Bitcoin price last 12 months
She wanted to die, but she also wanted to live in Paris.
The Madame Bovary Effect
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The problem, of course, when you are managing money for others is the “Why should I be paying you x% per annum to sit in cash?” question you will inevitably get from your clients. Even if you as a money manager can tolerate the boredom, most likely your clients can’t and they will shift their assets to another manager who is excited about some (any) investment opportunity.
Patience is the word we’re looking for and it is indeed a virtue. When I look back at my investing career, everything you write in this essay rings absolutely true. The best results I ever had were back in the late 80’s when I was trading futures.
I was farming full time and only had a few hours a week to devote to the markets. I would take a position and hold it for months. No access to instant real time quotes then, so no temptation to trade every little gyration in price. I sold the farm years ago and have plenty of time for the markets and real time prices in front of me all day and night. But all I have to show is mediocrity at best. There is just a huge temptation to have to do something, even if it is the wrong thing. Thanks Ben, for pointing out a problem that nobody ever discusses.
Reading the above, all I could think about was Mike McDermott and Joey Knish. https://www.youtube.com/watch?v=WtYbZbdIIcI
…and I just now realize that the previous article quoted was called “Rounders”.