the basement (ground floor is still a bit far). But the baggage/old habits die hard. I even took long sabbaticals from investing work, but the rewiring of the brain is a WIP and miles to go. Your writings help, especially this one with the "I don't know nothing" theme. Thank you.
Hi Anand, thank you for sharing your experience and thoughts so freely and consistently. Being a student of markets, it helps.
One question - agreed that you don't predict macros, but do you react to it or spend time on it at least while being in the midst of it? Like war, inflation, etc. It might not lead to an action, but at least study it. Thanks
Nice one, Anand! How can an idiot like me can get an apprentice opportunity with you?
Beautifully written! Invaluable lessons to take away for investing, for life.
"Functioning normally with a cognitive hole in the head is unnatural to buggy humans."
LOVE this!
You say: "“I’m an idiot” has been a great starting point for me."
Yesterday, in an essay about embarking upon new ventures, I wrote:
"At times, I felt like a fool. Sometimes, it's good to feel like a fool!"
:)
To know that I do not Know! So very true. Wishing many more fun years at this journey to one of my favorite fund houses ( & Fund managers 😊)
Interesting perspectives Anand; tend to agree with you. As Howard Marks says “he belongs to I don’t know group”, being curious and humble is great moat.
Can associate with any and every word of this. Super
Me too… bang on !!!! I sometimes feel overwhelmed with the whole game of investing and land up getting content within my boundaries of competence ..
Thoroughly enjoyed reading this Anand. Thank you for sharing.
Very Socratic. If I am wiser than other men it is because I know that I know nothing.
The ability to *act* on that wisdom is a hard and under appreciated skill
But you knew that already. Love it
really down to earth .. No catch phrases, flavour of the year , it is different this time..lalala
Great write up! Just curious to know how do you folks assess performance (esp in a business where you do not the outcome for a long time? Further, even when you know the outcome how do you know whether it was due to skill or luck?
Is it ever late to start looking for a mentor? I too have a good 14 odd years in the market, but since the 2020 crash (and the rebound), I have been trying to unlearn a lot and start at the basement (ground floor is still a bit far). But the baggage/old habits die hard. I even took long sabbaticals from investing work, but the rewiring of the brain is a WIP and miles to go. Your writings help, especially this one with the "I don't know nothing" theme. Thank you.
Is it ever late to start looking for a mentor? I too have a good 14 odd years in the market, but since the 2020 crash (and the rebound), I have been trying to unlearn a lot and start at the basement (ground floor is still a bit far). But the baggage/old habits die hard. I even took long sabbaticals from investing work, but the rewiring of the brain is a WIP and miles to go. Your writings help, especially this one with the "I don't know nothing" theme. Thank you.
Hi Anand, thank you for sharing your experience and thoughts so freely and consistently. Being a student of markets, it helps.
One question - agreed that you don't predict macros, but do you react to it or spend time on it at least while being in the midst of it? Like war, inflation, etc. It might not lead to an action, but at least study it. Thanks
only a wise man can proudly and humbly say he is an idiot !
only a wise man can proudly and humbly say he is an idiot :-)