Speaker 2
So if this may be a good moment then to ask you this question, which is for later, I think it's an appropriate time to ask it, which is do you think this is something that can be learned or you're born with this kind of psychological frame of mind that helps you become a great value investor? I mean, this is a question that the students ask me all the time. And I would say, well, it helps if you have a particular character disposition towards being a contrarian. I think there's a lot of organizational reparts that can be put in place to overcome some of those behavioral biases. What's your view on this?
Speaker 1
I think life is long and life is hard. And the market will make you feel dumb a lot of the time. And unless you are doing something that you actually love, you're doing it for 40, 50, 60 hours a week for years on end. If that does not give you pleasure, you should not do it. And it's just a tough way to go through life. So I would say you can learn it and you can walk a walk that doesn't feel natural should you choose. And even at Summit Street, we have lots of guardrails, behavioral guardrails to force us to remind us. But at the end of the day, I believe that it is just sort of who you are. And then within that, you may have, as I said, you may be focused on quality, you may be focused on special situations. You may like levered recaps. You may, there's a lot of different ways to apply it, but there's this sort of overarching framework. And Quirk, that allows you to sort of make your independent assessment.
