My biggest challenges as a market participant have been 2 things. The first has been an inability to follow a consistent approach. Historically, I have been generally a fundamentally driven discretionary investor in equities and I have found it to be too restrictive as I have been more of a value investor. As a consequence, I have missed out on being able to invest in some of the best companies in the world as they have been more expensive but yet they have delivered great returns in many cases. This has caused me to chase them sometimes and generally, this has lead to poor results. I am interested in being able to layer on a more systematic approach to equities. My second issue has been timing. I have realized losses from positions many times due to investing in the wrong market phase. I would like to be able to have a better system for knowing when the time is right for the highest probability of success – both long and short. I hope this helps and thanks for the wonderful work you have done. I am currently reading your tremendous book!
You are welcome!