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Originally Posted by Willravel
[...]contingency locations to live.
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Canada, right?
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I'm currently working on a book about some of the most successful money managers in Canada. The one thematic thread that seems to exist within each of them is that they know they have to be both flexible and humble. They say be humble, because the market will make you otherwise. They're flexible because they know that past performance does not dictate future performance. The market could do anything. I think this is a valuable lesson even beyond investing. It works in life. You should always be prepared to make astounding changes that make sense.
The other thing these guys talk about is the irrationality of the majority of investors who sell off their winners and hang onto their losers. We do this in life too, don't we? We should know when to let go of things and move onto something else. We need to use common sense, and to think about things before reacting. These investors apply a very complex decision-making apparatus to their work, so when things do go bad, they know exactly what they have to do. The options were always on the table. They were always in their minds. Although they manage $millions, if not $billions, they can actually sleep at night because of their ability to always keep options open while there are doors closing on them all the time.
Money aside, I wish I could be more like them.