And he includes hedge-fund manager Stanley Druckenmiller, for practicing the habit of behaving responsibly.
“Sometimes the investing greats, in spite of their world-class habits, make mistakes. It’s an inevitable part of being human. But instead of shirking blame for when things go wrong, they accept responsibility.’’
In 2000, DeLegge writes, “Druckenmiller turned a $6 billion investment in technology stocks into $3 billion in just a matter of six weeks. Instead of hiding his mistakes, Druckenmiller accepted personal responsibility and acknowledged his previous miscalculations. Instead of sulking about his past faults, Druckenmiller learned from them and has long moved on.’’
Moral of the story?
“Correct your mistakes swiftly rather than obsessing over them,’’ De Legge says.
Moreover, Druckenmiller has used his great wealth responsibly: in 2009, he gave $705 million to foundations that support medical research, education and anti-poverty.
Habits of the Investing Greats: 26 Proven Tactics for Achieving the Financial Results You Want, by Ron DeLegge II. Half Full Publishing Group.
Eleanor O’Sullivan is an award-winning journalist who writes for Financial Advisor.