An investment newsletter dedicated to the forgotten virtues of patience, silence, and rationality in a world addicted to motion. 20 years on Wall Street.
The hardest discipline in capital allocation is doing absolutely nothing. When the pendulum swings wildly and the market demands action, the true investor embraces inertia. The profound magic of compounding is easily broken by the nervous, twitching adjustments of the living hand. Set the course, lock the vault, and let it rest.