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In This Issue:
- Defensive Investing
- Bitcoin Thoughts And Analysis
- Legacy Markets
- What Is The Optimism Airdrop?
- NFT Insider Trading
- Solana Goes Down
- Shaq Joins FTX Ambassadors
- The Wolf Of All Streets Podcast Ft. Jeff Horowitz
- My Recommended Platforms And Tools
Professional investing is a competitive game. You are playing to win - against yourself, against the buyer/seller, and against the market. The stakes are high and there are no participation trophies.
It’s go big or go home.
But how relatable is the sports metaphor to investing? Let’s look at tennis as an example.
For the recreational player, tennis is a loser’s game. What I mean by this is that the relative skill is low and the mistakes are abundant. If you rarely play the game, picking up a racket is going to be a nightmare. The sun will be in your eyes, the wind will bother you, and your knees will likely give out. At least these are things you will tell yourself to justify your awful play.
Good luck hitting the ball over the net or in bounds.
Professional tennis is a winner’s game. Mistakes usually don’t determine the outcome of the match - the match is won by the player who can hit the most winners. For these players, it’s all about the right spin, placement, speed, and timing. The pros are so good at their job that statisticians keep track of “unforced errors,” the rare times that the players make a mistake.
In recreational tennis, points aren’t won, they are lost. On the contrary, in professional tennis, points are won.
If you want to win a tennis match, play defensively and let your opponent beat themselves. Lob the ball back in a high arc every single time until the person on the other side of the net becomes so frustrated that they hit the ball out of bounds.
Boring, but effective.
The same is true for the market. If you want to win, simply avoid hitting losers.
If you do happen to be a professional, ignore my advice and keep doing what you’re doing. But the reality is that 99% of us, myself included, are not professionals. We are better off playing a defensive game in both tennis (ok, I am pretty good at tennis) and investing, especially when the market adds a layer of difficulty. If our market was a tennis court right now, we would be forced to wear drunk glasses, play in the rain, and the net would be moving. This market is almost impossible to trade, which is all the more reason to swing defensively.
Much of investing is out of our control, as much as we may want to believe otherwise.
Defense wins championships. To be clear, defense playing does not mean sitting idle - it is an active and protective strategy. You can’t play defense from the sidelines.
You can read more about it by searching “The Loser’s Game” by Charles Ellis.