I just finished reading Morgan Housel's "The Psychology of Money," where he makes a similar point that you have to know which financial game you're playing and stick with it, ignoring the voices yelling at you to play their game.
It's interesting how much of investment is less about math and more about attitude.
Good one! The part about survival and a belief having a fighting chance are important - Reminded me of Taleb talking about the importance of avoiding ruin. It's also a good gateway to think about bet-sizing, kelly-criterion, etc.
Kris said in his interview with me recently that investing strategies should be guided by goals, and that a day trader should not use a fundamental analyst's toolbox or vice-versa. The conclusion of your article seems to resonate with that - Double down on your strengths and make sure your strategies are aligned with your goals.
Great article as always!
I just finished reading Morgan Housel's "The Psychology of Money," where he makes a similar point that you have to know which financial game you're playing and stick with it, ignoring the voices yelling at you to play their game.
It's interesting how much of investment is less about math and more about attitude.
Thank you! And yes, if you're good at math you should play the math game, but its neither necessary nor sufficient.
Good one! The part about survival and a belief having a fighting chance are important - Reminded me of Taleb talking about the importance of avoiding ruin. It's also a good gateway to think about bet-sizing, kelly-criterion, etc.
Kris said in his interview with me recently that investing strategies should be guided by goals, and that a day trader should not use a fundamental analyst's toolbox or vice-versa. The conclusion of your article seems to resonate with that - Double down on your strengths and make sure your strategies are aligned with your goals.