Looking for outperformance #1 - Antofagasta

Whatever you hear in those adverts, investing and trading financial markets is not easy - it is a series of trade-offs.

The trade-off between risk and reward, being long or short, and perhaps the most important of all...

The trade-off between having positions open and the opportunity costs you incur by being invested.

It's impossible to trade everything.

Unless you have an infinite amount of money you will always face those opportunity costs by being in the market, those returns you forgo by being in some positions and not others.

They are unavoidable.

We have to reconcile ourselves to them

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The Veteran

More than 30 years in the markets.

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