Dan McMurtrie: Great Investors Are Masters Of ‘Tactical Laziness’

Johnny HopkinsDan McMurtrieLeave a Comment

In his latest interview on the Insecurity Analysis Podcast, Dan McMurtrie explains why great investors are masters of ‘tactical laziness’. Here’s an excerpt from the interview:

(40:30) One of the things that I’ve talked to you about is when I studied really great investors, people who have outsized track records of twenty or thirty or forty years plus, there is a habit of, I’d be slightly hyperbolic to call it laziness, but I think about it as a certain sort of tactical laziness.

It’s really more an economy… an economy of motion. Where a lot of them have this ability to sort of calmly sit and observe and not expend very much energy for long periods of time. And then strike very aggressively at a certain point in time. And it’s not that they’re doing nothing during the observation periods, they’re just slowly accumulating information and observations and they’re gaming things out in their head, but really really low sort of metabolic clip.

And it reminds me a lot of looking at any real large, physically large predator in the animal kingdom. They all like just don’t move for a lot of time. They just kind of sit there, hanging out in the sun, and it takes a lot of calories to move a 400 pound muscle machine that’s designed for murder.

So they can’t afford to move around, they just have to sit there and look, and then they’ll see something that looks like a lot of calories to them. And then they become these horrifying murder monsters for thirty seconds to a minute, and then they eat all the calories they’re going to get for three weeks.

You can listen to the entire interview here:

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