Last night my oldest daughter pitched in a live softball game for the first time. She has been practicing since January and shows good potential. Right on through warmups last night. She looked great. Then she goes in the game and with a few exceptions, can't find the plate. All I could do was call out for her to settle it down, slow it down and try to relax.
She cares so much about perfection that she burst out crying in the dugout. Other girls consoled and we won the game, but when we talked later she agreed with me about what a good learning experience this was. She knows how to pitch, but just maybe now she has taken a big step toward knowing how to pitch against a live batter in a live game; all the energy that exists around you when you are IT, and under the spotlight. A weird feeling that I am sure she will come to love if she learns and hangs in there with diligence and a sense of purpose.
We, as market players had better be learning all the time as well. You set it and forget it and you will be trashed. Fail to evaluate your assumptions on regular basis and you could overlook a fatal flaw. The markets are not a game; they are a war. At least that is how you have to look at it if you want to win. There is a place for passion, for emotion. Lord knows I have enough of that stuff pulling on me at any given time. But the advice to 'settle it down... slow it down' applies here as well.
Many people do not have the stamina or the availability of free time to apply the endurance required in maintaining perspective over the various cycles. I think a good chunk of the 'dumb money' is really just smart people without the resources or capability of doing the work required, maintaining the continuum required to keep a sensible and organic learning process moving forward.
Just a stream of consciousness ramble on a fine Friday morning.
