Deep value investing, to me, is not about big discounts. It’s about finally seeing something profound and deep underneath the surface, when others are still only seeing the tip of the iceberg, and still making judgements.
Joe Mazzulla on reports of the Celtics vibes being high at training camp
"Every team you lead is the most together team right now. Because we haven't traveled. No one's gotten benched. No one's been on a losing streak. No one's gotten blamed in the media. No one's had to go stand in the corner for 10 minutes and not get the ball. So, you learn those things as the season goes on, and you just learn how to work through those things together. And you can't simulate those. It just comes with time. And so, right now I would say all 30 teams feel great about themselves, and we got to wait till adversity hits. And adversity is even a strong word. There's nothing really adverse about playing in the NBA. But we got to wait until stuff doesn't go your way, and then you got to figure out who we are and how we're going to be at our best."
(Via @NoaDalzell)
Single guys need to be joy maxxing. Hanging with friends. Grilling. Lifting weights. Eating steaks. Enjoying a hobby. Grabbing beers. Hitting on girls. Getting rejected (the right one won’t). Laughing about it. Wood working. Side hustling. Reading. Learning niche facts. Locking in. Working hard. Just fully living and enjoying their lives. It’s very attractive when you love your life. It’s very attractive when your life is full. Law of attraction baby. You attract what you are.
this is insane. i genuinely don't understand why ambitious people aren't shown this lecture before their careers start consuming their entire lives.
clayton christensen spent his career studying why successful companies collapse. in his final class, he asked students to apply the theory to themselves: if you keep allocating your time the same way, what life are you actually building?
he had already seen the answer in his own harvard mba class. everyone looked successful at the fifth reunion; by the 10th, 15th, 20th, and 25th, many were unhappy, divorced, and living far from their children.
work shows you the score immediately. close a sale, ship a product, finish a presentation, earn a promotion, get paid.
an hour with your child may produce nothing you can measure today; it may take 20 years to understand what that hour built. so the next free hour goes back to work, one rational decision at a time.
this is how people build lives they never planned: through hundreds of right decisions that lead in the wrong direction, day after day.
money, titles, and headcount are easy to count. christensen believed a life should be measured by the people who became better because you were there.
he died in 2020.
one question remains: if someone saw only where your time, energy, and attention went this year, what would they think actually mattered to you?
the full 19-minute lecture is in the video below.
I have been thinking a lot lately about how similar these two quotes are that run around in my head.
“I profoundly believe that 50 through 70 are the peak performance years for professional investors.” - Gavin Baker
“I have the answers to the test now. You can’t surprise me on defense. I’ve seen it all. I’ve processed 261 games, I’ve played them all. It’s an incredibly hard sport, but because the processes are right and are in place, for anyone with experience in their job, it’s not as hard as it used to be. There was a time when quarterbacking was really hard for me because you didn’t know what to do. Now I really know what to do, I don’t want to stop now. This is when it’s really enjoyable to go out.” - Tom Brady
If you can’t fit everything in within the time and budget allotted then don’t expand the time and budget. Instead, pull back the scope. There’s always time to add stuff later — later is eternal, now is fleeting. https://t.co/BmLDUulGDl
3 really good podcasts I enjoyed recently.
@travisk and @bhorowitz talking about Atoms and company building
https://t.co/bvLVLarDrW
@nejatian in The @TKPPodcast
https://t.co/szgo8PKWdT
@lulumeservey on how to start a cult
https://t.co/w813kQjJ7v
Highly recommend this podcast by @MollySOShea . As @friedberg put it: "it's important to have the open conversation." In a world where our timelines are being dominated by extremism and partisanship, its refreshing to listen to someone that can recognize both sides of the argument and propose solutions through rationality.
https://t.co/JNR8k5lYnt
David Baldacci grew up in segregated Richmond, Virginia. Books were his body armor against bigotry:
"I grew up in a black and white world, and I was told by everybody that's how the world should be ordered. The one thing that saved me were books."
"Mark Twain said travel is fatal to prejudice. If you see people where they live, you find out one thing quickly: they're just like you and me. I couldn't travel as a kid, but I traveled the world without a passport through reading."
"I grew up in a world full of racism, and I turned out not being a racist because of books."
"Books are like body armor against bigotry. Books are body armor against every bad thing in the whole world."
David Beckham reveals Lionel Messi arrives at training at 6:50AM ... 3 hrs early.
"He arrived at about 6:50 in the morning."
"The team weren't training until 10."
"He's in the gym. He's warming up."
"He's doing all of the things you'd expect a young kid to do."
"At his stage, after everything he's won... you'd expect him to be a bit more relaxed."
"If I had to describe him in one word... he's a winner."
"He's still hungry."
"He still gets angry at players for not doing the right thing."
"He still gets angry when he loses games."
"Even when he's injured, he's there at every game."
"That's the type of player and person he is."
Almost every athlete says, “Focus on the process.”
Very few actually reveal, in moments of triumph, that they genuinely believe it.
After winning his second consecutive Wimbledon title, Jannik Sinner gave people another glimpse into why he’s become such a compelling and humble champion.
When asked whether the victory brought him more joy or relief, he didn’t talk about proving himself after an early French Open exit or about pressure disappearing. He didn’t even frame losing as failure.
Instead, he reflected on five Grand Slam titles representing just five days out of thousands spent pursuing the craft. If he had lost, he said, it still would have been a great day because playing in a Wimbledon final is such a rare privilege.
One of the enduring teachings across Buddhism, Taoism, and Stoicism is that attachment to outcomes is often the beginning of suffering. The argument isn’t against ambition or excellence. It’s about resisting the temptation to let results define your relationship with the work.
What makes Sinner so remarkable is that he appears to have developed that wisdom decades earlier than most. It shows in the way he competes, the way he speaks, and the way he carries both victory and defeat.
Perhaps that’s part of what makes him so difficult to beat, too. When winning isn’t the thing that gives the work meaning, you’re free to immerse yourself in the work itself.
And when you immerse yourself in the work, extraordinary things become possible.
—
P.S. I train pro athletes, teams, and executives. I write about the intersection of somatics and performance. Ring the 🔔 to join the community!
I first read this post on PTJ by @trengriffin more than a decade ago, and it's a great complement to the episode.
It's a collection of lessons and quotes, and remains one of the best summaries of how Paul approaches trading and what separates him from everyone else.
Well worth reading (or revisiting).
1/ "The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge."
2/ "Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead."
3/ "While I spend a significant amount of my time on analytics and collecting fundamental information, at the end of the day, I am a slave to the tape and proud of it."
4/ "I love trading macro. If trading is like chess, then macro is like three-dimensional chess. It is just hard to find a great macro trader. When trading macro, you never have a complete information set or information edge the way analysts can have when trading individual securities."
5/ "I really don't care about the mistake I made three seconds ago in the market. What I care about is what I am going to do from the next moment on. I try to avoid any emotional attachment to a market."
6/ "I am always thinking about losing money as opposed to making money. At the end of the day, the most important thing is how good are you at risk control."
7/ "I want the guy who is not giving to panic, who is not going to be overly emotionally involved, but who is going to hurt when he loses. When he wins, he's going to have quiet confidence. But when he loses, he's gotta hurt."
8/ "I've done really well on the short side. There's nothing more exciting than a bear market. But it's not a wonderful way for long-term health and happiness."
9/ "The sweet spot is when you find something with a compelling valuation that is also just beginning to move up. That's every investor's dream."