“The strength of my kids is that they are too young to remember anything bad, and they are making so much money they feel invincible.” The Great Winfield
Football coaches, perhaps more than most of us, hate losing more than they love winning. Certainly that's how their contracts are written. But one thing they teach their players is to let go of recent mistakes, to have "short memories." That's because there's a new play coming up in seconds and if a defensive back, for instance, is beating himself up over a blown coverage, he's prone to make another mistake in the next play.
excellent post and for me its a reminder of the power of recency bias where people tend to neglect the base rates of full market cycles and get hinged on recent experience.
A fun speculation on this: given his strategy and its shifts between The Money Game and Supermoney, The Great Winfield is probably Alfred Winslow Jones.
Interesting idea, I hadn't thought of that. Certainly the names are close. Though the Winfield character is written as young and not the owner of his firm (Supermoney: "I saw the Great Winfield once after he had left his firm. He was now, at forty-seven.."). That said, Winfield went from hot tech stocks to utilities. AW Jones lost a lot of AUM and eventually turned into a fund of fund?
Thought provoking read. In Howard Marks latest memo “Bull Market Rhymes
“ he highlights the brevity of financial memory which you might enjoy reading if you haven’t already.
Thanks for highlighting, it's on my reading pile. Going to read it now.
I absolutely loved this article. Thank you for the reminder that we will make mistakes but we gotta let them go.
Thank you, glad you liked it!
Football coaches, perhaps more than most of us, hate losing more than they love winning. Certainly that's how their contracts are written. But one thing they teach their players is to let go of recent mistakes, to have "short memories." That's because there's a new play coming up in seconds and if a defensive back, for instance, is beating himself up over a blown coverage, he's prone to make another mistake in the next play.
That's a perfect analogy.
excellent post and for me its a reminder of the power of recency bias where people tend to neglect the base rates of full market cycles and get hinged on recent experience.
A fun speculation on this: given his strategy and its shifts between The Money Game and Supermoney, The Great Winfield is probably Alfred Winslow Jones.
Interesting idea, I hadn't thought of that. Certainly the names are close. Though the Winfield character is written as young and not the owner of his firm (Supermoney: "I saw the Great Winfield once after he had left his firm. He was now, at forty-seven.."). That said, Winfield went from hot tech stocks to utilities. AW Jones lost a lot of AUM and eventually turned into a fund of fund?
Ha! That Lynch anecdote is pretty good
He's so much fun. Can't wait to listen to you and David.
Thanks. Let me know what you think, I value your feedback 💚 🥃
My favourite chapter of that wonderful book
A wonderful book indeed brimming with wisdom. I wish I could find a full set of his old TV show.