Looking at things from the outside, including looking at myself.
You are known for your self-control and detachment, do you think this is a necessary condition?
It is right to say detachment; it is wrong to say self-control.
Losing money makes me miserable, winning makes me happy. Nothing is more self-destructive than denying your feelings. Once you understand your feelings, you may not feel the need to show them, but sometimes, especially if you
When experiencing intense stress, the need to hide feelings can make the stress unbearable.
I remember when I first started doing this, my personal account actually lost all my money once, but I had to continue to do my job as if nothing had happened. The pressure was unbearable. After lunch, I had almost no choice.
Tell yourself to go back to the office.
That's why I encourage my colleagues to share the problem, and I'm willing to support them, but they have to be willing to admit that they have a problem.
In your current operating model, whether recruiting talents from within or selecting external investment managers, it is important to find talents. You can talk about what you are looking for talents who may be successful in the investment industry, including possibly outsourcing funds to them.
What qualities do you look for in fund managers you manage, and in people you might hire as employees?
Strangely enough, the most important thing is moral character. There are some people I can trust, and there are some people I want to be my partners, but there are also some talented money-makers that I cannot trust, and I would never want them to be my partners.
When Michael Milken was forced to abandon his business, there was a vacuum in the junk bond business, and I was tempted to get into it.
Because there was a lot of money to be made in this vacuum area, I interviewed many people who worked for Milken and tried to ask them to operate funds on our behalf outside our company or become our partners.
However, I found that they have a certain disregard for ethics, which is also characteristic of their trading side (which is obviously different from the investment banking industry).
They are indeed aggressive, smart, capable, and talented, but this kind of unethical attitude will alert the lender, and I don't want to be such a lender. I just don't feel comfortable with it.
The son of J.P. Morgan once asked someone to explain what characteristics he would pay attention to before lending money to a person. He said that character is the most important thing, "If I don't trust a person, I will never
I won't lend him half a dime. Even if he takes all the collateral in Christendom, the situation will be the same. "Oh, I am not as pure as him, but then again, I am not in the loan business.
Investing obviously involves taking a lot of risk, so let's talk about the difference between this unethical approach and a responsible, enterprising, highly risky approach.
What should I say?
Taking risks is painful. Either you are willing to take the risks yourself, or you try to pass the risks on to others. Anyone who engages in risky business but cannot face the consequences is not a good player.
What factors do you think contribute to being a good investor?
Is it wisdom?
What role does intelligence play in being a good investor?
People with the same intelligence may have different personalities. Some people will reach the critical point, but will never cross it; some people will reach the critical point, and occasionally cross the boundary.
It's something that's hard to confirm, but I don't want the people who work for me to cross a breaking point.
Do you want everyone to move towards the tipping point?
I am a person who occasionally reaches the breaking point, but I have all the wealth I have accumulated as a backing, and I don’t want others to use my money to reach the breaking point.
I once had a very talented foreign exchange trader who took a lot of foreign exchange risks without my knowledge. The transaction was profitable, but I immediately severed the relationship between the company and him.
Because I felt like I had been warned: If we were hit by an unexpected loss, I had no one to blame but myself.