The Art of Investing

The Psychology That Makes Or Breaks Investing - With Lee Freeman-Shor

Nov 14, 2025
Guest
Lee Freeman-Shor
Lee Freeman-Shor, a former fund manager and author of The Art of Execution, dives into the intriguing psychology behind investing. He discusses the five investor 'tribes'—Rabbits, Assassins, Hunters, Raiders, and Connoisseurs—and how their behaviors can drastically influence portfolio performance. Key topics include the importance of execution over stock picking, common pitfalls like holding onto losers, and the surprising truth about investor skill versus luck. Lee emphasizes adaptability, urging listeners to refine their strategies and focus on how they manage winning and losing positions.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
INSIGHT

Execution Beats Stock Picking

  • Lee Freeman-Shor found top investors' ideas only had a 49% chance of making money, so picking isn’t the whole game.
  • Execution — what you do after investing — determines long-term outcomes more than the initial idea.
INSIGHT

Three Losing Investor Archetypes

  • Investors cluster into three losing tribes: rabbits, assassins, and hunters, each with distinct behaviours.
  • Rabbits do nothing, assassins cut losses, and hunters add size to convictions.
ADVICE

Act When Losses Hit 20–40%

  • Do something when a position is down 20–40%; don’t freeze like a rabbit.
  • If you would buy it today with a blank piece of paper, consider adding; otherwise exit.
Get the Snipd Podcast app to discover more snips from this episode
Get the app