As my mentor always said: Alf, rule #1 as an investor is not to be stupid. And trust me, it’s not an easy rule to respect.
As a long-term or tactical macro investor, the emotion-driven biases threatening to kill our performance are countless: recency bias, being in love with a macro narrative even when invalidated by price action, mis-sizing positions and so on.
But over time I learnt the hard way that as a macro investor respecting 3 main principles is in most cases enough to avoid stupid mistakes.
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