In recent weeks I've had a number of conversations with individuals who invest their own portfolios in individual stocks. A couple of them have done well, one of them exceptionally so.
One thing they have in common is that they each of them is somewhat underenthused about and underengaged in their primary breadwinning activity, in one case academia, in the other case law. But they each got really excited in talking about their stocks, or their practice of investing in them (in one case, we didn't talk specific stocks, just the fact that the person bought and sold them).
Then there's also the case of someone local, a woman, artist, somewhat quirky, was living at home with her parents last I heard, who wanted to get together and talk markets. She has been day trading S&P index futures, I think. I suggested we get together for coffee around 3, and she was like "no no no, that's the trading day." She said she couldn't possibly get together before 5, because she had "aftermarket activities" to engage in. She had also reached out to me sometime to see if I knew where she could rent an apartment around our neighborhood. By that time I'm trying to shut down and exercise and/or get home to my family.
Which leads me to wonder: is active engagement in the market -- trying to beat it -- often really reflective of a feeling of lack of engagement and/or success in one's primary professional activity?
And, now that I say that, I must ask it of myself. To what extent have I followed that path?
In any case, for the moment I need to get back to the business of taking care of my people.
Wednesday, April 03, 2019
Alpha, mastery, and purpose
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