Author Topic: Frederik Gieschen  (Read 154 times)

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Frederik Gieschen
« on: January 12, 2024, 08:42:32 AM »
 Frederik Gieschen @NeckarValue
8h

Things I learned in 2023. These are key ideas that stuck with me after a year of writing, each based on one of my essays (link in bio).

Legendary investors protect their most valuable assets: their time and attention. Buffett, for example, is obsessed with the idea of filters. One valuable filter is simply forgetting. Memory can easily become an obstacle. - Filtering The Idea Funnel; The Market Has No Memory. Should We?

While Munger’s life offered numerous valuable lessons, it also poses a difficult question. It’s easy to say that we want to work with the best. But are we willing to do so if it requires being the junior partner? Could you be the Munger to a Buffett? - Could You Bear Being the Sidekick?

Investing mirrors life in its complexity. This should make us wary of hero worship. If we look closely, we notice that the winners are often deeply flawed, even tragic figures. Success comes at a price and extreme success often indicates extreme sacrifice. If we don’t look closely, we risk making that same sacrifice unconsciously. - 11 Things I Learned About Investing

There is meaning in the hero's quest (for treasure, growth, transformation), but the real purpose is to return and share whatever you gained with the community. It took me a long time to shift my mindset from “how can I get what I want” to “what can I share/do for others?” Generally, the more we give, the more we receive. The arc of life thus should bend towards sharing. - The Lonely Search for Purpose

The abundance mindset is particularly important for knowledge, wealth, and relationships, which are not meant to be hoarded. Learning should lead us to teaching. Gaining wealth should lead us to giving back. Connection should lead us to connecting others. A life of flow is found in surrendering to this subtle dance of giving and receiving.

Writing online offers near infinite leverage. More importantly, the process of writing is a teacher. It forces you to find stillness, face your inner world, and accept your role as but one voice in the world’s choir. Writing in public teaches acceptance and equanimity in the face of temporary defeat. — Three Years of Writing Online

I don’t like calling things a ‘superpower’, but the ability to focus in a world conspiring to distract you comes close. Macro focus means to discover what is important. Micro focus is to remember it at all times. One without the other can be disastrous. Combining both with consistent effort unlocks a tremendous force. — Focus: The Last Superpower

The good life is neither exciting nor profitable. It therefore has no advocate in the marketplace of attention. Happiness requires an investment not primarily of money but of that which is truly precious: time, attention, vulnerability, effort, energy. — The Paradox of Happiness

Do not let the narratives of progress and prosperity shame you for feeling unfulfilled. Do not feel flawed for wanting a whole life, a life rich in all dimensions. You don’t have to choose between happiness and success. It’s a false dichotomy. There is a middle way leading to both. Unfortunately, it is an invisible path with few role models. The longer you wait, the more difficult it will be to overcome your established habits and identity. — The Paradox of Happiness

Delayed gratification is a powerful skill to master and a terrifying thing to be mastered by. Delayed gratification doesn’t know when to stop. At its extreme, it turns life into a never-ending chain of opportunities to delay, to be patient, and to compound. All attention becomes focused on the future, the domain of Marshmallow Mind. — Marshmallow Mind

Personal growth occurs in both the inner and outer dimensions fitting together like a ladder. The ladder must be periodically re-aligned to remain stable. Ideally, it resembles the infinite twisting double helix of DNA. — The Infinite Ladder

Fear can be the signal that you’re going in the right direction. Inner resistance reflects the importance of what you’re about to do. Invert this idea: choices that create no resistance contain no growth, no challenge, no important lessons. — The Path of Fear

The truth and treasure of your life wait at the center of your maze. Both what you want and what you avoid are waiting in its darkness. Like the hero Theseus you need a thread connecting you to allies on the outside. — The Maze

You navigate the world using a collection of masks (what Jung called the persona). You must never confuse your mask with your true face. — Beware the Mask You Wear

Real growth is disruptive. It doesn’t happen on demand or when it’s convenient. Once we touch its essence, it works on us. One day we wake up, look around, and notice that this life we lived is no longer ours. — Real Growth is Scary

Want to unlock more creativity and insights? Don’t work more. Instead, let your unconscious work for you. — Working Without Working: The Creative Night Shift

Pain is a teacher. Avoidance of pain is why most people never discover their true limits. — Pain as a Teacher

The drama of history is written with indifference to the shortness of our lives. This warps our perception of time and makes it easier to observe the fate of your world than your own. — The Roman Empire Fallacy

Success in investing can require extreme patience. Legendary investors don’t count on their willpower and capacity to suffer. They create conditions that support patience. That put in place the right structures (capital structure, cash flow, community, expense structure). — Andy Beal: Lessons from America's Richest Banker

There is nothing new under the sun. Even the best (especially the best!) study and copy success. — The Pritzkers: Buffett's Blueprint

We are trained to think of success as the outcome of actions. However, it is often the conditions that repeat themselves. — From Predators to Icons

The path to wealth is straightforward: create value, capture it, apply forms of leverage, survive and compound. Wealth is lost through over-consumption, catastrophe, and disruptive change. — A Simple Framework for Wealth

Legendary investors, by definition, survive. The patterns that end great careers repeat themselves and include ego, emotion, overconfidence, concentration, failure to correct mistakes or adapt to change, drifting into games without edge, lack of financial resilience due to leverage or fragile capital structure, and lack of personal resilience or burnout. — Why Great Investors Are Rare

Experts inhabit a different world. In their domain, they see the deeper structure of reality. As an expert you can find the pearls hidden in plain sight. — Great Investors See Things Differently

The difference between Warren Buffett and his mentor Ben Graham? Buffett cared more about winning the money game. But Graham knew when he had enough and retired to enjoy his life. — The Forgotten Lesson of Ben Graham's Life

Try on these mantras: There are no coincidences. Everything happens for a reason. Everything is connected. There is something to be learned from everyone we meet. — Three Mantras I Like