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- #139 – Movies & High Conviction
Good morning everyone,
Hope you’re having a great week!
Decided to give things a bit of a freshen up – hope you guys like it!
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It means more than you know.
Without further ado,
Let’s jump in.
read online on my website
read time 3 minutes
#139 at a Glance:
Quote: Authenticity and success.
Podcast: Joe Rogan x Matt Damon x Ben Affleck.
Article: Active share and portfolio concentration.
Hack: Split your to-do lists into these 3 sections.
Tweet: Happiness per dollar.
Quote:
“Success derived from something that isn’t authentic doesn’t feel like success.”
Chris Williamson
Podcast:
The Joe Rogan Experience #2440 - Matt Damon & Ben Affleck
Man, this was cool.
Absolutely no introduction required.
The business of movies, streaming vs box office, AI in the film industry, the creative process, what it feels like when your kids take a genuine interest in what you do, and why greatness is food for the soul.
Wish the convo kept going for far longer than it did.
Listen on Spotify, Apple Podcasts, or YouTube.
[Duration: 2 hours 24 minutes]
P.S. I made a Spotify playlist with every podcast I’ve ever recommended in this newsletter. Hope they bring you as much value as they’ve brought me.
Active Share and Portfolio Concentration
Spent time digesting a truly exceptional white paper this week courtesy of Michael Ervolini and Matthew Gadsden of Cabot Investment Technology and JANA respectively.
These were my big takeaways:
1) Portfolio managers (PMs) have 2 levers they can pull to maximise investment performance: the information they have access to; and the way they process that information. If you want to beat the market, both need to be exceptional.
2) As a PM, you should never be underperforming and uncertain.
3) PMs must be intensely self-aware about their skills and investment processes.
4) The key is to cultivate a process that leads to repeatable stock selection with a transparent methodology.
5) Every PM must be clear as to how their returns are generated: Which skills drove performance? How consistently were investment processes used? Is the PM clear about his/her strengths and shortcomings? What is the PM doing today to be a better PM tomorrow?
6) It’s never luck; it’s a formula. The clearer the picture is, the greater the potential for consistent outperformance.
Trying to bundle all of these lessons together to improve the way I invest.
You can check out the full report here.
Hack:
The 3-Part To-Do List
Most people I know use to-do lists, but the problem I’ve found with these long compilations of seemingly unending tasks is that it can be extremely difficult to prioritise what actually needs to get done.
We tend to start with the tasks that are easiest or perhaps the least time consuming as a way of largely procrastinating the bigger, harder, and more important actions.
Sure, you might be “ticking stuff of the list” and being “productive,” but are you being effective?
So, in a bid to circumvent this issue, I’ve been using the 3-part to-do list.
As the name so creatively suggests, you split your to-do list into 3 sections.
Urgent (the things that must get done, no excuses)
Nice to have (the things you’d really love to accomplish if you could in an ideal world)
Not urgent (the stuff you ‘should get to’ that sits in the back of your mind)
I like to break up my page into these 3 segments and once I’ve made the list, I don’t allow myself to look at the bottom two until the first part has been completed.
Seems to be working really well for me since I started doing it.
Tweet:
Happiness Per Dollar
Least happiness: tolls and parking.
Most happiness: YouTube Premium (yes, I’ve become one of those people). Once you’ve crossed over, you can never go back. It’s easily got to be one of the stickiest/lowest churn subscriptions out there.
Thanks for reading! Grateful for your support.
Stay hungry, stay humble, stay curious. ⚡
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See you in the next one,
Dimi