My investing epiphany and a passion for investing in publicly listed businesses was sparked by the writings of Warren Buffett and Seth Klarman. It was liberating to learn that roots of a successful investing career lie in reading, asking questions and, when the stars align, rational decision making.
Over time, I’ve learned to allocate capital in a manner that is more appropriate to my character and the wider opportunity set presented to me given my limited capital (don’t feel sorry for Berkshire).
I think that capital allocation is done best by a single person which carries the full responsibility for the outcomes. No part of the investing process can be outsourced or delegated without sacrificing the results in the long term.
Prior to investing capital of my family, I was employed by Bank of America Merrill Lynch emerging market equity team in the London office. The experience on the trading floor was useful to understand the incentives of different types of market participants, as well as less than rational investing strategies they pursue. Prior to joining the equities division, I interned in the foreign exchange trading department. A stark contrast to investing in companies, I concluded that investing in currencies is a task I’ll leave to people more intelligent than me.