“It’s a basic form of storytelling, used in countless books and movies: Two people, in similar circumstances, confronted by difficult choices. One does what is right, even if it seems like the harder choice. He fights through the many challenges, has moments of self-doubt and worry, before ultimately being rewarded. The other takes the easy way out. For a brief time, he appears to be ahead, before the shortcut is discovered, and ultimately receives the deserved comeuppance.”
This translates into an investment view – are you searching for short term gains or long term sustainability? History is replete with the money management failures in the former.
from Bloomberg View.
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