🧠 Benjamin Graham’s Timeless Lesson
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Friends,
Benjamin Graham is widely regarded as one of the most important investors to ever live. And yet, his motivations aren’t what many would expect.
He wasn’t a fan of visiting management teams; he considered it an unfair advantage that his readers could’t utilize. His star student — Warren Buffett — later quipped, “Candidly, the game [of investing] did not interest him more than a dozen other things.”
Graham retired at 62. He was later asked why — responding: “Why should I try to get any richer?” Graham realized that time, love, and experiences were far more important to him than more money.
As Lawrence Yeo recently illustrated, Graham instinctively knew there are levers money can’t pull.
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Image Credit: Lawrence Yeo
There’s no doubt that money helps one afford freedom. And a pretty strong argument could be made that — with access to clean water, healthy food, and medical care — it is pretty good at helping pull the “health” lever.
But the purpose and love levers? Trying to maximize one’s cash flow can often work against pulling those levers. Once a certain level of “enough” has been reached, it won’t move the needle much once you’re on your deathbed.
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Image Credit: Lawrence Yeo
Graham spent his time with his wife, his kids and grandkids, and buried in academic pursuits that were deeply fulfilling for him.
None of this means you should feel guilty for being an investor. Instead, it means to keep your eye on the prize — living a life you can look back on with contentment — and adjusting your time accordingly.
At the end of the day, we can think of no better long-term goal.
Wishing you investing success,
– Brian Feroldi, Brian Stoffel, & Brian Withers
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One Simple Graphic:
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One Piece of Timeless Content:
When you are learning to play golf, the feedback you get after swinging the club is immediate and obvious. Unfortunately, that’s not true of investing.
“Generating timely and accurate feedback for fundamental investors can be difficult because the process is rarely uniform and the outcomes are noisy.”
This report from Morgan Stanley proposes data-proven ways for investors to get feedback to improve their craft.
One Twitter Thread:
There are few books as timeless as Stephen Covey’s classic 7 Habits of Highly Effect People. If you haven’t read it, this summary by Library Mindset is well worth your time.
October 27th 2021
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One Resource:
AI tools are all the rage right now. Keeping up with them all is a challenge, but Gamma App is one that caught our eye. If you’re a visual person, check it out. I think you’ll be blown away.
One Quote:
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More From Us:
👨🎓 The next cohort of Financial Statements Explained Simply launches in May. Click here to join the waitlist and be notified when enrollment is open.
📗 If you’ve read Brian Feroldi’s book, he’d love a review.
👨🎓 The early reviews for Valuation Explained Simply are fantastic! Want to join the waitlist for the next cohort? Click here.
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