Understanding market dynamics and maintaining a disciplined approach to investing is crucial during periods of market volatility.
Aligning oneself with the rhythm of the universe and avoiding unnecessary resistance can lead to success in business and investing.
Viewing mistakes as learning opportunities and continuously evolving mental models and strategies is key to growth and improvement.
Deep dives
The Goal of the Podcast
The podcast aims to reset thinking and offer a fresh perspective on various issues, exploring different disciplines like history, philosophy, and science. Through these discussions, the goal is to help listeners become better investors and nuanced thinkers.
Navigating Viral Drawdowns and Megabeards
The speaker reflects on past periods of market volatility, including the recent COVID-induced drawdown. They mention the unexpected recovery and the potential challenges faced by value investors during these times, highlighting the importance of understanding market dynamics and maintaining a disciplined approach to investing.
Stoicism, Sun Tzu, and the Path of Effortless Action
The speaker discusses the philosophies of Stoicism and Sun Tzu, drawing parallels to successful approaches in business and investing. They delve into concepts like harmony, going with the flow, and effortless action, emphasizing the value of aligning oneself with the rhythm of the universe and avoiding unnecessary resistance.
Importance of Humility and Learning from Mistakes
One of the main insights discussed in the podcast episode is the importance of humility and recognizing that we are often more wrong than right. The speaker emphasizes the need to view mistakes as learning opportunities to improve mental models and strategies. By evolving and refining models based on past experiences, the speaker highlights the value of continuous learning and growth.
The Value and Discipline of Sticking to a Model
Another key point discussed in the podcast is the significance of sticking to a well-defined model and avoiding unnecessary overrides. The speaker highlights the importance of discipline and consistency in implementing a model without deviating from it, even in the absence of the original creator. The speaker shares their own approach of running the model in the same way over time, emphasizing the need for successors to maintain the same level of discipline in implementation.
Tobias is founder and managing director of Acquirers Funds LLC, where he also serves as portfolio manager of the firm's deep value strategy. He is also author of the books "The Acquirer's Multiple " and "Deep Value". Our discussion with Tobi revolves around: