William Bernstein writes about how the most successful investors are ones which are not focused on financial success.

Two nuggets from the piece.

Three things provide long-lasting satisfaction, as quantitatively measured by academic psychologists:

  • autonomy
  • meaningful contact with others
  • the development and exercise of competence.

If you want to earn high investment returns [meaning above market — David],…..you’ll probably need to avoid the public securities markets altogether and invest privately. Needless to say, purchasing and running
a diversified stable of small concerns is not for the faint hearted, the quantitatively weak, or those without razor-sharp interpersonal skills, exquisite business training, and huge gobs of spare time.