Both equity short sellers and precious metals investors have been in despair. This proves again that investing is not a craft for merely smart, intelligent people. The emotional skill set that one needs to endure market folly is just as necessary a prerequisite. I gladly recall the famous words of Jesse Livermore, a notorious speculator in the era of the Great Depression: “It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!” Apparently, some investors are having a hard time sitting tight and refuse to pay heed to Livermore’s lesson.
Letter to Investors Q2 2014 (Hedgehog Capital)
In: Investing September 3, 2014