. has this unfailing ability to dredge up ideas that haunt me for days afterwards. His recent piece on Bill Miller has this bit near the end that is worth pondering over:
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“His journey is a cautionary tale to never let down your guard, to never believe you’ve figured out the game. The moment of our greatest success can lead us straight into the abyss of defeat.”
Now that’s worth thinking about.
Full piece: neckar.substack.com/p/bill-millers
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I like the part about him putting on 40lbs. It’s tempting to think these guys have it all figured out but it’s a struggle for everyone.
“structural weaknesses silently compound and become exposed in times of stress” simple yet very true on investing. Become resilient or at least be aware when you are not being resilient so you do not take big decisions.
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