You have been adamant that the Lakers under the new coach will be unbeatable. "We got two of the greatest players in the world" you say. And once Nash comes back he'll find a way". But as I've said about the market many times, it's not the execution, it's the system. The defense and offense must be considered in tandem, connected, comovement wise, the same way euro and stocks, or euro and bonds must be considered in the market. The inexorable defeat that your team will experience, so common to those in New York who watched the Knicks often lose games in the last 5 minutes that they were ahead by 15 points or more in the second half is not a piece of bad luck, but an inevitability. The same say that the market often ends up end on the day after spending a reasonable inexorability down throughout 3 pm.

Howie, the defense keeps getting better, and the motivation to stop those random 7 second shots gets higher and higher as the game gets on, and the laws of regression eviscerate the random good luck from the previous quarters the same way the random bad news that held the market down, is overcome. You should know all this Howie, from our experiences in handball and racket sports. Often a player will get ahead but you and I know that if he gets ahead with drop shots and lobs and non-percentage killers in the early game, it will backfire in the end as we try harder to defend, and the opponent tires. I always loved it when my opponent made a 3 wall boast on me in the early part of the game, and saved a few up for the end. No way was he going to make the point on that as I was going to be up for it, the same way the opponents are up for all the 7 second 30 feet shots of the current coaches collabs.

Believe me, Uncle, rather than bemoaning the loss to the Magic as bad luck, and lack of foul shooting, (which of course is part and parcel of the offense without a rhythm), accept this as the norm. Change your system as we must do in the market when the cycles change. Each of the players on the Nets often touches the ball before a layup is made. Come back to your home town, and save yourself the inevitabiliy of sorrow.]

anonymous writes:

That's a great letter; thanks for forwarding. We've found that one of the best questions to ask a portfolio manager in a hiring interview is to outline, specifically, how he has adapted to changes in markets. The ones that offer detailed, thoughtful responses are the ones with particular promise. It's fairly easy to hire people who have been successful over a several year period; much harder to find people who have what it takes to sustain success over many years. Learning markets is difficult; unlearning and relearning them is what makes the greats.



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