Setting Out for the Adventure Sure Beats Sitting in an Office Cube!

Feedback in:

Hello Michael: Two things… I love getting your trend following manifesto once a week. I am changing my email address and want to keep getting your manifesto. I attempted to change it myself on your website but couldn’t get it to work. Would you please continue sending your manifesto to me at the following new email address?

And second, after reading your books, listening to your podcasts, and reading your weekly manifestos for the past few years, I have decided to take a risk and start my own trend following fund. For the past 15 years, I have managed billions of dollars of equities for pension funds based on “fundamental research” and playing the silly “relative benchmark” game (Good job Bill! You were down 20% but the S&P 500 was down 25%. You beat your benchmark! Here is your big bonus!). I have listened to thousands of company quarterly earnings calls, attended dozens of Wall Street conferences, and had hundreds of meetings with Wall Street analysts. I am embarrassed to say that it took me so long to realize that all of that is nothing but a “game” to enrich the Wall Street investment banks. It’s a total joke, proven so by the fact that 85% of investment managers do not beat their passive benchmark over a 10-year period.

I know there is a better way to invest. So I decided to take a huge salary cut and start my own small fund. [Name], will be focused on achieving absolute returns using ETFs based on systematic trend following. Wish me luck!

Bill C.

Thanks for the great feedback Bill!

One thought on “Setting Out for the Adventure Sure Beats Sitting in an Office Cube!

  1. One of the things I am most fascinated by is how people become trapped in mental models, or ways of thinking, often in spite of overwhelming evidence that the model is flawed or, as is often the case, completely, absolutely 100% wrong. The perpetuation of falsehoods happens in individuals and groups, with intelligence seemingly no indicator of someone’s likelihood to subscribe to a broken model. ” -Blair Enns, Win Without Pitching

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