STREET DOGS: The game
Investing is a game, the trick is know exactly what game
In a contribution to Medium.com, Graham Duncan, the cofounder of East Rock Capital, says he has interviewed and assessed thousands of investment managers and what he has learnt in that process is what separates the great investors from the rest. "The great ones view investing as a game," Duncan points out, "and they know exactly what game they’re playing." To illustrate the point, a portfolio manager told the story of being driven somewhere by an analyst on a rainy night when a truck swerved and almost ran them off the road. "Why is stuff like this always happening to me?" the analyst instinctually responded. But to the portfolio manager, that response reflected a terrible mind-set, whether on the road or in the market: a sense that the world is acting on you as opposed to your acting on the world. It’s a mind-set that’s hard to change, says Duncan. And, from what he’s seen, great investors don’t have it. Instead, they’ve come to understand which factors in the market they can contr...
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