Three Traits of Investors

A breakdown of the key traits shared by successful investors like Julian Robertson, Bill Miller, and other legendary investors.

Core Traits of Elite Investors

• Extreme Curiosity

  • Constantly seeking to learn and understand new things
  • Willing to engage deeply with unfamiliar topics
  • Read extensively and do thorough research
  • Ask probing questions even late in their careers
  • Example: Julian Robertson at 80+ years old spending an hour trying to understand Bitcoin

• High Conviction & Risk Tolerance

  • Willing to make large, concentrated bets
  • Can maintain conviction when markets move against them
  • Not afraid to look wrong in the short term
  • Example: Bill Miller buying more Amazon after 90% crash in dotcom bubble
  • Described as having "brass balls" in making tough investment decisions
  • Ability to bet against market consensus

• Obsessive Work Ethic

  • Described as "junkies" who are completely obsessed
  • Do extensive research and due diligence
  • Work constantly, even during leisure time
  • Example: Bill Miller reading research reports between innings at baseball games
  • Put in extra hours to gain deep understanding
  • Never satisfied with surface-level knowledge

Key Behaviors That Demonstrate These Traits

• Making concentrated bets when they have high conviction
• Doubling down when prices drop if thesis remains intact
• Constantly reading and researching even after achieving success
• Willing to look stupid in the short term
• Maintaining discipline through market volatility
• Having clear reasoning for investment decisions
• Being able to articulate why they disagree with market consensus

Results of These Traits

• Ability to find opportunities others miss
• Courage to act on high-conviction ideas
• Mental fortitude to hold through volatility
• Deep understanding that creates lasting edge
• Track record of successful contrarian bets
• Compound knowledge and experience over time