Friends,
Earlier this year, Netflix announced that it was beginning production for the sequel to Happy Gilmore. It’s been almost 30 years since the original comedy was released, but fans are (apparently) clamoring for all of the Adam Sandler they can get.
We are fans of the movie, too. But probably not for a reason you often hear about.
For those unfamiliar, Happy is a wannabe (but terrible) hockey player. When his grandma faces foreclosure on her house, he takes up golf to win enough money to save the house.
Happy’s unorthodox style shows promise; it also resonates with fans. Despite that, Happy’s identity is wrapped up in being a hockey player.
His outlook changes after a difficult conversation with his girlfriend, Virginia.
Happy: I don’t belong in this sport. I’m a hockey player.
Virginia: Oh, really? What team do you play for?
Happy: Easy!
Virginia: Face it, Happy. You are a golfer.
Gilmore eventually ousts his foe — Shooter McGavin. Happy wins — in part — because his ego isn’t wrapped up in how he reaches the finish line. He’s not dogmatic about what golf should be — he’s genuinely open to anything that’ll help him win.
We’ve taken our own version of this winding path ourselves. Consider:
- Withers spent 2+ decades in corporate America. Retiring from that early to write for The Motley Fool was never part of the plan.
- Feroldi was a medical device salesman for years after graduating college. He took up investing because of the podcasts he’d listen to while driving to meet clients.
- Stoffel was a middle school writing teacher. When he and his wife took a year off, he began researching how to invest in their retirement plans.
None of this is to say that we’re destined to succeed. Far from it.
Instead, it’s simply to say that while we love investing — our egos and identities aren’t wrapped up in a dogmatic way of getting there. We’re willing to adapt our processes and change our minds.
For years, valuation wasn’t a major consideration in our investing process. After a brutally painful 2022, we all adapted our process to emphasize it.
By not identifying too rigidly with any specific mode of investing — growth, value, GARP, income — we keep ourselves open to the forces of evolution.
As any biologist will tell you, riding the wave of evolution is the only proven method for long-term success.
Wishing you investing success,
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Brian Feroldi, Brian Stoffel, & Brian Withers
Long Term Mindset
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P.S. Did you consume any great investing content this week? Reply to this email with a link. We’d love to read it. If we love it, we’ll include it in a future newsletter and give you a shout-out.
