Don’t do things you don’t understand

We have a clear policy of “don’t do things you don’t understand” and “do not do things you don’t understand”. No matter how vigorously bottom-up research is done and even the most sophisticated market analysis can be done, there are many times when the movement of the market price cannot be explained. It rarely lasts a few days, and often lasts for weeks or even months. At such times, you may lose your composure and feel like you have been left behind from the market. Because the market is always right, it is tempting to be tempted to keep up with the market even if you don’t understand it.

In reality, the market often incorporates something that we do not understand, and it is often the case that we cannot understand something until later. As a result, it seems that there were also many cases in which it was the correct answer to keep up with the market without thinking about difficult things. But no matter how the market moves, if we don’t understand why, I think we shouldn’t do it. Pursuing results is very important, but the process of achieving results is important. We are accountable that we have to explain to our customers what we think and how we think about it, and we have to be reproducible to get the same results the next time we have the same situation. not.

Our attitude of placing importance on processes rather than results is clear even in the internal personnel evaluation standards. The success fee, which is linked to the investment result of the customer, is one of our important profits, but we do not dare to directly link the investment result to the individual achievement. The important thing is the process. The evaluation is based on a qualitative evaluation of what each individual thinks, what they did, and how they contributed to the company team.

Overcoming the “fear of being left out of the market” for the first time by matching the explanation to the outside and the evaluation inside the company, as long as you do the right thing, it does not matter if you are different from others. I think you can do it. And I believe that eventually, it will come out as a result of performance.