Shane Parrish of FARNAM STREET has become an unlikely guru for Wall Street. His self-improvement strategies appeal to his overachieving audience in elite finance, Silicon Valley and professional sports.
Some titbits from his interesting interview https://www.nytimes.com/2018/11/11/business/intelligence-expert-wall-street.html
“Today, information is just another commodity. And the edge belongs to algorithms, data sets and funds that track indexes and countless other investment themes. This has been devastating for hedge fund and mutual fund managers who make their living trying to outsmart the stock market.With their business models under attack, they are searching for answers. there is a simple solution: reading, reflection and lifelong learning.
“These days, if you are not getting better you are falling behind,” said Mr. Parrish, who is reading “The Laws of Human Nature,” an examination of human behavior that draws on examples of historical figures by Robert Greene. “Reading is a way to consume people’s experiences, to learn something timeless and then apply it to your life.”
Chuck Royce, the founder and former chief executive officer of Royce mutual funds, who oversees $4 billion in investments, says he has embraced Mr. Parrish’s core principles. He gets up at 5:30 every morning to do his daily reading, which currently includes “Thinking in Bets: Making Smarter Bets When you Don’t Have All the Cards” by Annie Duke, a former poker champion — and a big favorite among investors these days. At the office, Mr. Royce works from a couch strewn with papers. His Bloomberg terminal is in another room. (my own experience with Bloomberg was same, if it is not in front of you then you read a lot and think clearly)
He concludes “Every world-class investor is questioning right now how they can improve,” So, in a machine-driven age where everything is driven by speed, perhaps the edge is judgment, time and perspective.”