The Intelligent Investor - Value Investing

Was ist die wichtigste Eigenschaft, um ein guter Investor zu werden?

Intellektuelle Neugier.

Sobald wir als Anleger unsere Lernbereitschaft verlieren oder unsere intellektuelle Neugier nicht mehr aufrechterhalten, werden wir selbstgefällig und erreichen letztendlich unsere Ziele nicht.

Wie kann also ein Student der Märkte und des Investierens seine intellektuelle Neugier stärken?

Chronicles of an Allocator
October 2024: Student of the Markets - What Actually Makes a “Great” Investor?

Issue 54: October 2024

Authored by Christie Townsend

It’s fall in the northern hemisphere, and around the world this means that school is back in session. There’s something about this time of year that invites reflection; maybe the contemplative mood is brought on by the transition of seasons as the air gets chillier in this neck of the woods, or maybe it stems from the desire to ‘finish strong’ as we enter the final quarter of 2024, but this year in particular, I have been thinking a lot about what makes an investor great over the long term.

The question of what makes a good investor has been posed countless times, yet it continues to spark discussion among seasoned professionals and aspiring investors, alike. Even investment greats like Howard Marks and Warren Buffet, among others, have weighed in. However, one concept that consistently rises to the forefront of the discussion is the importance of becoming a good student of investing, aka a student of the markets.

While this insight seems straightforward, it begs the question: What does it truly mean to be a good student?? Is it just getting good grades? While outcomes are important, marks are not the only determinate of “great”, and yet when it comes to evaluating investments in particular, we often judge practitioners based solely on their track record vs. an arbitrary equity benchmark (Figure 1).

Figure 1: Impressive Investment Track Records: Annual Outperformance vs. S&P 500

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https://caia.org/content/october-2024-st...t-investor