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Friends,
Our friend Morgan Housel has a new podcast. It hasn't disappointed.
He recently detailed the fate of two men who entered a 1968 London-based race to be the first person to sail around the world.
Neither one of them ever returned to London.
Donald realized he'd likely "win". But with the attention he'd get from winning, people would see he was a fraud. Unable to stand such embarrassment, he threw himself into the ocean and died.
Bernard also realized he'd likely win. With the attention he'd get from winning, his identity would be linked to winning -- and not sailing for the sake of sailing. He turned his ship around and sailed to Tahiti. He built a house on the beach, grew his own food, married a local, and spent the next 25 years living happily there.
The story is a great reminder: are you investing to impress others, or so that you can experience things in life that bring you genuine joy?
Everyone's journey towards financial independence can look the same from the outside looking in. But if your motivation is solely to impress others, it's likely to be a long and depressing experience on the inside looking out.
We don't want that for ourselves, or for you.
Wishing you investing success,
- Brian Feroldi, Brian Stoffel, & Brian Withers
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SVB unraveling has dominated the headlines this past week. We won't spam you with more on the topic, but we thought you'd be interested this post from Ben Carson which is a fascinating look at the psychology of bank runs.
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Charlie Munger is a fountain of wisdom. This great thread by Daniel breaks down his core investing principles.
May 15th 2022
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I teach investors how to analyze businesses. Each Wednesday, I share six pieces of timeless content that can be read in less than 2 minutes. Read by 100,000+ investors from a16z, Amazon, Google, Microsoft, and more.
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