Author: Dovey Wan, founder of Primitive Ventures

Over the past few years, I have invested in a lot of secondary market PMs and have also tracked the performance of many pods. When I am interviewing new investors myself, I keep pondering one question: what kind of person is truly suited for investing? The capital market is not lacking people who achieve 10x in a year, but what is scarce are those who achieve 10x in ten years. Besides IQ, talent, and effort as fundamentals, I believe there are two things that are underrated:

1. An extreme love for the capital market itself

It’s not a love for money. Many people love money, but they have no interest in how the market operates, how prices are formed, how liquidity shifts, how risks are priced, how expectations are managed, and so on. This is reflected in communications as a lack of curiosity about some high information density but non-headline events, or not actively digging into seemingly peripheral information that can provide a new investment perspective.

2. Finding an investment approach that fits one’s own personality and behavior patterns

If someone is strong in short selling, they should not only do fundamental analysis.

If someone excels in trading dislocations, they should not engage in thematic investing.

Reaction speed, risk appetite, time preference, and different interpretations of the same information will ultimately become part of strategy and trading structure. Micro, meso, macro, there are countless investment opportunities at every level, but how to find investor/market fit is the result of each investor's own cultivation.

The market always rewards strengths. This applies to founders and to investors as well. If strengths can be developed indefinitely, then weaknesses are just characteristics. If the longest strength is not long enough, even small weaknesses can become shortcomings. Knowing oneself is always far more important than knowing the market.

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