My wife keeps telling a single friend that a book called “Mr. Good Enough” really impacted her and I’m not sure how to feel about it.

Really enjoyed Nick's latest book The investor and complex systems aficionado in me really appreciated the scale dependence and thinking about how the scale of your wealth ($10k vs $1m) impacts what matters in terms of spending and wealth building There's a thoughtful Theory-of-Constraints angle here where the constraints sort of shift at each level. Towards level one and level two, it's really about developing your human capital, knowledge, skills, and networking. But then as you get into the middle rungs, it becomes more about leveraging your financial capital. The author in me appreciated that it's tightly written (200 pages) with nary a wasted word, and really delivers on what it says about how to do it. The human in me appreciated that it's not strictly the financial component, but also a thoughtful reflection on wealth more holistically. Part of that is the things that large amounts of wealth can cause: anxiety, divorce, friendship problems, etc. Part of that is consdiering mental wealth, physical wealth, emotional wealth, and how all those components come together to form an individual's wealth ladder. He also quotes Felix Dennis's criminally underrated and hilarious book How to Get Rich more than a couple times!

"...the solution is to make the everyday appear to us anew, to be seen again as it is in itself, therefore to discover rather than to invent, to see what was there all along, rather than put something new in its place, original in the sense that it takes us back to the origin, the ground of being. This is the distinction between fantasy, which presents something novel in the place of the too familiar thing, and imagination, which clears away everything between us and the not familiar enough thing so that we see it itself, new, as it is." -Iain McGilchrist

The real test of character is reading someone's FB Marketplace chat history

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"... rebalancing alone already has an astonishingly powerful effect to help avoid unfavorable liquidations, as the process systematically ensures that the investments that are up (the most) are sold, and the ones that are down (the most) are actually bought instead!"

“I don't like work--no man does--but I like what is in the work--the chance to find yourself. Your own reality--for yourself not for others--what no other man can ever know. They can only see the mere show, and never can tell what it really means.“ Joseph Conrad

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I liked this take from Matt Levine on the forward-looking prospects of Private Equity. One way I tend to think about markets is that you have certain factors that persist in providing superior risk-adjusted returns across time. I tend to sort these into risk premia (equity, credit, duration, etc.) and style premia (trend, momentum, value, carry, etc.). No one is really sure why these work (I tend to lean on the behavioral explanations), but these have some empirical track record across multiple markets and multiple cycles and so it seems reasonable to expect those to persist. (Though some probably won't!) I think you can build a pretty good portfolio of just these things and be pretty confident that portfolio will do reasonably well over the long run. I tend to think of this as the 'core portfolio.' Don't get too clever, just stay the course with things that work. But the big fortunes in finance tend to be coming up with some new asset class or style and this is what the financial thrill books tend to be about. Junk bonds in the 80s, Russian equities in the 90s, crypto in the 2010s, etc. Someone 'finds' these new asset classes as there is something like a price discovery period where the rest of the market realizes it's a legitimate thing and money flows in. If you get into this early, you can benefit a lot from that price discovery. But, it doesn't seem to persist (and is sometimes a bubble). 5 years ago I was excited about crypto and 'micro' PE and I'm still somewhat excited about those but the word is certainly out on crypto, and it's pretty well out on the micro PE stuff as well. AI is the obvious next thing but it's not very clear to me in what way that's investable beyond investing in getting good at using it as a way of increasing your own human capital stock (which very much seems worth doing). 🤔

mr. @elonmusk can you please allow my links free??? i miss links i miss the website that was a node for information exchange, not just a blackhole of inward looking discourse