It’s not the outcome but the reasoned process of your investment in a share that counts in the end, writes SimonPB.
I wrote back in June about how the price we pay is the only part of the investment process we control. I want to expand on that idea this week after I recently reread the bookDuke is a professional poker player, which means she is in a world where plenty of skill and a lot of luck are required. It’s often very painful when you get a bad beat: you have great cards and you play them perfectly, but somebody pops up to win the hand after they played like a fool.
The other side of the coin is a position you take because you think the company is by miles the best in the sector, with strong growth and margins. You enter the position — but a few weeks later the CFO is arrested for stealing company funds and the stock collapses. You lose money, but that was totally beyond your process.The point is always to be focusing on your process and not the outcome.
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