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Great article...

If you believe that thinkers never accomplish much in the real world, you should meet Rob Morrison. He's a quiet, analytical man who started out as a competitive chess p­layer­ before becoming fascinated by the world of money. Over the past 25 years, while working from his computer in his comfortable Toronto home, he has thought long and hard about how to invest well. By putting his ideas into practice, he has grown his personal portfolio from a few hundred thousand dollars to more than $10 million. During the past decade, he has achieved an amazing 38.5% annual average return—a figure that beats every mutual fund in Canada by at least 15 percentage points a year.

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Given his millions, Morrison lives a surprisingly low-key life in Toronto with his wife. He has many interests, including history, psychology and politics, and occasionally attends local seminars. He's also passionate about environmental issues. He takes the subway or bus if he can, and when he has to drive, hops in his Honda Civic Hybrid. He tries to avoid flying, so as not to produce unnecessary carbon emissions, and when he's shopping, he still loves a good deal. "I don't spend much money," he admits. "I'm not investing to become a big spender. If anything, I kind of abhor much of the profligacy that I see around me."

He doesn't have any kids to leave his money to, so why does he invest, if it's not for the money? "Some of it is just the satisfaction of understanding something that the market has failed to understand," he admits. "And yes, it does have a game aspect." In the end, asking Morrison why he invests is a lot like asking him why he plays chess. He plays for the sheer thrill of the game. And, naturally, to win.


Full Article : http:// www.canadianbusiness .com/my_money/ investing/ article.jsp? content=20071026_143 049_4884&page=1&cb=0&cb=0&cb=0&cb=0&cb=0&cb=0

Very inspiring article indeed, through him can see the very trait of investors.. value we must insist..heheh, as Ben always emphasizes.. and the most difficult part.. sitting on soaring shares.. thanks miniB. :)

He insists he's a value guy but his qualcomm sale doesnt look like one. At least he didn't say his intrinsic value for it was originally around 80+, to justify for his holding power in the inflated nasdaq world back then. Having said that, I wouldn't want to short the stocks he's long ­base­d on his impressive track record.

His other investments do sound like the "low risk, high uncertainty" approach used by mohnish pabrai.

I think one of the most difficult things for any investor is to have the conviction to hold onto one's idea when, over the shorter term, the market disagrees. Almost all successful investors have this in them - wired.

Being able to sell at the top doesnt means one's skillful because quoted price often moves far away from the intrinsic value in both directions.

And of course, those are very general arguments.

miniB, thanks for the article.
Guys (everyone), do U have any personal experience of stocks that went down after U bought (> 30%) & then went up > 30%?
guess only Investor would have this story, rite?