The temptation to look and feel busy is real and ever-present, especially when you’re young and trying to prove your value. Early-on, we fell prey to it like most do. We intervened unnecessarily in portfolio companies to help “save the day” and listened to low-probability pitch after pitch to make sure we didn’t miss something. We had packed... See more

People underestimate compounding and long games. When people think “that’s not possible”, “you can’t do that”, “that won’t work”, it’s often because they’re imagining something like 5 years, 10 years. Things get very different when you have 50 year plans

The same idea applies to investing. The continuous goal, in my case, is a portfolio that has distinct advantages versus the market along dimensions like value, momentum, capital allocation, etc. There are no price targets, no return targets, no staking my results on a given outcome for a given company. A goalless process like this is incredibly

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