Imagine & Believe

Bruce Kovner is arguably one of the top hedge fund managers of the past 30 years, averaging a return of 21% net of fees over that period. In responding to a question about what makes a great investor/trader in the book Market Wizards, Mr. Kovner says: “I’m not sure one can really define why some traders make it, while others do not. For myself, I can think of two important elements. First, I have the ability to imagine configurations of the world different from today and really believe it can happen. I can imagine that soybean prices can double or that the dollar can fall to 100 yen.Second, I stay rational and disciplined under pressure”

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