Investing in Me

I recently read a great book: “The Joys of Compounding: The Passionate Pursuit of Lifelong Learning” by Gautam Baid. The book includes insights and wisdom from influential figures like Charlie Munger and Warren Buffet—all the big guns—but it’s not just about investing—it’s also about value investing and lifelong lessons that we can apply to many aspects of life. 

The book is a guide to not only how we can become better investors but also better people and make a difference in the lives of others, and reading it highlighted a few of the dilemmas I see entrepreneurs like myself fall into: 

Blue Sky Syndrome

One problem with folks like me is that we see the world like gamblers (see below). We are always looking for one more deal. We don’t want to walk away from the table when we are up. We want to double down when we are down to regain our losses. We have this eternal optimism that we can always get a “winning hand.”

“You’ve got to know when to hold ’em
Know when to fold ’em
Know when to walk away
And know when to run
You never count your money
When you’re sittin’ at the table
There’ll be time enough for countin’
When the dealin’s done.”

Kenny Rogers

The Gambler

This song by Kenny Rogers describes what needs to happen to our mindset, but how often do we walk away in good time? Ecclesiastes 3 (see below) was written much earlier, and it establishes that there is a time for everything. A reasonable person wouldn’t continue to invest in his later years the way he or she would in their 20s or 30s. The book also helped me to see where I am in my investing journey and, for now, to say “no” to any future investing until I have harvested everything from my current investments. 

Ecclesiastes 3

Seeking Advice

Gataum Baid mentions that most successful folks have trouble asking for help. That was me, but now I do it because I don’t want to keep doing the same thing the same way. He says we can learn from others’ mistakes and must always be open to learning. After going through all the lessons in The Joy of Compounding, I realise there is much to learn from others. It’s something that I believe in and do when it comes to mentoring – if others can learn from my mistakes, then why not? Baird writes, “The more you learn, the more you’ll earn.” 

Do Things Differently

“If you want something different, you must do something different”! If your career is stale, your retirement plan is not on pace, relationships are not where you want them to be, and your health is poor, we must do something different. 

I am only now deciding to do something different. I’ve been doing the same thing the same way for 30 years. Yes, it has worked! However, it only works because I am tied to the wagon and have had to work hard and take risks. How do I work less and take less risk? Well, I need to do something different! And I can choose what I want in terms of my future. Most folks don’t realize they can choose to be happy, free, or release their chains, even if they have to ask for help.

As Einstein wrote, “Insanity is doing the same thing over and over and expecting different results.”

No Is A Complete Sentence

Here’s what I will do. I will start saying “no” to some new opportunities that don’t serve me anymore and use up my energy. I will find a new “identity” to fill the missing “emotional income” that I have received by investing in new ventures all of these years through investing time and talent rather than treasure (money) into other companies or institutions. Maybe I will get on boards, teach, pick up a new hobby, or increase my involvement in existing hobbies. Or maybe I’ll take up farming…

I’m excited by what the future holds, and as Gautam Baid, says in his book: “The best things in life are not things. They are experiences.”