Jiro Dreams of Sushi & the Art of Trading
Shokunin: what Jiro can teach us about mastery
A trader I hold in high regard recommended watching “Jiro Dreams of Sushi”. They drew an analogy between the granularity & continues refinement of the process of the Japanese chef Jiro & that of the highest calibre of trader.
Initially, I took it to be somewhat of a stretch (to say the least). However, as I got on a 14h flight, I thought, given that I didn't have many better things to do at that moment, I’ll give the documentary a watch & see if I can draw any major parallels between the 2 crafts.
Jiro is a chef in Japan. He is 100 years old & is the owner of Sukiyabashi Jiro. Jiro is unique; he is obsessive, truly harsh on himself & stubborn in his ways.
A good trader, similar to that of Jiro, hones in on his craft. This obsession for simplicity in the process with defined steps is the magic of a 3 Michelin star chef & a trader carrying many wins & accolades under his belt, from my perspective, is no different.
In the documentary, it is outlined that the attributes of a great chef are:
Take work very seriously & perform at the highest level
Aspire to improve one’s skills
Maintain cleanness
Impatient character (they are often better leaders than collaborators)
Unprecedented passion for their craft
All of those apply to trading.
In the story of Jiro, his edge lies in the fact that he finds it essential to double-click on every single detail.
In the restaurant, they would age a small tuna for about 3 days & a larger tuna for up to 10 days. Everything is being done ahead of time, similar to the research & work it takes before any trade ever takes place.
What others might not notice, Jiro will spot simply from having done this for such an extensive period of time. Once again, if we draw a parallel, in a trade, if you are not meticulous in your ways, you will be more prone to losses & succumb to growing sloppy over time - discipline is essential.
His routine is simple, yet timeless. He has taken the same steps for > 50 years. The only occasions during which he takes time off & has days when he is away from the restaurant are national holidays & funerals.
“The way of the shokunin is to repeat the same thing every day”
This is rare & I find it to be beautiful. In my eyes, this is exactly what it takes to stand out from the herd as a trader.
In France, the 1st Michelin guide was first published in 1900.
Michelin inspectors look for:
Quality
Originality
Consistency
Again, I know I am beginning to sound like a broken record here, but all of those in my eyes qualify as traits of a good trader.
For reference, a perfect 3-star Michelin rating means that it is worth making a trip to that country just to eat at that restaurant.
You can probably understand that when Jiro’s restaurant received 3 Michelin stars in 2008, most were rather astonished.
Think about it.
There are only 10 seats in his restaurant, with the restroom being outside of the premises. Average duration of a meal is ~15/25min, with no appetisers, just sushi.
We can definitively say that there is no other 3-star rated restaurants anything this in the world & it would stay be an understatement.
“No matter how many times you eat at Jiro’s, the sushi there is incredible” - Michelin
Right now, it might just seem like everyone is obsessed with Jiro, almost becoming deluded.
Surely his food cannot always be a 10/10 every time? He is inherently dependent on external factors; what if they let him down? i.e bad tuna or shrimp?
Before WW2, they used to cook fatty tuna (o-toro), the taste of the fatty tuna is simple & predictable, although the flavours of the leaner cuts (akami) are significantly more subtle & sophisticated.
Each tuna has its own unique taste, yet it’s the leaner cut that carries the essence of the flavour.
“We can’t buy just any tuna” - Jiro
& a good trader doesn’t buy just any coin ;)
Now let’s dive into the supply of tuna.
The tuna vendor is a priori the tuna expert; the same applies to the shrimp vendor, who is a specialist in his field.
Each one of the vendors is a specialist in their niche & have unique edge that Jiro & his crew do not have. It’s a de facto that specialists, in this case, the vendors, are significantly more knowledgeable.
If we are honest, they are the ones that can disrupt the flow for Jiro & his culinary magic. To avoid such occurrences, the team made a conscious decision to build a relationship of trust with them.
Trust is everything. In markets, those same trust assumptions apply.
“I would make sushi in my dreams. I would jump out of bed at night with ideas” - Jiro
There is always a yearning to achieve more with Jiro. I find it honestly fascinating, the level of obsession & dedication to the craftsmanship.
Always try to look ahead & above yourself
Always try to improve yourself
Always strive to elevate your craft
Those are the lessons Jiro taught his sons.
There is even an undeniable level of joy when a master calls the apprentice a “shokunin”; it is what they strive for over many years.
The way of the shokunin is powerful in its own right, & I believe we have a lot to learn from it & carry over many of the teachings to our own pursuits.
“Perfection is achieved not when there is nothing more to add, but when there is nothing left to take away.”