When I look at that list of investors the ones over 20 years are impressive as most likely have gone through vastly different market conditions. So few in reality that I don't think is realistic for the avenge investor. I am personally looking for 8-12% and trying to stick to things that I can look out 5 years (hopefully) that are not that complex. How are you finding your line?
The majority of great extreme rock climbers die or have to get new teams because their partners die. Even though elite, the number of climbers that are both old and active is, unsurprisingly, small. In finance, many (including Richard Dennis, at the top of the list) have argued that the longer the track record the more they rule out luck in favor of skill. I am not sure we aren't just looking at more rock climbers that are further outliers. This all speaks to the importance of operating with modesty, skepticism, and a margin of safety. Many only discover where their line is by making the mistake of going over it. Hopefully, they are quick enough to turn and grab hold before falling off the cliff.
When I look at that list of investors the ones over 20 years are impressive as most likely have gone through vastly different market conditions. So few in reality that I don't think is realistic for the avenge investor. I am personally looking for 8-12% and trying to stick to things that I can look out 5 years (hopefully) that are not that complex. How are you finding your line?
The majority of great extreme rock climbers die or have to get new teams because their partners die. Even though elite, the number of climbers that are both old and active is, unsurprisingly, small. In finance, many (including Richard Dennis, at the top of the list) have argued that the longer the track record the more they rule out luck in favor of skill. I am not sure we aren't just looking at more rock climbers that are further outliers. This all speaks to the importance of operating with modesty, skepticism, and a margin of safety. Many only discover where their line is by making the mistake of going over it. Hopefully, they are quick enough to turn and grab hold before falling off the cliff.
Just stumbled upon your substack. I enjoy your writing style and prose. Well done!
Glad you're here and enjoying it, SSD! Thanks for taking the time to comment.