Internal Balance

To gain balance, you need to fix your eye on something that is stable. Something permanent. Then to internalise that stability so you can close your eyes, and still keep focus.  If your performance measure is more, or relative, then you are going to wobble. If your goal is to beat a Benchmark, then you can still “do well” when you lose. If you lose less. That can’t be the point. The best investors I know are process focused. This is true of Capital creation in the same way it is true of any form of mastery. The world is complex, ambiguous, and random. Worthy performance measures have to be internal. They have to be able to look at the fundamentals. What is really going on? What is really being built? Why? If your measures are about winning and losing, about relative success, then don’t be surprised when you blink and the flame you were looking at moves.