Photo: Bloomberg Television
Barton Biggs, the legendary strategist and Morgan Stanley alum, recently circulated a note titled “It’s Never Easy,” which Doug Kass summarizes on TheStreet.com. (h/t Abnormal Returns)We found this bit of wisdom from the note to be particularly insightful:
“[T]he investment process is only half the battle. The other weighty component is struggling with yourself, and immunizing yourself from the psychological effects of the swings of markets, career risk, the pressure of benchmarks, competition, and the loneliness of the long distance runner.”
So often will investor develop a sound investment strategy, only to screw things up because their gut tells them to do other wise.
If anything, the investment process is only a quarter of the battle, if not less.