In this interview with Trend Following Radio, Michael Mauboussin discusses why investors should focus on those things that they can control. Here’s an excerpt from the interview:
Mauboussin: I think many traders think about this way too which is do everything you can within your power to succeed and then understand that some days are going to be good and some days are going to be bad as a consequence of luck. Things that are outside of your control.
If you’re an athlete you focus on your preparation, what the weather is, or how the referee does things, those are things that are not in your control.
So dwell on what you can control and separate yourself from things you can’t control, and then just move on.
And there’s that great John Wooden definition of success right, which is basically that you’ve done everything you can within your power, that is success.
You’ve achieved all you can given who you are, and I think that’s right, and everything else above and beyond that is what’s outside your control.
Things you have to have almost a philosophical bent about them. Just take them as they come.
You can listen to the entire discussion here:
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