Jason Apollo Voss, CFA - The Intuitive Investor - January 2012

8/9/2019 Jason Apollo Voss, CFA - The Intuitive Investor - January 2012

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by Jason Apollo Voss





About Me About Me

EducationEducation University of Colorado BA and MBAUniversity of Colorado BA and MBA

CFACFA

InvestorInvestor

Research AnalystResearch Analyst Portfolio ManagerPortfolio Manager

Author Author The Intuitive Investor: The Intuitive Investor: A Radical Guide for Manifesting Wealth A Radical Guide for Manifesting Wealth

““ What My Intuition Tells Me Now What My Intuition Tells Me Now ”” blog blog Articles: Journal of Private Equity, Seeking Alpha, etc. Articles: Journal of Private Equity, Seeking Alpha, etc.

CFA Institute Content Director: Fixed Income, BehavioralCFA Institute Content Director: Fixed Income, BehavioralFinance, Quantitative Methods and Corporate FinanceFinance, Quantitative Methods and Corporate Finance

© Asoapovo Productions, Inc.



What is Investing Really? What is Investing Really?

Simply putSimply put…………to make a decision to make a decision

Primary investment challenge isPrimary investment challenge is……

……understanding information understanding information




There is No Such Thing There is No Such Thing As a Future Fact As a Future Fact

But investing unfolds in the futureBut investing unfolds in the future Investing is as much a soft skill as it is a hard skillInvesting is as much a soft skill as it is a hard skill

Why don Why don’’t people talk about this stuff?t people talk about this stuff?




Currencies of the Left BrainCurrencies of the Left Brain

Numbers Numbers

&&Words Words







Currency of the Right BrainCurrency of the Right Brain

Feelings Feelings




EmotionsEmotions ≠≠ FeelingsFeelings

Any guess as to the difference? Any guess as to the difference? Emotions are feelings colored by preference and prejudiceEmotions are feelings colored by preference and prejudice




Another Quick Exercise: Another Quick Exercise: T Temperature of the Room emperature of the Room




“…“… Many Worlds in One Many Worlds in One , describes a new, describes a new

cosmological theory that says that every possiblecosmological theory that says that every possiblechain of events, no matter how bizarre orchain of events, no matter how bizarre or

improbable, has actually happened somewhere inimprobable, has actually happened somewhere in

the universethe universe – – and not only once, but an infiniteand not only once, but an infinitenumber of times!number of times!”” – – Dr. Alexander Vilenkin, Professor of Physics andDr. Alexander Vilenkin, Professor of Physics and

Director of theDirector of the Institute of Cosmology Institute of Cosmology at Tufts University at Tufts University




Principle I:Principle I: Infinity Infinity

The universe is infinite The universe is infinite Addresses the Addresses the ““informationinformation”” half ofhalf of ““understandingunderstanding

informationinformation””

Implications:Implications: All things are possible All things are possible

That you and I are all a part of it That you and I are all a part of it

That everything is interconnected That everything is interconnected

Operative words:Operative words:

Possibilities/boundary Possibilities/boundary --lessless

InterconnectednessInterconnectedness© Asoapovo Productions, Inc.



Principle I:Principle I: Infinity Infinity

Skills associated with:Skills associated with: The Gift of Ignorance The Gift of Ignorance

The Gift of Fear The Gift of Fear




““ The worldview that has emerged from the new The worldview that has emerged from the new

developments [in cosmology are] nothing short ofdevelopments [in cosmology are] nothing short of

astonishing astonishing …… That worldview combines, in That worldview combines, insurprising ways, some seemingly contradictorysurprising ways, some seemingly contradictory

features: the universe is both infinite and finite,features: the universe is both infinite and finite,

evolving and stationary, eternal and yet with aevolving and stationary, eternal and yet with a

beginning.beginning.”” – – Dr. Alexander Vilenkin, Professor of Physics and DirectorDr. Alexander Vilenkin, Professor of Physics and Director

of theof the Institute of Cosmology Institute of Cosmology at Tufts University at Tufts University




Principle II:Principle II: Paradox Paradox

The secret to understanding the universe is accepting paradox The secret to understanding the universe is accepting paradox Addresses the Addresses the ““understanding understanding ”” half ofhalf of ““understandingunderstanding

informationinformation””

Implications:Implications: Complements not opposites reignComplements not opposites reign

Operative words:Operative words:

DistinctionsDistinctions ProbabilitiesProbabilities




Principle II:Principle II: Paradox Paradox

Skills associated with:Skills associated with: ContextsContexts

ScaleScale

ContinuumsContinuums




““ When we observe the world When we observe the world…… we do so on a much we do so on a much

deeper level than the sticks and stones worlddeeper level than the sticks and stones world ‘‘out there.out there.’’

Our brain primarily talks to itself and the rest of the bodyOur brain primarily talks to itself and the rest of the body

not with words or images, or even bits or chemicalnot with words or images, or even bits or chemical

impulses, but in the language of wave interference: theimpulses, but in the language of wave interference: the

language of phase, amplitude and frequencylanguage of phase, amplitude and frequency – – thethe

‘‘spectral domain.spectral domain.’’ We perceive an object by We perceive an object by ‘‘resonating resonating ’’

with it, getting with it, getting ‘‘in synchin synch’’ with it. To know the world is with it. To know the world is

literally to be on its wavelength.literally to be on its wavelength.”” – – Lynne McTaggart,Lynne McTaggart, The Field: theThe Field: the

Quest for the Secret Force of the Universe Quest for the Secret Force of the Universe




Principle III:Principle III: Harmonizing Harmonizing

The secret to increasing your personal power is to harmonize wit The secret to increasing your personal power is to harmonize wit h whath what you want to understand or embody and then you become it you want to understand or embody and then you become it

Addresses both halves of Addresses both halves of ““understanding informationunderstanding information””

Implications:Implications: To understand something you must be in accord with it To understand something you must be in accord with it

Consciousness of who you are is essentialConsciousness of who you are is essential

Operative words:Operative words: SynchronizationSynchronization

SurrenderSurrender




Principle III:Principle III: Harmonizing Harmonizing

Seven Essential Investor Attitudes:Seven Essential Investor Attitudes: Focus on risks before opportunitiesFocus on risks before opportunities

Gain comfort with uncertainty Gain comfort with uncertainty

A good decision is most often >= the A good decision is most often >= the

““bestbest

””

decisiondecision

Forgive yourself for not being perfectForgive yourself for not being perfect

You are holding investment interviews You are holding investment interviews

Why does it have to be this one? Why does it have to be this one?

Beware of false prophetsBeware of false prophets




““Do you want to know who you are? DonDo you want to know who you are? Don’’t ask.t ask.

Act! Action will delineate and define you. Act! Action will delineate and define you.”” – – Thomas Thomas

Jefferson Jefferson




Principle IV:Principle IV: Action Action

Effects follow causes Effects follow causes Implication:Implication:

Choice requires consciousnessChoice requires consciousness

Operative words:Operative words: ChoiceChoice

Responsibility Responsibility




Principle IV:Principle IV: Action Action

Seven Essential Investor Behaviors:Seven Essential Investor Behaviors: Choose responsibility Choose responsibility

Honesty Honesty

Balance intelligence and wisdomBalance intelligence and wisdom

Judge, but don Judge, but don’’t prejudget prejudge

CourageCourage

ConvictionConviction

There is a why There is a why




How to access your right brain atHow to access your right brain at will will

MeditationMeditation Everyone is a meditator they just donEveryone is a meditator they just don’’t know itt know it

Want proof? Just do what you already do. Want proof? Just do what you already do.

It is the four principles worked in reverseIt is the four principles worked in reverse

Remember aweRemember awe




Applications Applications

Devon Energy Devon Energy AES AES

Calling the 9 March 2009 market low Calling the 9 March 2009 market low




Your questions Your questions


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Jason Apollo Voss, CFA - The Intuitive Investor - January 2012