The Psychology of High Performers

Published on
March 2nd, 2020
Duration
44 minutes


The Psychology of High Performers

The Interview ·
Featuring Dr. Gio Valiante

Published on: March 2nd, 2020 • Duration: 44 minutes

What separates the best of us from the rest of us? Dr. Gio Valiante, former performance coach to Steve Cohen at Point 72, and pro golfers including Justin Rose and Jordan Spieth, endeavors to answer that question in this unique Real Vision interview. Dr. Gio uses his experience working with top traders, pro athletes, and leading academics to understand the distinct ways high-achievers outperform the market or the competition. He also explains why he believes amateur traders and investors can still find edge in a market where even some of the most accomplished pros have struggled. Filmed on February 11, 2020 in New York.

Comments

Transcript

  • MY
    Michael Y.
    15 March 2020 @ 15:32
    Please have Dr. Valiante back on RV to interview high performance traders and investors.
  • CC
    Charles C.
    13 March 2020 @ 21:38
    Great idea to have Gio interview invested
  • ml
    michael l.
    8 March 2020 @ 15:31
    Excellent piece. Please have the good Dr. back regularly - these interviews are highly valuable for those willing to listen.
  • LB
    Leo B.
    7 March 2020 @ 22:31
    Please bring Dr. Goo back!
  • VS
    Vasil S.
    3 March 2020 @ 10:49
    Whilst I enjoyed the interview, I still don't understand how exactly Dr. Valiante is able to get his sporting clients to win 60 titles and get underperforming PM's back in the green. I appreciate there's only so much he can give away but isn't the point of having him on to get a sneak peak behind the scenes of what an accomplished psychologist does to achieve results? It was a good watch and a good job by Max.
    • CB
      Caroline B.
      5 March 2020 @ 23:45
      Agree- lot of fluff. Not much actual substance.
  • SM
    Sergio M.
    5 March 2020 @ 15:49
    I was also a swim teacher! This man speaks to me - maybe should I give trading a break and get into performance coaching LOL
  • SG
    Sven G.
    5 March 2020 @ 11:44
    thanks RV for providing a deeper dive with Dr Gio
  • BC
    Bryan C.
    4 March 2020 @ 15:03
    So you have someone with no market experience interviewing someone with no market experience. They should have kept their comments focused on the psychology of individual investors and not on macro analysis of market psychology (which neither has experience with).
  • MA
    Melanie A.
    4 March 2020 @ 01:26
    Very interesting. Would love to see Dr. Gio on RV as an interviewer. Also more interviews from Max - he was great (fast and pointed questions)!
  • VK
    Viresh K.
    3 March 2020 @ 15:15
    This was cool
  • SM
    Samuel M.
    2 March 2020 @ 16:13
    Please have Gio interview Keith at Hedgeye
    • VS
      Vasil S.
      3 March 2020 @ 10:43
      Why? Just because he spoke about refining one's process? With respect, Gio's rose tinted view on the economy is much different to Keith's not to mention that it would be a total mismatch of styles and overall level of competence (not meant in a derogatory way towards Gio, he's clearly accomplished in his field).
  • JS
    Jim S.
    3 March 2020 @ 00:27
    Would love to see Dr. Gio interview traders.
  • JH
    Jason H.
    3 March 2020 @ 00:11
    Sounds like you should be teaching teachers to actually teach!
  • JL
    Jack L.
    2 March 2020 @ 21:21
    I'm interested to see an interview or two where Dr. Valiante talks psychology w/ experienced PMs and traders. Focusing esp. on how they manage the inner psychological impact of both large successes (with the attention & expectation that often come with that,) and major mistakes and bad calls. ---- WRT this interview, one key divergence for individual investors -- whether retail-scale investors ( < $5M personal AUM) or managing much larger (but still personally-owned) amounts of capital – the competitive 'scoreboard' effect is typically a much smaller fraction of the overall psychological conditions of trading. I.e. one's competition is mainly with oneself. Compared to pros who are managing not only others' money but often complex and at times burdensome professional relationships with peers, longer-term reputation creation & preservation, etc., the individual investor may (temperament permitting) have a greater distance from the expectations inherent in public performance psychology, and quite a bit more flexibility in adapting to market conditions. Personal anecdote to illustrate, around Dec. 2019 I went long the XOP ETF -- a modest position, nothing huge -- theorizing that oil was locally oversold due to the US shale glut. This was pre-coronavirus, & I expected on a 6-12 month horizon that the financial collapse of the US shale sector would eventually push oil prices up again. Coronavirus impact on oil demand has knocked that thesis askew and the trade is down ~30%. Depending on how C-virus continues to play out it may end up 40, 50% down or more over the coming year. If I was a professional MM I might be forced to realize that loss at some point this year, due to portfolio strategy, company policy, or other considerations. As a personal investor I can afford to re-frame the trade entirely and opt to stick the trade in the long-term basket (3 to 5 years,) reasonably confident that the XOP ETF isn't going to go to zero and eventually supply/demand conditions will conspire to give me a more-reasonable exit point, or maybe even a profit.
    • CM
      Chris M.
      2 March 2020 @ 23:03
      Totally agree. That is why I trade my own stocks instead of using a manager. I did the same in VIAC, bought too early, and will probably add more. Worked in that industry and know that the company is not going out of business and believe it looks cheap on several metrics. I can wait out the downturn and earn close to 4% as well. Long term, your XOP will go up as that market is highly oversold.
  • PG
    Pinchas G.
    2 March 2020 @ 23:02
    Excellent interview!! So relatable! Please bring him back as an interviewer.
  • JW
    Jason W.
    2 March 2020 @ 22:51
    Hats off to you Max. This interview is a massive improvement to me from your last, in-fact it’s perfect. Well thought out and deep questions , digging for information constantly; time for the DR to respond. Flawless. But I did read one of your previous comment in which you mentioned the subject of that interview was one which you had personal experience with and had a lot to offer so a suggestion I for one would definitely be massively interested in. You and your real vision colleagues interviewing each other ? Food for thought. But well done Max, more of the same.
  • BS
    Bernd S.
    2 March 2020 @ 22:10
    yes, I'd love having Gio conducting interviews for RV
    • JH
      Jesse H.
      2 March 2020 @ 22:21
      Me too.
  • JH
    Jesse H.
    2 March 2020 @ 22:08
    Fantastic stuff, as always, from Dr. Valiante. Thanks for getting him back on for a long-form interview.
    • JH
      Jesse H.
      2 March 2020 @ 22:21
      Also want to say that Max is an excellent young interviewer. I’m impressed with his questions.
  • JD
    John D.
    2 March 2020 @ 17:37
    'You can't win in the markets with one pitch.' So very true!
  • JI
    Janne I.
    2 March 2020 @ 16:00
    Cant watch the video
  • jm
    james m.
    2 March 2020 @ 15:06
    I think he would be a great interviewer! looking forwrd to it
  • TF
    Theo F.
    2 March 2020 @ 15:06
    Great suggestion. Keen to see more interviews with/by Dr. Gio Valiante.
  • DH
    David H.
    2 March 2020 @ 09:58
    A little repetitive from November 14, 2019 interview but more polished.
  • DH
    David H.
    2 March 2020 @ 09:33
    Please bring Dr. Gio Valiante back to interview traders.
  • JS
    John S.
    2 March 2020 @ 07:32
    Really good
  • JB
    Julian B.
    2 March 2020 @ 06:46
    I would like to see him more often, interesting to seeing the psychological view.