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Conclusion
Although those quantitatively inclined would disagree, to me, investing is much more an art than a science. Intelligence, experience, diligence, a knowledge of history, an open mind, and an obsessive nature are all important ingredients for the successful hedgehog—as are intuition, imagination, flexibility, and maybe just a touch of the seeing eye. How you mix and match, or what is the optimal combination of these characteristics, is beyond me. There is no single style.
It's not a resume thing, and investment success, in my opinion, has nothing to do with age. As that old cynic George Bernard Shaw put it: 'Men are wise not in proportion to their experience, but to their capacity for experience." I have tried to explain in these pages that there is no checklist, no one single model for a long-only investor or a hedgehog, but I do think that to flourish, the professional has to relish and be invigorated by intellectual competition and be able to handle stress and adversity. It’s not a game for the fainthearted or for the intellectually lazy. Being obsessed and driven by greed is not sufficient; you want your money manager to truly love and be fascinated with the complexity of the game. Obviously, however, as I have described, the game does burn out some of its most committed devotees, and the amateur as an employer must be alert for signs of combat fatigue.
It's hard to be a hedgehog and it's far from easy to be a user of hedgehogs. All I can say is good luck.
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