"Self-Driving Investing: A Way of Being"

The idea of long-term investing as a way of being, the concept of a self-driving portfolio, the importance of positive feedback loops, the value of quality, and the benefits of having an endgame in investment strategies.

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Even if their forecasts were true (they aren’t), no individual can get the same returns as the market unless he has infinite pockets and no uncle points. This is conflating ensemble probability and time probability. If the investor has to eventually reduce his exposure because of losses, or because of retirement, or because he got divorced to marry

Nassim Nicholas Taleb • Skin in the Game: Hidden Asymmetries in Daily Life

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The Key to Successful Investing by Giverny Capital François Rochon runs Giveryn Capital which has returned 15.7% annually since 1993. https://t.co/I5J712uHgk

Finding Compounders

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A structural issue in venture capital is the disconnect between the long term feedback cycle of exits, and the short term feedback cycle of markups & "heat". VC is largely a popularity contest of whose companies are "hot" long before they exit: getting quick follow-on rounds, making splashy hires, being mentioned on Forbes & BI lists.___LINEBREAK__... See more

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