We discuss Malcom Gladwell`s 10,000 Hour Rule, Bill Belichick`s important traits for success, and finish off with a discussion of Equity Risk Premium, and some of the fallacies involved in markets when a strategist doesn`t know basic market theory. You must understand basic market theory and market structural theory as part of the calculus involved in understanding financial markets. There are many other important aspects as well like Market Psychology, Fund Flows, Economics, etc. but it is amazing how many long term professionals in the industry don`t understand basic market theory, and how it has changed over time depending upon paradigm shifts in the market.
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