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Michael Steinhardt

Michael Steinhardt Biography

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“The hardest thing over the years has been having the courage to go against the dominant wisdom of the time to have a view that is at variance with the present consensus and bet that view. The hard part is that the investor must measure himself not by his own perceptions of his performance, but by the objective measure of the market. The market has its own reality. In an immediate emotional sense the market is always right so if you take a variant point of view you will always be bombarded for some time by conventional wisdom as expressed by the market.”

IfsYearsHas BeensHardRealityViewsEmotionalPerceptionPerformancesPoint Of ViewHardestObjectivesInvestorsConventionalDominantHardest ThingConsensusConventional WisdomVarianceBombarded
Author:Michael Steinhardt
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“One of the most important analytic tools when assessing an investment is an intellectually advantaged disparate view. This includes knowing more and perceiving the situation better than others do. It is also critical to have a keen understanding of what the market expectations for any investment truly are. Thus, the process by which a disparate perception, when correct, becomes consensus should lead to meaningful profit. Understanding market expectation is at least as important as, and often different from fundamental knowledge.”

ShouldImportantDifferentProcessUnderstandingViewsSituationKnowingPerceptionExpectationsToolsFundamentalsInvestmentProfitCriticalMeaningfulConsensusAnalyticsAssessingKnowing More
Author:Michael Steinhardt
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