portfolio’s “genetic makeup,” were one of two things that make a money manager successful over the course of a career. The other part was the “secular outlook,” or the three- to five-year forecast. Setting that forecast, he said, “forces one to think long-term, and to avoid the destructive bile arising from the emotional whipsaws of fear and greed” that compel a trader “to do exactly the wrong thing”—just as he had witnessed in his fellow gamblers
