Life and Career Advice
There's a lot of advice and sayings out there about the importance of being yourself and sticking to your guns. Well, before you can do any of that, you have to know yourself. So we want to ask, who are you as an investor? Maybe you already know. Maybe you don't. If you're still figuring that out, we've got some thoughts that could help you.
The Best Advice We Have To Give
The thing is, Butch, right now you got ability. But painful as it may be, ability don’t last. You came close but you never made it. And if you were gonna make it, you would have made it before now.
Investing requires mental toughness, but it doesn’t require us to pretend that we — or our colleagues — are invincible. More often, it instead requires us to acknowledge our weakness.
The inevitable result of financial innovation gone awry, which it ALWAYS does, is that it ALWAYS ends up empowering the State. When too clever by half people misplay the meta-game, that’s all the excuse the State needs to come swooping in and crush them, just as they are with Bitcoin today they did with Bear and Lehman in 2008. Installment #10 from Notes from the Field.
The second moral license from a wise emphasis on passive investing is spending inordinate amounts of time on tilts, trades and tactical ideas that will never influence our portfolio results.
Every dog needs a job, and every investment does, too. No single dog can be all things to all people, and neither can a single investment. Nor can any pack of dogs accomplish anything and everything you like. The biggest mistake people make when they get a dog is trying to make the dog fit into the life they wish they led, rather than the life they actually lead.