I ran across these notes in my commonplace notebook X from the article “Are You An Expert?” By Michael Mauboussin. Even though it speaks of investing it reminds me of what Nick Saban says about football and the process is the most important part.
Characteristics of Expert Investors
(1) Successful investors put in plenty of deliberate practice.
(2) Great investors conceptualize problems differently than other investors.
This statement made me look at how I look at problems. Are problems an opportunity in disguise?
(3) Long-term investment success requires mental flexibility.
Am I flexible in the right way or do I have biases getting in the way?
(4) Not pattern recognition but process recognition.
Am I constantly looking at my processes? I honestly struggle with this one.
- Why Good Luck is a Bad Look (expectingreturns.com)
- James Surowiecki speaks with Michael Mauboussin (ritholtz.com)
- Important Lessons From Michael Mauboussin About Investing (economicpolicyjournal.com)
- Michael Mauboussin Resource Page (ritholtz.com)
- Malcolm Gladwell Responds to Critics of the 10,000-Hour Rule (readingbyeugene.com)