A Fund Manager

Composer: Owens Huang

Piano: Leon Hsu

Contrarian

Markets move with shared beliefs, and a fund manager can find comfort in following the crowd. Being a contrarian requires more than thinking differently—it means acting on an independent judgment, committing capital when others hesitate, or stepping aside when everyone else celebrates. Like a musician sustaining a quiet, unfamiliar melody against a powerful chorus, an investor must sometimes endure the loneliness of standing apart. Prices may move against you, clients may question you, and recognition may take years. What does the market believe? What evidence suggests otherwise? Am I holding steady because the facts support me, or because I cannot admit a mistake? The craft is to turn independent thought into disciplined action, bear uncertainty without needing agreement, and hold your ground without closing your mind.

*You can’t take the same actions as everyone else and expect to outperform”

This Time is Different

Wall Street is wary of “this time is different” because those words have often been the refrain before a bubble bursts—a beautiful story that makes investors forget the price and overlook the risks. For a fund manager, the danger is falling so deeply in love with a vision that judgment gives way to belief. Even a technology that transforms the world can disappoint investors who pay too much. Yet exceptional returns can come from hearing a new melody before the rest of the market recognizes it. The craft is to pair imagination with discipline: understand what has changed, how it will create profits, and what evidence would make you reconsider.

“The future rewards those who notice when the old rules no longer explain the new reality.”

Stay Neutral

Markets move between fear and enthusiasm, and a fund manager can easily be carried along. A Zen-inspired approach begins with equanimity—the ability to experience these emotions without letting them take control of judgment. Like a musician who feels the intensity of a passage while maintaining a steady pulse, an investor learns to remain attentive amid uncertainty. What has changed in the business? What has changed only in the price? Am I responding to evidence, or defending my pride? The craft is to hold conviction without attachment, revise a view without resentment, and act decisively when the evidence calls for it.

“You need a temperament that neither derives great pleasure from being with the crowd or against the crowd.”

Stay Neutral Stay Longer

Same as above, but featuring an extended improvisation section!