Hello Clement,

Thank you for taking the time to respond to the article. I am uncertain what you are trying to communicate here and want to ensure that I respond to your intended meaning. I think it may be due to several typos in your comment. For example, "...it is beyond investors as it they are skiils require for any leadership position..." and similarly, "...them in its mind as they are..."

If what you are communicating is that these skills are universal and not unique to investors, I would agree with you that these are universally important aptitudes. But that would include investors, not exclude them. If, on the other hand, you are saying that it is the job of successful investors to have a contrarian view of things, then I have a quibble. While I agree that it is true that to earn alpha you have to do things that no one else is doing, and by definition. I disagree that means that you disagree always. Instead, what it means is that if you see the world for what it is, that when the consensus view is incorrect then it makes sense to be contrarian. But contrarianism risks being another failed absolutist philosophy. This is the problem with 'value' as a strategy when the market is fairly valued. Instead, in these moments you recognize that the correct course of action is not cash, but to be long the market.

Yours, in service,

Jason

Yours, in service,

Jason