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🧠 How To Make Better Decisions

January 2, 2025
3 mins Read time
Welcome to Long-Term Mindset, the Wednesday newsletter that helps you invest better.
• Lesson:
The art of making portfolio decisions
• Timeless Content:
Why you shouldn't 'buy the dip'
• Thread:
Charlie Munger's Checklist
• Resource:
Free resource on the current market valuation
and more...

DO NOT Buy This Today

Heads Up: We are having a Black Friday sale on our flagship course, The Buffett Method, starting on Friday.

​
To become a better investor, you must learn how to analyze financial statements.

​
​The Buffett Method will teach you to find, read, and analyze financial statements like a pro in just a few hours.
​

The course normally costs $299, but we'll hold our biggest sale of the year (40% off!) on Friday.

​
If you're interested, DO NOT buy it today! We'll send you a link with a discount on Friday.

Friends,

We're just finishing up earnings season. You've been deluged with numbers, statistics, and narratives for six weeks. And now, you have to decide what changes you might make to your portfolio.

If there's one question we get the most, it's this: Given all this data, how do you ever make a decision about what to do?

It's a process that's hard to describe -- as it's never quite the same in any two instances. But recently, I (Stoffel, here) was reading a book that really captured what happens for me.

In the book -- Familiaris by David Wroblewski -- the main character (John) is a famous dog breeder. He is tasked with writing a complete narrative about a dog's life. While this isn't a direct quote, the explanation went something like this:

John would go to the barn and surround himself with every piece of information he had about the dog -- test results, observations, pictures...everything. After laying everything out, he'd write a draft of the dog's life. He'd leave the room, and wouldn't return for a week.

The next week, he'd come back, rip up the first draft, write a second draft, and leave for another week.

Finally, he'd come back a third time, after everything had the chance to settle in his mind, and write a final draft of the dog's life.

In essence, this is what investment decisions ideally look like for me. I consider all the data, write down what I want to do, and then: wait.

Once I've waited for long enough that an answer becomes clear, I act.

Certainly, this slow process means I miss out on some gains -- and suffer some unnecessary losses. At the same time, it's kept me from making any irreversible decisions I end up truly regretting.

That alone -- over the long run -- can be enough to garner market-smashing returns. And over the long run, that's why we're all here in the first place.

Wishing you investing success,

P.S. We just launched a brand new store! Check it out here. Just don't buy anything yet...we're having a 'Black Friday' sale starting this Friday!

Brian Feroldi, Brian Stoffel, & Brian Withers

Long Term Mindset

One simple graphic

One piece of timeless content

"Buy on the dip" is often quoted as investment advice. But is this age-old adage good advice? Nick Maggiulli, Chief Operating Officer for Ritholtz Wealth Management, doesn't think so. Check out his piece Why Buying the Dip is a Terrible Investment Strategy.

One Thread

Charlie Munger’s Investment Principle Checklist is hugely underrated.

These two pages summarize all Investment Philosophy you need.

Today we will walk through it👇🏼 pic.twitter.com/Qz5jjI4Sux

— Daniel (@MnkeDaniel) May 15, 2022

One resource

Want to know if today's market is overheated? Bookmark Current Market Valuation's website. This website tracks "economic models highlighting the current state of the US stock market and the broader economy." It has numerous market indicators all in one place for your convenience.

One quote

Brian Feroldi

Brian Stoffel

Brian Withers

More from us:

How the Financial Statements Connect

TransMedics has PLUNGED!

• 📗 If you've read Brian Feroldi's book, he'd love a review.
• Want to sponsor this newsletter? Click here

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