Ozark Expat
46 posts
It's almost impossible to view these people as anything other than insecure downwardly-mobile losers afraid of competition from more talented immigrants.
Elon Musk's first wife once described what it's like to watch him fail. She said he doesn't react the way normal people react. When a rocket explodes, most people in the room go silent. Some cry. Some start calculating the financial damage. Musk pulls out his phone and starts making calls. Not emotional calls. Engineering calls. "What failed. When can we fix it. When's the next launch." His voice doesn't change. His face doesn't change. The rocket that just cost $60 million is already in the past. The next one is all that exists. She said it was the most unsettling thing she'd ever witnessed. Not because he was cold. Because he genuinely wasn't affected. The failure didn't register as failure. It registered as data. An experiment that produced results. Results that inform the next experiment. This is why he wins. Not because he doesn't fail. He fails more spectacularly than anyone in history. He wins because failure occupies zero psychological space. It enters as data and exits as action. Most people lose not because they fail but because they spend weeks processing the failure before acting again. Musk spends zero seconds. The gap between failure and next attempt is a phone call. - @multiplanet1
On the surface, Canada's GDP growth looks just about the same as the US, but that picture is deceptive. What matters is GDP per capita, i.e. are you making people on average better off. The US (lhs, blue) is doing that. Canada (rhs, blue) is falling short. robinjbrooks.substack.com/p/why-have-can…
Fully exited $MA today. Sad to see it go honestly... Mastercard is still a world-class business. 60% operating margins. 175 billion transactions a year. A toll booth on the global economy. But look at this chart. $MA over the last year: -14%. S&P 500 over the last year: +25%. That's a 39% gap on a stock I was holding while the rest of my portfolio was ripping... I don't care how good a business is. If it's underperforming the index by nearly 40% over a year, that capital needs to be somewhere else. Opportunity cost is real on this one - every pound sitting in $MA was a pound not compounding in $NVDA , $AVGO or $CAT This is probably the hardest lesson in investing. Letting go of a stock you love because the numbers aren't working - Your feelings don't make you money. The data does. Never sell unless the thesis breaks? Sometimes the thesis is fine and the stock just isn't performing at all, even on a longer timeframe - That's enough. Good company, wrong timing so my capital is redeployed elsewhere. What's a stock you've held onto for too long?
The "Liz Truss moment" of 2022 has turned into the UK's political reality, with 30-year yields soaring to their highest levels since 1998 and the pound weakening. "No matter who is in power, no matter their political leaning, there does not appear to be a credible plan to restore the country’s finances." bloomberg.com/news/articles/…
Bill Miller beat the S&P 500 for 15 years straight. From 1991 to 2005. The odds of doing that? 1 in 2.3 million. He said his edge came from reading the right books while others didn't. Here are the 5 books he personally recommended. 🧵
