…Think of the Fed as controlling the tempo of financial markets, given the dominance of the $, whereas China’s large economic footprint gives the PBC influence over the world business cycle. In short, the market’s PE multiple is determined in Washington; its earnings Beijing.”
They say that most amateur tennis matches are lost, not won. I.e., it isn't about hitting winners but about avoiding mistakes. Just keep returning the ball and it will work out.
I think that's more true in investing than many of us want to admit.
you need to be EV maxxing. you need to be judging everything you do based on expected value. every decision must be reduced to a number. disregard morality, ethics, all else, focus on the expected value. any action you take can be explained away with 'it was +EV'
gonna lie on my CV and say i worked at 3AC, Zhu Su isn't picking up the phone for margin calls, so he definitely isn't answering calls from mcdonalds HR about my job application