💭The Need To Think Generationally
First, it helps in rejecting everything that will cause us harm in the long run. It helps us prioritize survival.
Second, you eliminate competition. There is only one Buffet, 8 zorostrian fires, and one Sagrada Familia.
Third, it reduces decision fatigue. The Voya fund didn't have to make any decision at all since 1935. I wrote about this mental model in detail in "Rules can change our lives".
Fourth, when you continue pounding at something for decades, you create a freakishly strong base. Ice age is a result of a summer that does not get warm enough to melt the previous winter's snow which creates a vicious cycle of accumulation of snow that covers the entire earth in thick ice in a few thousand years.
Fifth, you can pass on sacred responsibilities and rituals like the fire thats burning from 1500 years or Coca Cola thats selling the same drink for more than 135 years now.
⏳The Need To Do The Right Things
I have spent a considerable amount of time this entire year thinking about what should I prioritise in my life.
I will always have a business or two to run. There is family that I need to pay attention to. Long distance running is something that I have taken up since 2020 and have graduated to marathon running ( I hope my coach thinks so too). My youtube channel is growing very well too.
Currently, I have not been able to dedicate enough time to read and write. These are the two things that are complementary to each other. If I do not read good things, I will not be able to produce good written content as well. This is something that I need to change. For starters, I plan to write a long post every 2 weeks and send it to you all in this newsletter. As far as reading is concerned, I am trying to carry my kindle along with my phone. This way, hopefully, I will read more as I will pick up the kindle more than my phone.
Guy Spier makes a prudent point in his 2023 annual report. A bit long paragraph but worth your minute -
“It's also possible that the fund's returns would be better if I were single-mindedly focused on making as much money as possible, instead of wanting to lead a more meaningful life. I want to achieve excellent returns, but not at any price. For better or for worse, there's a part of me that's more of an academic than a swashbuckling hedge fund titan. Do I really want to die without having read great writers like Dostoevsky, Nietzsche, and Jung, just so that I could make an extra buck or buy an extra house or fly on private jets more often? Reading great fiction or pursuing my fascination with mathematics may contribute to a happier and more balanced life, but my returns might be better if all I cared about was reading annual reports and hunting for new investment ideas. That said, a happy and balanced life seems more sustainable and probably more conducive to long-term investment success-at least, for me.”
Then we have Erik telling us that it’s not too late to start reading the great books and Tom asking us to consume less and create more.
📖 Good Reads
Apple is a company that generates all its revenues from hardware right? Not anymore. A lot is changing at apple. Profits from services and products are closing in on each other. A good read on how things are changing at apple.
Its important to learn about insulin resistance and the factors that cause metabolic syndrome. Read here. (Recommended book - the obesity code)
We live in a world of black swans and butterflies. All we need to do is accept that we do not know anything. Read “Investing for the future - Butterflies and black swans”. I would suggest subscribing to Srinivas’s blog too. Its a gold mine.
Useless knowledge is generally quite useful, but only in the long run. The delayed feedback obviously has a cost. A good read on usefulness of useless knowledge.
“An AI could never write Crime and Punishment because an AI could never suffer a labor camp or a heartbreak.” - Story of how Dostoyevsky’s became a writer.
📕 Books I am Currently Reading
The Signal & The Noise by Nate Silver
💳 Subscribe to my Cards & Rewards Newsletter
𝕏 Twitter
▶️ Youtube