Based on his viral commencement speech at the University of Texas at Austin, Admiral William H. McRaven's book 'Make Your Bed' outlines ten life lessons learned during his Navy SEAL training. These lessons, such as starting your day with a completed task, measuring a person by the size of their heart, and not backing down from challenges, are designed to inspire readers to build discipline, resilience, and a positive attitude. The book uses personal anecdotes and stories from McRaven's military career to illustrate how these simple yet powerful principles can lead to a more meaningful and impactful life.
This book delves into the biological aspects of risk-taking, especially in the context of financial markets. John Coates, drawing from his experiences as a trader and his research in neuroscience, explains how physiological changes, such as fluctuations in testosterone and cortisol levels, influence traders' behavior. He describes the 'hour between dog and wolf' as the moment when traders transform into exuberant risk-takers or cautious risk-avoiders based on their physiological state. The book also discusses how these biological factors can lead to market bubbles and crashes and suggests strategies for managing these risks, including changes in bonus systems and diversifying trader demographics.
In this episode in our Allocator’s Edge mini-series of the Value Perspective we’re joined by Ben Cossey, Managing Director for EMEA at Pinnacle. Pinnacle is an Australian listed Asset Manager, focused on seeding and building high-potential emerging investment managers. Ben has been with Pinnacle since 2018 and brings prior experience from firms like Stable Asset Management, UBS and LaSalle. He also serves as a Nonexecutive Director at Coolabah Capital and Antipodes Partners, with academic roots in experimental psychology and real estate finance. In this episode we explore the role versus seed framework and how it shapes the investment ecosystem; common pitfalls emerging investment managers face and how to avoid them; why contrarian thinking matters when backing the off-trend asset classes; the mindset of evergreen investors; and finally, the differences in building long-only strategies versus hedge funds. Enjoy!
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