Korva rescues the ideas worth keeping from podcasts. Each one becomes a Card.

The Compounders

Daniel Renwick@danielrenwick

15 cards

From Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]

Many 100x investments are not one miracle. They are successive owners capturing a series of 5x and 10x outcomes.

From Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]

Permanent capital makes mistakes less important while successful investments keep compounding for a very long time.

From Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]

Exceptional long-term businesses are designed to be held for decades, not sold prematurely.

From Joys of CompoundingWill Thorndike - Lessons from the Eternal Outsider - [Joys of Compounding, EP.28]

Learning, relationships, reputation, and wealth compound alike: avoid churn, keep investing, and start early.

From Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]

The edge comes from triangulating disparate evidence and assembling puzzle pieces instead of trusting one data point.

From Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]

The sharpest investment insight often comes from reframing a problem, not discovering an obscure fact.

From Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]

Evaluate risk by frequency and severity. Power-law distributions make rare events disproportionately important when their consequences are extreme.

From Joys of CompoundingTodd Combs - Investing, The Last Liberal Art - [Art of Investing, EP.1]

Intellectual honesty means following evidence wherever it leads instead of forcing investments into long or short theses.

From My First MillionRay Dalio: The one thing I do differently before investing a single dollar

Fifteen good, uncorrelated return streams cut about 80% of portfolio risk without reducing returns, multiplying the return-to-risk ratio roughly fivefold.

From My First MillionRay Dalio: The one thing I do differently before investing a single dollar

A 50% loss requires a subsequent 100% gain merely to break even.

From My First MillionRay Dalio: The one thing I do differently before investing a single dollar

The fundamental investing question is simple: how do you preserve upside while substantially reducing downside?

From My First MillionIf I was 21 again, this is what I’d do different - Howard Marks

The most dangerous investment error is treating false certainty as real, then sizing a bet accordingly.

From My First MillionIf I was 21 again, this is what I’d do different - Howard Marks

People who claim certainty in a probabilistic world may be showing a warning sign, not confidence.

From My First MillionIf I was 21 again, this is what I’d do different - Howard Marks

A favorable short-term track record may reflect luck rather than skill when randomness dominates outcomes.

From BiggerPocketsMorgan Housel: The Investing Expert’s “System” for Stress-Free Wealth

Patience may be an investor’s most important skill. Decades can make repairs, vacancies, and cash-flow changes look trivial.

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