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Yield Curve @TenYearNote
, 7 tweets, 1 min read Read on Twitter
1/n: Story time inspired by a tweet about process>outcome (an important concept). Many years ago, went to meet a successful PM at a huge multi-manager HF. Young guy (33/34yo), great track record, was being paid well over $5m/yr. Ignore that he was walking around in shorts/sandals
2/n: He was affable, good sense of humor, really down-to-earth. In many instances, his response to my questions were "I don't know". Then he started asking me about Demark indicators. Went off on a tangent about how he had spent months trying to refine his skills with it.
3/n: We sat as his bloomberg and he spent 10 minutes going through Demark and he was explaining how he's always trying to find new tools to help enhance his versatility as a PM/Trader. Made quite an impression on me to see such a successful manager spending real time struggling
4/n: ...with a new tool when he could easily be happy with his current process and toolkit. Like I said earlier, he was young, great track record etc. This constant refinement, testing, and attempts to expand one's abilities probably had something to do with his success
5/n: Later would read article about Stan Druckenmiller describing what he learned from Soros. He thought he'd learn what makes markets move, what makes the yen rise/fall, how to better analyze companies etc. He learned none of that. His main lesson was to bet his convictions.
6/n: Which comes back to an old philosophy that there are 3 sources of advantage in markets: Informational, analytical, or behavioral. Time and time again, it's been demonstrated that behavioral is what truly separates outstanding managers from average.
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