Fear drives all in today’s world. Two operations who have not let fear dictate their trading are Berkshire Hathaway and Dunn Capital. Both have 40+ year track records that should be studied. What was their system? How has it worked? If you look at the month by month and year by year of these two much can be learned. Both track records have not just gone up, up, up–they have had massive drawdowns (at least by the definitions of mortals) and still they have been able to persevere. No matter who you are, the ability to adapt to the markets is mission critical.
Caught this review of my podcast while discussing “troll” aspects of modern life with my sister:
Michael Covel interviews some great guests on his podcast, and that’s the part I love about his podcast. When h[e] allows the guests to go deep into a topic, the interviews are tremendous. Things I dislike about these podcasts? Michael Covel constantly diverts conversations into meaningless specula about fed policy or starts a monologue about value investing and buy-and-hold. Good to hear once, but not on e[very] podcast! Also, he over all tends to talk like a “know-it-all”. Michael, allow guests to talk more about topics they’re good at and stop trying to be a “life” coach.
She then says remember the scene from Howard Stern’s film? I said no, so looked it up. Self-explanatory:
Researcher: The average radio listener listens for eighteen minutes. The average Howard Stern fan listens for, are you ready for this, an hour and twenty minutes.
Stern Associate: How can that be?
Researcher: Answer most commonly given: “I want to see what he’ll say next.”
Stern Associate: Okay, fine, but what about the people who hate Stern?
Researcher: Good point. The average Stern hater listens for two and a half hours a day.
Stern Associate: But… if they hate him, why do they listen?
Researcher: Most common answer: “I want to see what he’ll say next.”
The fabled comedian is killing it at a club that seats 400. One guy in the back, though, isn’t laughing.
Miles Davis was shunned by a few people in the audience, even at his coolest.
The theater critic at the Times might not like this play, the one that made people cry and sold tickets for years.
And just about every blog post and book listing collects a trolling comment from someone who didn’t like it, didn’t read it or didn’t agree with it (or all three) and isn’t shy about speaking up with a sharp tongue.
For those people, the message from the creator of the work is clear: “It’s not for you.”
Unanimity is impossible unless you are willing to be invisible. We can be unanimous in our lack of feedback for the invisible one.
For everyone else, though, the ability to say, “It’s not for you,” is the foundation for creating something brave and important. You can’t do your best work if you’re always trying to touch the untouchable, or entertain those that refuse to be entertained.
“It’s not for you.”
This is easy to say and incredibly difficult to do. You don’t have much choice, though, not if you want your work to matter.
I could not say it better. My world might not be for you, but for those awake it is exactly for you.
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