I don’t know who wrote this but I agree 100%. In Hedge Fund conferences I attend I keep earning questions about style, size, geography, etc… people want to box a manager too much. I try to figure out the manager and tolerate/”embrace” a bit of style drift. In fact people want to control/regulate/legislate everything and the results are not good.
From my father, I learned the importance of working sincerely at things to which I had committed myself, and to persevere untiringly even in the face of little progress. Koichi Tanaka
PS Market is oversold, and Apple keep’s going up! I think we might rally again, the leaders are intact.
This is a problem, of course, for all parents, not just affluent ones. It is a central paradox of contemporary parenting, in fact: we have an acute, almost biological impulse to provide for our children, to give them everything they want and need, to protect them from dangers and discomforts both large and small. And yet we all know — on some level, at least — that what kids need more than anything is a little hardship: some challenge, some deprivation that they can overcome, even if just to prove to themselves that they can.
http://www.nytimes.com/2011/09/18/magazine/what-if-the-secret-to-success-is-failure.html?_r=1&pagewanted=all
PS I think we live in a world where there is too much of everything (except some natural resources). In this kind of envoirment you need to be different to have a chance. If you are a commodity you will be without job. In this situation we need to provide for a different education for our children. If they do the same as everyone they will be a commodity (Commodity = many are like them and can be replaced with no diferrence) and they will have a difficult life.
The greatest lesson in life is to know that even fools are right sometimes
Winston Churchill
PS I liked this cartoon from The New Yorker
Keep it simple not always a good advice!
My view is that you are better if you have a brand. Germany have some good brands on top of robust products
Complex products + brand =Good competitive position
Commodity products + no Brand = China is going to kill you (Already did ....)
The only competition worthy a wise man is with himself
Anna Jameson
PS I did my first Mountain bike competition of 2012. It didn’t went well it was very technical with a lot of rock’s and steep fall’s. I finish 21st with 12 hours almost 3 hours more than the winner. It was too much a diference. I burned 9100 calories. I did eat well. At one point i run out of water, after a while i found a farm. I knocked at the door but no one was there. I jump the fence and refill in a garden tub!
The day was full of up’s and big downs, I thought about giving up several times but I did limp until the finish line with João Sebastião from BTT Loulé that helped me. I need another competition fast to clean my head.
http://www.siim.pt/btt/lisboa2012/?accao=geral&prova=Ultra_Maratona
I leave a pic from last year Transportugal.
Overall, our findings suggest that controlling the style drift of a fund manager does not necessarily result in higher performance for investors.
Russ Wermers
PS I think this is not just on Finance, a lot of boundaries, controls and rules prevent good performance and normal functioning of systems. Soviet Union was regulated and was broke. Regulation is very good for the regulators.
