This week’s note will be short and sweet, but don’t let its simplicity fool you. It has the power to turn long-run odds of success deeply in one’s favour in all sorts of disciplines.
Here it is: Process is more important than outcome.
While any individual outcome can be attributed to luck or skill, it is only those arrived at through process that can be repeated and compounded over the long term.
What I’ve been reading this week:
Not listening to market strategists is a good strategy: https://twitter.com/fcfyield/status/782270624009826304?refsrc=email&s=11
Apples to apples, valuations are lower than thought: http://www.wsj.com/articles/powerful-market-indicator-flashes-sell-heres-why-it-can-be-ignored-1475687806?mod=rss_Heard_on_the_Street
Mark Zuckerberg’s book recommendations: https://www.farnamstreetblog.com/2016/10/23-book-recommendations-mark-zuckerberg/
Portfolio cash is high: https://twitter.com/ukarlewitz/status/783011812576940032/photo/1
Know your edge: http://investorfieldguide.com/to-gain-an-edge-run-up-stairs/
Stable businesses make for better investments: https://thepfengineer.com/2016/09/28/mastery-or-ignorance-part-iii/