Hi Bob –

In defense of one really rich person I know that isn’t a scumbag (and he’s nice).

It’s because he put in his 10,000 hours and then some.. maybe more like 100,000.

Peter

Great article… but, strangely, he left one key component out – patience. Think of the lioness watching the gazelles drink at the watering hole. She takes her time.

My Dad (and from what I read, John Paulson) put in thousands of hours poring over information before deciding on an investment. As he famously says, "you don’t have to swing at every pitch".
Gladwell says that the chief advantage is being analytical – as opposed to temperament – but I would say it’s both. My dad has no special information on the market or any particular business.
But I think a major part of his success is that he has no emotion around making money – it’s just not the point… so he takes his time. He loves the game. And it shows.

My dad, ultimately, is behaving like an artist. He is driven by something inside that creates the same endorphins that writing a song or painting a painting creates.
The only thing the money does is tell him that he made the right decision.

Peter