Capital outflows from less stable countries around the world will light another fire under bitcoin and other digital assets. AI has launched a technology revolution, deservedly sucking a lot of oxygen out of the investment world, but it cannot serve as the insurance policy protecting wealth that many people in the world are seeking right now.
Tokenized stocks are a win for everyone.
For people that already hold stocks, it makes them more useful - much faster to send, trade 24/7, etc.
But there are also lots of people in the world that don’t have easy access to US stocks. In a lot of countries, wealthy people may be able to get a brokerage, but ~4B people in the world don’t have ways to access US investments, so they’re stuck holding cash and low quality investments. Tokenized stocks will change this by opening up the best markets to the world.
Warren Buffett shared something his father taught him that every investor needs to hear (Save this).
His father told him that what matters most is not your Outer Scorecard, what the world thinks of you but your Inner Scorecard, what you actually think of yourself.
And here is why it matters for how you invest.
Most people build their portfolio for an audience.
They buy the stocks that are in the news, chase the names everyone is talking about, and make decisions based on how their portfolio looks to others, not based on what they actually believe.
That is the Outer Scorecard at work and it is one of the most expensive mistakes an investor can make.
Buffett has spent his entire career doing the opposite.
He bought Coca-Cola when people thought it was boring, held cash for years when everyone was piling into dot-coms, and passed on entire decades of technology stocks because they fell outside his circle of competence and he did not care what anyone thought about it.
The investors who consistently outperform are almost never the ones chasing headlines or managing their reputation in real time.
But they are the ones who have done the work, formed a view, and have the conviction to hold it regardless of what the crowd is doing.
The inner scorecard investor asks, do I understand this business? Do I believe in the thesis? Am I comfortable holding this through a drawdown?
Those are the only questions that matter.
Buffett also warned that people who spend their lives chasing the Outer Scorecard, the approval, the status, the external wins often find it hollow when they finally get there.
The same is true in markets.
Investors who build a portfolio around external narratives rather than genuine conviction tend to be the last ones in and the first ones out, every single cycle.
“People are either born deferred gratifiers or not.”
“There’s a psychological study done and if you’re an impulsive person that has to be gratified immediately , you’re probably not gonna have a very good life and we can’t fix you.”
“If not, you’re on the way to prosperity and happiness.”
- Charlie Munger. 2018