Mervyn King's advice to Powell is good advice for any trader
An overly-busy trader isn't a great trader
Former Bank of England Governor Mervyn King probably shouldn't be giving advice -- he wasn't a great central banker -- but he does anyway and hits on a great point.
His main message to Powell is to fight to preserve Fed independence but he drops in another great nugget that applies to anyone in financial markets. After all, a central banker is making the same economic assessments as an FX trader.
In anything, the temptation is to always be pushing forward and distractions have never been easier to find. Make sure to go for a walk from time to time, to sit quietly and to turn off the cell phone. That's usually when the best ideas come.
Here I'm passing on the advice given me by Alan Greenspan before I became governor of the Bank of England. Keep half of the time in your calendar free to read and think.
In his "Inventing a Nation," Gore Vidal describes a conversation with President Kennedy. He writes that Kennedy wondered: "[H]ow do you explain how a sort of backwards country like this, with only 3 million people, could have produced the three great geniuses of the 18th century -- Franklin, Jefferson, and Hamilton?"
"Time. They had more of it," Vidal replied. "They stayed home on the farm in winter. They read. Wrote letters. Apparently, thought, something no longer done -- in public life.