Becoming a great investor...

1. Becoming
a
great
investor
and
a
mul2disciplinary
thinker...
“It’s
kind
of
fun
to
sit
there
and
ou2hink
people
who
are
way
smarter
than
you
are
because
you’ve
trained
yourself
to
be
more
objec<ve
and
more
mul<disciplinary.
Furthermore,
there
is
a
lot
of
money
in
it,
as
I
can
tes<fy
from
my
own
personal
experience.”
-­‐Charlie
Munger
The
above
quote
is
one
I
think
about
o?en.
And
as
I
do,
I
am
reminded
of
a
goal
of
becoming
both
a
great
investor
as
well
as
a
mul2disciplinary
thinker.
If
one
is
in
the
investment
business,
there
are
a
few
things
that
I
think
are
key
in
order
to
achieve
this:
u A
long-­‐term
2me
horizon
when
looking
at
and
inves2ng
in
businesses
(~5-­‐10
years,
with
the
poten2al
to
hold
for
longer
if
business
advantages
and
reinvestment
opportuni2es
remain
intact),
so
that
one
doesn't
need
to
find
new
ideas
on
a
constant
basis.
This
allows
one
to
take
advantage
of
internal
business
(and
tax-­‐advantaged)
compounding,
and
also
allows
one
the
2me
to
read
more
widely.
u A
long-­‐term,
pa2ent
capital
base
or
permanent
capital
if
possible.
u Good
filters
to
avoid
was2ng
2me
on
things
that
one
should
not
have
pursued
in
the
first
place.
u No
sunk
costs
via
the
example
of
Daniel
Kahneman.
u A
fairly
open
and
clear
calendar
to
allow
one
2me
to
think.