Mt Rushless

More haste, less speed

There is only one mountain, but we are all scaling its different faces.

I take one of the slower routes, requiring patience and expertise. Few choose the slower routes of macroeconomics or stock valuations. Most people on the mountain are tourists, so they elect for speed, choosing the faster route of trading in the hope of a quick selfie from the summit before moving on. These latter types simply turn off the Sentiment Interstate onto Momentum Highway and, with cupholders full and fresh from a fast food drive-through, walk up the manicured paths put on for them by their online brokerages. Their New Balance 530 ‘dad shoes’, long cargo shorts, and cotton tees are comfortable in their air conditioned vehicles and for fair weather walks. But mountains are alpine regions and conditions can change suddenly in alpine regions.

This week, I was struck by the similarity in the findings of the slower bunch, i.e. my macroeconomic outlook (as opposed to institutional macro) and that of talented and successful long-term stock valuation investors with a good process.