Most people have developed a mechanism to reboot their mental compass when life’s curve balls become too incessant. Vacations, prayer, exercise, fasting, solitude, meditation, and other practices are a few ways that many use to reset their emotional bearings. Throughout the years, my go-to method for centering myself has been to dust off two books that have had a profound impact on my life. The first is the Musashi book series by Eiji Yoshikawa, a book that deftly portrays a fictionalized legendary samurai swordsman, Miyamoto Musashi, through an epic battle-filled life that transforms him from a self-centered, impulsive young man to a benevolent hero who exudes discipline, empathy, and wisdom. The second is The Untethered Soul by Michael Alan Singer, a book that explores the quest for inner peace and freedom by understanding one’s true self and learning to navigate thoughts and emotions.
For the fourth installment in a series of writings aimed at guiding, motivating, inspiring, and empathizing with emerging managers as well as acknowledging their struggles, I thought it would be interesting to draw on three core lessons from the Musashi books to emphasize some points. Some core principles from The Untethered Soul will likely be utilized for the fifth segment of the series.
- Independence of spirit: There are many circumstances in the books where Musashi chooses solitude and self-reliance over dependence and attachment. He is not naturally antisocial, nor does he push away real friendship, but he understands early on that his independence helps him think clearly and act decisively. He works to build self-trust by fostering self-sufficient thinking so that dependence on others becomes a luxury rather than a necessity.
Emerging managers can pluck many valuable jewels from an “independence of spirit” mindset, as I believe this mentality will constantly remind them of their extraordinary achievements that led to their current position. I am not prescribing that managers raising their first fund should think of themselves as islands. However, I am reminding them that despite some moments of serendipity and good Samaritans along their journey, their current position and their aspiration are not flukes. Yes, raising a fund seemed easily doable from the outside. Yes, it now seems like everyone, and their Mom is currently raising a fund. Yes, many prospective LPs are waiting in line to deliver more varieties of “Nos” than you thought were possible. But consider the odds you overcame to accomplish what you have already achieved. You may not be an island, but you have all the natural resources necessary to thrive. I often find myself playing therapist to struggling emerging fund managers who have achieved more in their past lives than I could ever dream of and have excelled through obstacles that would paralyze even the most resilient among us. My sincere message to these folks is to lean heavily into their sense of individual purpose and realize they are already winning at the game we are all trying to play.
- Self-reflection and conquering the self: Unknowingly at first, Musashi finally realizes that he has always been seeking enlightenment. In hindsight, Musashi comes to discover that his toughest battle was overcoming his own internal weaknesses, not defeating external foes.
When aspiring managers share their biggest fears with me, I often get the sense that someone they trust has forecasted a doomsday scenario likely to happen. This is your garden-variety projection of fears that, for example, a parent would unleash onto a child. Digging deeper, I always find that the reason these fears affect aspiring managers so much is that they resonate with their own doubts. If in your deepest, darkest thoughts your inner critic has provided you with clearly annotated diagrams showing why your strategy is likely not differentiated, and during a tête-à-tête with your “mentor”, he or she mentions that your fund’s described strategy sounds like every other off-the-shelf asset manager, an unconquered self is likely to spiral. I am not trying to provide false hope that all new fund managers are headed for prime time. Also, as a self-described private investment purist, I have often been frustrated by the number of average managers out there. However, I have also seen funds that were given little chance to survive, grow, thrive, and become categorized as blue-chip. The external work of building a strong track record, clearly outlining your strategy in a concise deck, and speaking to the right people will undoubtedly be necessary, but overcoming internal doubts will forever supersede the external stuff.
- Understand timing and rhythm: There are many moments in the books where Musashi reflects on the importance of timing — in battle and in life. As he developed as a man and a warrior, Musashi became acutely aware that success not only depended on action, but on the timing of that action.
Most experienced fund managers can write War-and-Peace-like volumes about the benefits of good timing and the pitfalls of poor timing. Timing is the invisible dictator that runs through every aspect of fundraising. From when to raise a fund, when to buy a company, when to send a cold outreach email, when to exit a company, when to schedule the first/last closing, when to interject during meetings, when to start succession planning, when to schedule an annual meeting, etc., timing is everything. Emerging managers need to quickly get up to speed with this chronographical tyrant, or else it will cause unnecessary chaos. This might be an unfair request to ask of new managers because the rhythm and cadence of working with LPs usually develop through practice and repetition. The only effective workarounds are surrounding yourself with astute advisors, paying attention to the sometimes subtle signals of the investment ecosystem, and applying the same instincts that led to other past successes.
Anthony Kwesi Hagan
Founder and Head of Research, FreedomizationTM
August 24th, 2025
