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Busy
“I have often said that the sole cause of man’s unhappiness is that he does not know how to sit quietly in his room.” —Blaise Pascal
Stock market indices returned to positive territory and again touched record highs during the week. The S&P 500 was up 2.3%, and the Nasdaq was up 2.9% on the week.
In investing and business, over-activity can hurt results. People often trade too much. Companies often make too many acquisitions or build too many locations. Do-something syndrome often makes people do things they shouldn’t do. As Peter Bevelin wrote in his book Seeking Wisdom:
The 19th Century American writer Henry David Thoreau said: “It is not enough to be busy; so are the ants. The question is: What are we busy about?” Don’t confuse activity with results. There is no reason to do a good job with something you shouldn’t do in the first place.
The desire to do something can be even more tempting when information travels as quickly and efficiently as it does today. There are always plenty of stock tips to read about—from friends and strangers alike—and plenty of deals that sound good.
But patience, discipline, and thoughtful analysis are traits that can give one an advantage in all areas of life—especially investing. You don’t have to swing at every pitch. You just need a few good ideas in your wheelhouse to make a difference over time.
“We’ve got great flexibility and a certain discipline in terms of not doing some foolish thing just to be active - discipline in avoiding just doing any damn thing just because you can’t stand inactivity.” —Charlie Munger
Tweets of the Week
In Case You Missed it…
Giverny Capital’s 2023 Annual Letter to Partners
Mohnish Pabrai’s Session with Columbia Business School (CSIMA) on February 14, 2024 (video)
Graham’s “Unpopular Large Caps” Part 2: Thoughts on Diversification - by John Huber
Burford Capital: Historical Returns Analysis
The Security Analysis Podcast: Bill Brewster: The Business Brew
The Tim Ferriss Show Podcast: #728: Seth Godin
Finding Mastery Podcast: Simon Sinek: How To Be A Better Human
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Avenel Financial Group, a merchant banking and advisory firm located in Charlotte, NC, launched a business venture called the Co/Investor Club. The Co/Investor Club is a community of value-oriented investors that collaborate on investment opportunities and ideas. You are receiving this newsletter because you are a Free or Premium Member of the Co/Investor Club!
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