# Only the median.

**Published by:** [aoyama](https://paragraph.com/@aoyama/)
**Published on:** 2024-12-01
**URL:** https://paragraph.com/@aoyama/only-the-median

## Content

Howard Marks once mentioned a fund that performed near the median return of its peers every year, but returned within the top 5% of its peers for over a decade. To compete with others every quarter and every year is an instinctive pathology that develops after a long stay in a closed system, with few resources and a risk of death at any time. People in this state of mind, a high degree of mental tension, easy to be outside the noise and temptation to disrupt their long-term plans, regardless of their specific actual situation, frequent overdraft of physical energy, wasting a lot of resources chasing hot spots. This kind of "acute" pathology, but the essence of a chronic disease. Awareness of good, and the reality of a number of times after the collision, may realize the need to calm down, slowly get rid of this pathology. Bad understanding, can only seek their own good fortune.

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