Investing as a profession

Learnt a lot from my good frd on how to thinking about investing in a professional context. Lots for me to reflect on as I manage my own money. I have to write down - if not I will forget!

1. Its a decision business, not information business. Its all RegFD, we all get the same info. 2. Dont be greedy - if you dont care/need it, you are less likely to be emotional and make the wrong bets. 3. Shorting is tough - since as you win, your position shrinks, unlike when you are on long. So you need to top-up, which raises exposure if the stock bounces. 4. Its obvious, but dont follow the crowd. Dont read too hooked on news (or biased analyses). 5. As someone with a fully-transparent monthly P&L, You do need to trade in/out when its right. Buy+Hold (for years) is for retail?! 6. Tough to get retail funds as people become more skeptical after the recent crisis - sovereign wealth is the big customers. 7. Not every can market - too fewer rainmakers. 8. Its tough to retain talent - when experience is as important as in this industry, people churn is major problem. 9. Because its a decision business, "everyone can do it" - and when the tide rises, its hard to say whether its the rising tide or smart calls that makes money. Even harder to tell who's good, who's not?! 10. When you have a $8bn fund, its tough to make bets - since every buy order moves market! (I'm glad I am playing with a MUCH smaller sum). Even Value Partners has only $1-2bn total. 11. "Problem" of all these is, since you have to be "impersonal" all the time, all your feeling is more muted - happiness or sadness have less beta? Prize to pay to be a successful, calm investor?