1.
Disciplined in the small things
Discipline, or lack thereof, plays a big role in your returns earned over time. Yet, its importance is often overlooked. A great example of why is found in a story told by Walter Schloss.
Warren was playing golf at Pebble Beach with Charlie Munger, (Berkshire Hathaway vice-chairman), Jack Byrne (Fireman’s Fund chairman) and another person.
One of them proposed, “Warren, if you shoot a hole-in-one on this 18-hole course, we’ll give you $10,000 bucks. If you don’t shoot a hole-in-one, you owe us $10.”
Warren thought about it and said, “I’m not taking the bet.”
The others said, “Why don’t you? The most you can lose is $10. You can make $10,000.”
Warren replied, “If you’re not disciplined in the little things, you won’t be disciplined in the big things.”
I spoke with Warren and it’s a true story.
2.
Spend more time reading rather than on podcasts or videos for serious learning
Reading takes time. You have to make it a non-negotiable part of the day. Similar to a gym routine, it must be built right into your schedule and must become an unthinking custom.
In our busy and distracted society, deep reading is increasingly rare. Deep reading changes people.
There is a difference between raw cognitive horsepower and time spent immersed in complex and intricate ideas.
You can tell the difference between a smart person who reads and a smart person who doesn’t by how they express ideas, the references they make, and the chains of logic they follow. The former often demonstrates a subtle understanding that weaves together insights from various domains. The latter, though sharp and quick-minded, lacks the same depth of perspective or the ability to see beyond the immediate conversation or the Current Thing. This is becoming increasingly apparent among obviously bright young adults who don’t read or read nonsense despite paying large sums of money for what should have been a decent education.
3.
SIPs keep on increasing
SIPs per month have continuously crept up over the last few years. Here is the data for October over the last 8 years. It has more than doubled from 2020. I would not be very surprised if it doubles in the next 3 years and at some point, the Indian markets are looking at a monthly inflow of 100,000 cars per month.
Thought of the Week
At the beginning of your career, you spend time to earn money. Once you hit your stride in any capacity, you should spend money to earn time, as the latter is non-renewable.
Luxury, to me, is feeling unrushed. No hurry, no pause.
Video of the Week
Intelsense Insights
Quiver smallcase continues to create wealth for investors over time.
https://intelsense.smallcase.com/smallcase/INSMO_0005
In the Media
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