
216 The f as t ro ad d ow n
Even if you take the best-qualified analysts with the best access to
information and resources, it is very hard to beat markets after fees
consistently over time. Particularly towards the end of my time at
Holte Capital, I had increasingly reached this view and felt slightly
dejected as a result. It seems to me that in order to be a successful
manager over a long period of time, you have to love investing
money, regardless of the income you get from it; you also have
to firmly believe you can beat markets. Otherwise the work will
become soul-destroying as you begin to question the wider ...