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Jason Wood

Decisiveness is the hardest to be sure; and I think it's what separates great investors from good investors. I'm of the mind that the key to consistent decisiveness is a belief in your individual investment process. Institutionalizing a process from screening to diligence to buy/sell discipline is critical to navigating the markets effectively. I get better at it as I get older, but I'm not sure you ever perfect it.

Brad Feld

Jason - ditto - it was great to finally share a sandwich and hang out after all those emails.

For your readers - my "disclaimer" is that I'm not a public market investor, have decided that I have no interest in playing the stock market, and as a result don't own any public stocks directly (I have money with other managers who own plenty of public stocks, but in those cases I'm investing in the managers.)

The traits of the "managers" that are the most effective are consistent with skepticism, pragmatism, decisiveness, and circumspection. Interestingly, decisiveness is the one that I usually find the weakest (or most lacking) - and it seems to correlate with a lot of inappropriate reflection (e.g. I should have held that stock longer; I should have sold sooner.)

The great ones are circumspect about the past and use it to inform their future, but it doesn't seem to have any linkage to decisiveness.

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