On Mentors, from Russ Sears

January 6, 2009 |

 On Mentors: seek others help in your talents. A good coach is a necessity to keep your balance, even if you are an expert in the field. You don’t have to reinvent the wheel of course, but the coach will see your errors of over eagerness while still encouraging your dreams.

On Losses: when the changes or losses happen, view them as a time to change the dysfunctions in your life. Always strive to improve your response. Be it a new school year, a new school, leaving home, college, various new jobs, marriage status and having children. These are all times to consider what you did well and continue the good work. But also want to change, what bad habits did you indulge, and then set about improving response to life.

Value consistency. A child thrives on a consistent environment, rules and routine. Adults do also. Loyalty, marriage, daily effort thrive on consistency. The brilliance in Sharpe’s ratio, is that it sets the bar high. The question isn’t did you make money but did your actions and acceptance of volatility actually improve your lot or where you better off, passively consistently buying and holding. It's the reckless investor i.e. gambler, who does not hold himself to this standard. They end up trading to trade. Life will force some losses on you, without that escape hatch. Yet, there will of course be times when you must cut your loses, but those that don’t weight against the standard of consistency, will end up changing things just for the change. Like the Sharpe ratio, there are many ways to game the system and trick you into self-deception. Those that don’t learn this end up like the gambler; they die broke morally as well as literally, without a nickel and without a true friend or disciple.


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