November 7, 2005

Instant Gratification

"How could John Henry allow the Theo Epstein fiasco [his baseball GM left] to happen? The answer may not lie in Fenway Park, but a thousand miles away in Boca Raton, Florida. Henry's investment business there is struggling badly. And it was hit by further turmoil when the approach of Hurricane Wilma forced an emergency evacuation. It raises the question: Was the Red Sox principal owner fatally distracted - at a crucial moment in the Epstein contract talks - by his business worries elsewhere?...For the year as a whole, 10 of the 11 are in the red. Preliminary figures show they barely kept their head above water in October."

The reporter for this story could not tell you what trend following is or how John W. Henry made his fortune even if you gave him crib notes explaining it all.

We live in a world where we all want instant gratification. We want to jump on the Internet. We're on the cell phone going to work. We want everything now. Fast. Speed. Give me answers today. We have no patience. But for great traders, like Henry, it doesn't work this way. This reporter would gain a great education if he stepped back and actually gained an understanding of his subject before mindlessly meeting the next deadline.