Summary

Investing in a PMS is the highest return on investment decision you will ever make. Without one, you might get lucky a few times picking the right stocks here and there, but nothing compares to the disciplined consistency of a robust PMS. You will top up winners and deal with flesh wounds before gangrene sets in and limits performance. You will become a more disciplined market participant. Risk management is not part of the business. It is the business. Portfolio managers are not in the business of picking stocks. They are in the business of managing risk with the stocks they either picked or passed. Small benefits compound over time and set you apart from the competition who still run around believing stock picking is the key to success. When your portfolio management becomes your Iron Man suit, you will be competing against people who think they trade a system.

Short selling is risky. The market does not cooperate. Yet choosing not to learn to sell short is riskier....