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You know, you can't do a tease like this without some detail, right? I mean, you could ignore us, but that would be mean and unlike you - esp when you use a word like "huge".

I think these things are typically highly idiosyncratic and don't translate well. People are probably better off trying to observe their own patterns and field testing ways to interrupt the ones that seem to matter most. The one gimmick that seems more universal is to limit your time front of the ticker, assuming you aren't trading. Too much of that has bad effects on almost everyone.

This that have mattered to me include:

How much time to spending talking to other investment managers. I think too much is worse, but there is also such a thing as too little. You don't want to end up wandering around the solitude of your brain like its the hedge maze from The Shining. This is especially true if you work out of a home office like I do. But nothing will make you care too much about performance blips like spending too much talking to other investors, especially certain investors. All investors traffic in gossip about other investors' performance to some degree. But I try to be a little careful about this, it can be insidious.

How to talk about your own performance. My inclination is to be very quiet and private. I think this is mostly a good idea, but can be a bad idea in the extreme. Making something really taboo can preconsciously increase its importance. And that's not helpful. There is a special category here of how you best deal with emotional swings from performance when you're with friends and family who don't care much about the market. There is a nebulous region between maintaining equanimity and feigning equanimity. I have no idea on the best way to do this for myself and if I did it wouldn't generalize at all. Luckily I am pretty good about this, but a lot of people aren't and should think actively about it. I once told another investment manager he should try to start buying gifts for his family mainly after bad days or weeks to address a specific problem in this area.

Buying smaller positions that would fail the Punch Card test. Many of the people I admire most in this business recommend the "go big or go home" approach. I learned I wasn't built for the more severe applications of this, because it leaves me going home too often and sleeping in six minute increments. I still go big sometimes, but I also go small. This is probably the right move for me from a risk adjusted return perspective, but it is an even better psychological decision.

Flip your performance-based behavioral intuitions. Underperformance can make you want to economize, maybe out of marginally rational fear, maybe as a form of self punishment. This is pretty bad idea unless you are a very aggressive spender in general. I try to force myself to spend more when things aren't going well. Embrace the permanent income hypothesis and be frugal only on average if you are in this business.

Being picky about your investors. Obviously this is a luxury not everyone can afford. I try to be careful here. It's easy to start internalizing the anxiety level of your clients, given the responsibility implicit in this job. It's an especially bad idea to take on small investors who have an outsized effect on your psyche (even if they don't actually require any hand holding) or investors who you know personally but aren't very market savvy. Again, many people can't take this advice and still have a business. And some people have no problem with it. But I really like being able to separate work and friends/family.

Regular time travel. I like to frequently alternate between reading about today and yesterday. This is not a bad idea in general to reduce creeping myopia about an idea and improve triage. But the alternating part, as opposed to merely looking back in time once in a while, has often helped me keep perspective about ups and downs in a way that a mere self admonition wouldn't. This is especially helpful after getting hit in the gut. If I own a company that reports bad news, I will usually: read what needs to be read, have or setup any calls that seem necessary, abandon ship (e.g. walk somewhere outside), then do something to add some perspective (skim the previous 20 earnings releases, read some initiation from several years ago, etc). Other people like to go through their own notes, but for whatever reason that doesn't help me much in those cases, possibly because I have a pretty good memory and so I end up not really reading.

I found that there are at least two truths that come of this. One is that if you find a few of these that work for you, it can make enough of a difference that you don't even have to do many of them consistently after a while, but can still most of the benefits. The other is that at best they are only going to palliative on the margin. No matter what, losing sucks.
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