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Quote of the week:
“It takes almost a lifetime to learn how to do a thing simply.” ― Joseph Mitchell
Training your brain to be more curious
“For curious minds, the fact that the world keeps on changing is a feature, not a bug,” writes Anne-Laure Le Cunff in her latest essay on curiosity of the mind. I agree: curiosity is the foundational trait for independent thinking (and for anyone who aspires to outperform). What’s particularly interesting about the piece—Le Cunff is a PhD in neuroscience—is the idea presented that we can actually train our minds to becomes more curious with a few simple routines, which she labels “the curiosity matrix.” As a related aside, her newsletter—Maker Mind—is essential reading for investors, researchers, entrepreneurs, and executives.
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Long-term vs. event-driven investing
One fundamental truth about the stock market is that no two investors are playing the same game. Every person has different views about the future, which then informs how they think about risk and opportunity. As Morgan Housel once put it, “so much of what we consider investing debates and disagreements are actually just people playing different games unintentionally talking over each other.”
This week, the team at Speedwell Research published an essay on this subject, “If you don’t know what game you’re playing, you’ve already lost.” The piece offers a few smart mental models for how long-term investors should think about quarterly earnings, valuations, and ultimately separating noise from signal.
A few more links I enjoyed:
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