"I write about Jason Karp. He was running this very successful hedge fund and suddenly became a not very successful hedge fund. He started to realize that there was not really a connection between his process and the outcome. He could work unbelievably hard and ...
be incredibly talented and driven and competitive.
It didn't mean that his results would be good.
He said that disconnect between effort and performance was torture. He was being judged weekly or monthly by his investors and peers, but he didn't have any control over that."
It didn't mean that his results would be good.
He said that disconnect between effort and performance was torture. He was being judged weekly or monthly by his investors and peers, but he didn't have any control over that."
"He likened it to these experiments with rats. They would put a lever in a cage and either it would give them a treat or an electric shock. They didn't know which. At a certain point it would induce insanity.
What he was saying, basically, is I'm going nuts. This is killing me."
What he was saying, basically, is I'm going nuts. This is killing me."
"The stuff that I've been talking about equanimity and gaining control of your thoughts, it can sound kind of highfalutin and esoteric, but it's so central to investing and to every other area of life. The inner game of writing or investing is dealing with these fears...
... your anxiety, your desire to be respected, to have honor all of this stuff. It's your ability to deal with setbacks, your sense that however hard you work, sometimes it just doesn't work out."
https://twitter.com/NeckarValue/status/1469340853382660103
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