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Michael, you have perfectly articulated some of the downsides of managing other people's money versus trading your own portfolio. Standpoint Funds Management, which I am the Chairman of, has the same 5 people we started the BLNDX fund with on January 1, 2000. Eric Crittenden, the Chief Investment Officer, thinks we can manage another billion with a "B" with only adding one person. Keeping your fixed overhead down, your business model simple and your automation high really reduces the pressures that can come from every direction both outside and inside. I retired from the biz in 2003 and have spent the last 20 years smiling and enjoying my retirement while fooling around with the www.enjoytheride.world website. And, I am driving a 3 year old Kia Sorrento and still consulting on a cloud-based computerized simulation and trading platform trying to make my trading even more efficient. Old habits die hard. Great blog. Enjoy the ride!

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