Why I Do What I Do – Version 1
One of the death blows of the late Sen. Ted Kennedy’s 1980 presidential campaign was an interview where he was simply asked, “Why do you want to be President?”
The man had no clear answer.
But it gave voters a clear enough reason for his poll numbers to plummet from a 2-to-1 advantage to flip to being almost a 1-to-2 underdog in a matter of weeks.
I recently found myself unexpectedly in a similar situation when, in the midst of an enjoyable interview, I was asked: “What do you like about investing (as a career)?”
I don’t remember exactly what I said but I know I ended with something to the effect of “I can’t explain it. You either love it or you don’t.” with all the confidence of an agoraphobic mimosa plant.
In truth there were tons of reasons, and I have said some version of each reason in different settings with different friends. Somehow, I just couldn’t bring myself to say a single one of them when it really mattered. This was really because I was unprepared for the question, and so this post represents my attempt at preparing myself once and for all; it also serves as sort of a personal mission statement if you will.
Why I Do What I Do
I choose a career in investment because:
- it is the only career that unflinchingly rewards quality of thought over quantity of work;
- it has triple benefits to society: better market pricing, higher returns for smart investors (who believe in me) and better spent donations through me;
- and it is the most flexible career with betas as high or as low to industries and countries as I wish.
Last but not least, the investment profession is at once ruined by a great many confidence men and lucky fools but also dominated by some of the brightest minds in the galaxy, all of whom earned their success by improving on their predecessors. I hope to blaze a new path because I believe I have and will have insights my predecessors do not.
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