13 Comments
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T LI's avatar

love it. i immediately thought of howard marks' memos a few paragraphs into this essay. a return figure is pointless without consider the risk taken to get there.

also feel like the idea of "strategic mediocrity", pioneered by Ben Trosky at PIMCO and frequently mentioned by morgan housel, should get a honorable mention here

https://www.npr.org/2022/06/03/1102841155/former-bond-manager-shares-investing-strategy-that-he-calls-strategic-mediocrity

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Conor Mac's avatar

Thanks for the kind words. I hadn't heard of this idea before, so thanks for sharing it!

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David M Gordon's avatar

I add my hosanna to the chorus of hosannas, Conor. From one commentary to the next, you mine a rich vein of gold that you not only discovered, you created. And so I look forward to each next installment, even though you are away on a sabbatical of sorts, I believe.

Ben Trosky, whom T LI references, seems worthy of further investigation

https://reports.adviserinfo.sec.gov/reports/individual/individual_1222978.pdf

Specifically, what role came before PIMCo. Enquiring minds want to know! :-)

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Conor Mac's avatar

Thanks as always David.

I am kind of taking a sabbatical, yes. I have less time to write these days but I want to keep the writing muscle alive because it's something I value highly. Also lets me connect with other investors which is one my favourite aspects of doing it.

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Mike Tradez's avatar

Great read, very well said 👌🏾

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Conor Mac's avatar

Thanks Mike! Appreciate you.

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Brian McCann's avatar

My portfolio perennially looks like the blue line. Except I get bored and sell out before the portfolio moons…

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Conor Mac's avatar

I know the feeling haha.

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Leslie Oosten's avatar

Very good

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Conor Mac's avatar

Thank you

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Jared Brown's avatar

As a tennis player and investor, this one hit home.

Up until I reached about 4.0/4.5 in tennis, matches were mostly decided by who could use placement and athleticism to outlast their opponent.

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Maverick Equity Research's avatar

Great take, loved it, especially the Koyfin-esque visuals to make the points, Thank you!

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Conor Mac's avatar

Appreciate it, Mav.

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