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:
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.
This entry was posted by David on April 11, 2007 at 10:58 pm, and is filed under Investing, Psychology. Follow any responses to this post through RSS 2.0.Responses are currently closed, but you can trackback from your own site.