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The ultimate superpower in investing
The shiny allure of new overrides the quiet power of compounding in a way that’s easy to overlook.
Morgan Housel • Staying Put
If you want to do better as an investor, the single most powerful thing you can do is increase your time horizon.
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
But if that cash prevents you from having to sell your stocks during a bear market, the actual return you earned on that cash is not 1% a year—it could be many multiples of that, because preventing one desperate, ill-timed stock sale can do more for your lifetime returns than picking dozens of big-time winners. Compounding doesn’t rely on earning b
... See moreMorgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Think about how an idea from a twenty-eight-year-old kid in Chicago [Andrew Mason] turned into a multi-billion-dollar business. That was not possible five or ten years ago. Opportunities like this are a possibility because the markets are so big. If you believe in the product, you believe in the use case, and you have the right team—you should ride
... See moreTarang Shah, Tarang Shah, Sheetal Shah • Venture Capitalists at Work: How VCs Identify and Build Billion-Dollar Successes
Today, unlike in the 1950s and ’60s, everything seems to change every day. It’s particularly hard to think of a company or industry that won’t either be a disrupter or be disrupted (or both) in the years ahead. Anyone who believes all the firms on today’s list of leading growth companies will still be there in five or ten years has a good chance of... See more
Howard Marks • Howard Marks Memo - The Winds of Change
Growth is driven by compounding, which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence, which can happen in an instant.