The Importance of Mastery in Investing

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It is only as managers transition to level four that their skills allow them to manage capital at scale. Getting to level four requires what one investor I admire calls a belief in what's possible. The small minority of managers who reach this level are truly absolute return oriented. They define success in terms of what they believe they can achieve over decades, not relative to what others are achieving at any given moment.

The Playing Field by Graham Duncan is BY FAR the best piece of writing I've read on the journey we must all make to reach mastery in our fields. While Graham writes about the journey to master the art of investing, everything in it is broadly generalizable.

In Graham’s view we must all progress from apprentice, to professional, to self-actualization, operating at scale with impact, and eventually (if we make it) mentoring the new generation. It’s a wonderful meditation on mastery — what it is, what it looks like, and most importantly the journey to get there.

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Find my full notes, top highlights, and transcript for this episode at outlieracademy.com/playing-field.

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