112 THE INVESTMENT TEAM
whole tone of the conversation. Thinkers, with their detached and
objective view, can come off as blunt and insensitive. Feelers, in
contrast, can come across to thinkers as tenderhearted or fuzzy
thinkers, not to be taken seriously. The problem lies in their core
beliefs about cooperation and competition. Feelers tend to be co-
operative, thinkers competitive.
So who is right, the thinker or the feeler? No doubt, based on
the inclusive premise of this book, you know that both are,
depending on the circumstances. It’s not either/or but rather
both/and. They are both necessary and useful inclinations, but in
very different settings. I call them “tough” and “tender” ethics.
Another way to look at them is golden gloves or golden rule. The
golden glove ethics are “tough,” the golden rule “tender.” Tender
ethics are necessary and useful in client (or personal) relationships
where the client’s interest comes first. Tough ethics are necessary
in the capital markets where “perform or die” is the rule, as Ralph
Wanger says.
The truly excellent professional investor would develop skills
in both tough and tender ethics. To help clarify this tender/tough
distinction, Figure 13.1 lists a set of characteristics for each.Tough (Thinking preference) Tender (Feeling preference)
Competitive. Cooperative.
Performance-oriented. Relationship-oriented.
Seek win-lose outcomes. Seek win-win outcomes.
Value competence. Value compassion.
Song: We Are the Champions. Song: All You Need is Love.
Motto: Let the buyer beware. Motto: The customer is always
right.
Heroes: General Patton, Heroes: Gandhi, Martin Luther
Warren Buffett. King, Jr.
College major: business. College major: liberal arts.Figure 13.1 Characteristics of tough versus tender preferences.08-13 ware 112 1/19/01, 1:11 PM