Fifteen years ago, I blew my first shot at joining the buy side.

It was the first time I learned about humility. 🧵
1) I was in the final round for an analyst position with CIBC Asset Management in Toronto.

After a candid back and forth, the interviewer posed his final question:

“What’s the most important trait for a successful investing career?”
2) An image of my father flashed into my mind.

“Hard work and discipline,” I replied.
3) The interviewer didn’t seem too pleased with my answer.

Was it too cliché? Did I just expose my inexperience?
4) “What do you think is most important?” I asked back, politely.
5) “Humility,” he said, and nothing more.

I nodded. But the truth is I had no idea what he meant.
6) It was my first time hearing the word.

I linked it to humiliation, and I confused humility with low self-esteem.
7) I was twenty-two, with big plans and places to go.

Being weak or passive wasn’t the path.

How could lowliness be an accomplishment worthy of praise?
8) Anything I came to later understand about the strength of humility was entirely obscured.
9) I didn’t get the job.

And I learned the meaning of humility the hard way when the market snatched my savings in 2008.

I then turned to the sages.
10) When Saint Bernard of Clairvaux was asked to identify the four cardinal virtues, he answered, “Humility, humility, humility, and humility.”
11) Lao Tzu observed all streams flow to the sea because it is lower than they are.

He said, “Humility gives it its power.”

To Emerson, humility was the secret of the wise.
12) There is no simple definition of the virtue—it’s easier to identify what it’s not.
13) Humility is not defined by traits like sincerity, honesty, and unselfishness.

Humility doesn’t mean thinking little of oneself either.

It has nothing do with depreciating our talents in ways we know to be untrue.
14) Outward piety can be deceiving; pride can masquerade as a humble attitude.

To lay claim to humility negates the virtue.
15) Life’s blessings, material or spiritual, are not “acquired goods” from the fruits of one’s own labor.

Rather, they are bestowed by the Almighty.
16) According to St. Augustine, the idea of a great-souled man acting independently of God is the height of arrogance.
17) True humility comes when we have seen ourselves to be nothing and how truly God is everything.

We recognize and place our entire dependance on God.
18) Humility, then, is a disposition.

Like gratitude, it is an interior state that resides in the heart, cultivated by the remembrance and contemplation of God’s majesty.
19) With humility comes an accurate idea of one’s own worth in relation to the divine’s immeasurable stature.

The ego is vanquished.
20) In a way, humility is simply the ability to acknowledge the truth about ourselves. 

The Angel Gabriel counseled the prophets to “humble yourself before your Lord.”
21) In Humility: The Journey Toward Holiness, Andrew Murray writes:
22) I keep returning to humility in different contexts, always finding something new, something more to understand.
23) Follow @jsmian for more infusions of clarity and inspiration.

And get the Stray Reflections book—an antidote to the great angst of modern times. 👇🏼

strayreflectionsbook.com

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More from @jsmian

5 Aug
What makes Warren Buffett the greatest investor of all-time?

He is the only infinite-minded investor in the stock market, which is an infinite game. 🧵
1) An infinite game is not bounded by time and the objective is not winning but ensuring the continuation of play.

An infinite game continues with you or without you.
2) Investing is an infinite game. But most people play with a finite mindset. That’s a problem.

Finite play in an infinite game is contradictory.
Read 22 tweets
25 Jul
1) The way we breathe is inextricably linked to the way we live.

I’m embarrassed how long it took me to figure this out.

Given my sinus I’ve been breathing poorly my whole life.

What I’ve learned 👇🏼👇🏼👇🏼
2) Breathing, with awareness and intention, sits at the heart of spiritual practice.

To let one breath go, say the Sufis, without being conscious of it is a sin.
3) Our daily intake is twenty-five thousand breaths, and we may well not even notice one.
Read 23 tweets
22 Jul
So Branson went to 86.1 kilometers of altitude and Bezos went to 107 kilometres.

This reminds me of the late 1920’s race to build the tallest building in Manhattan.
Walter Chrysler planned an 808-feet tall monument embellished with gargoyles based on radiator ornaments from Chrysler’s cars.
But once a rival publicized a slightly higher structure, Chrysler had his architect secretly build a 185-foot spire which would bring the height of the Chrysler Building to 1,046 feet.
Read 5 tweets
4 Jul
On August 29, 1952, the piano virtuoso David Tudor walked onto stage of the barn-like Maverick Concert Hall on the outskirts of Woodstock.

He sat at the piano, propped up six pages of blank sheet music, closed the keyboard lid, and clicked a stopwatch.

What happened next? 🧵
1/ Thirty seconds passed.

The audience, a broad cross-section of the city’s classical musical community, waited for something to happen.
2/ Tudor turned one of the blank pages but made no sound.

For four and a half minutes, he went about doing nothing. He never played a note.

He then stood up, bowed, and walked off stage. That was all.
Read 22 tweets
22 Jun
1) Of all the early warning signs that can help prevent investment disasters, one stands out.

COMFORT.

🧵
2) It’s our natural tendency to seek comfort; but in investing, when we tend to get comfortable in our views, feel our portfolio is safe, experience tells us something bad is about to happen.
3) Our comfort zone is a state of mental security where our uncertainty and sense of vulnerability are minimized.

Where we feel we have some control.
Read 14 tweets
21 Jun
This is the story of my father.

“He dropped out of school at fourteen. When most boys are busy playing sports or chasing after girls, he had time for neither.”

1/6
He made his first million by the time he turned thirty in 1979.

2/6
His famous trades: arbitraging silver, buying land during war, seeing China’s threat and ME!

3/6
Read 7 tweets

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