Most days, I don’t trade. I study. I model. I muse. I plan.
There are some clever traders out there. I am not one of them. What little trading I do is done efficiently and effectively to get the best prices for assets that I want to buy and sell, but that’s not where most of the money is made in investing.
I can be like a chef who goes out to the market in the morning and buys the best ingredients available that day at great prices, except that my period of analysis is years, not a day. The point is that I consider the deals that the market is offering, and choose attractive ones that will benefit my clients and me for years to come. (I am still the largest investor that I manage money for — I eat the exact same meal that I serve to clients.)