Long Feedback Loops: Writing vs. Getting Published
basehitinvesting.substack.com
What motivates me the most in business (and in other areas of life) is the continuous pursuit of self-improvement. I was once a runner (still am actually, just much older and slower). Competitive long distance running has a lot in common with investing. A top-tier competitive long-distance runner typically runs around 80-100 miles a week, meaning each day requires up to 15 miles of running. But at the end of any given day during this training cycle, there is no tangible evidence of improvement. Even after a great workout, your fitness level isn't much different than the day before. Of course, over the course of many months, a big step-function gain can be identified, but the "feedback loop" between the daily work and the result of that work is very long. The same type of feedback loop exists in investing. It requires an enormous amount of focused effort on a daily basis, but the results of this effort sometimes take years to show up. So to achieve fulfillment in this type of endeavor, you need to enjoy the daily toil and be okay with the lengthy orbit between the input of work and the output of results.
Long Feedback Loops: Writing vs. Getting Published
Long Feedback Loops: Writing vs. Getting…
Long Feedback Loops: Writing vs. Getting Published
What motivates me the most in business (and in other areas of life) is the continuous pursuit of self-improvement. I was once a runner (still am actually, just much older and slower). Competitive long distance running has a lot in common with investing. A top-tier competitive long-distance runner typically runs around 80-100 miles a week, meaning each day requires up to 15 miles of running. But at the end of any given day during this training cycle, there is no tangible evidence of improvement. Even after a great workout, your fitness level isn't much different than the day before. Of course, over the course of many months, a big step-function gain can be identified, but the "feedback loop" between the daily work and the result of that work is very long. The same type of feedback loop exists in investing. It requires an enormous amount of focused effort on a daily basis, but the results of this effort sometimes take years to show up. So to achieve fulfillment in this type of endeavor, you need to enjoy the daily toil and be okay with the lengthy orbit between the input of work and the output of results.