As you know, I have not written at length for some time. You need to understand that my timing is heavily influenced by both the push and the pull of Robert Prechter and Walt Whitman. Prechter because he recommends that one should write more when certain and less when uncertain. Like I said, nothing has really changed and consequently I have been in no rush to repeat myself. To me Whitman is influential because he spoke like a hedge fund manager ought to: “all faults may be forgiven of him who has perfect candour,” “be curious, not judgemental,” and my personal favourite, “have you learned the lessons only of those who admire you, and were tender with you and stood aside for you? Have you not learned the great lessons from those who braced themselves against you, and disputed passage with you?” But the clincher, for me at least, was his life-long endeavour, a book of poems he entitled Leaves of Grass, which he periodically updated, republished and embellished as he grew older and wiser. Think about it: one book, one life. I would like to think these investment letters are written in the same spirit.
Related previous post: The Eclectica Fund: Manager Commentary, May 2010