Top 50 Microcap Investor List: Joe Boskovich
For this week’s Top 50 Microcap Investor we present Joe Boskovich, Partner at Old West Investment Management, LLC. Joe is a “concentrated value investor with a focus on owner manager run companies, special situations and spinoffs.” Joe graduated from the University of Southern California – Marshall School of Business in 2003 with a bachelor’s of science in business administration and finance
A New Year and a Fresh Set of Eyes
“The real voyage of discovery consists not in seeking new landscapes, but in having new eyes.” —Marcel Proust
Problems, challenges, and opportunities don’t pay much attention to the calendar. The things on your mind in 2021 are likely still on your mind as we enter 2022.
The solutions we seek and the answers that have eluded us are often best solved by bringing in a new perspective. We used the Proust quote above last year when discussing overconfidence, but it applies more broadly. The New Year is a time for promises and resolutions—some of which will be kept, and some of which won’t last the week. But it can also be the time to ignite a durable change to your habits, your processes, the way you work, and the way you live your life. It can be a time to be more effective and get more enjoyment from your current landscape.
Change is rarely easy, and the first steps aren’t always clear. Charlie Munger, who turned 98 on January 1st, gave this description how even your own psychology can work against you when trying to change habits in his “The Psychology of Human Misjudgment” speech:
The brain of man conserves programming space by being reluctant to change, which is a form of inconsistency avoidance. We see this in all human habits, constructive and destructive. Few people can list a lot of bad habits that they have eliminated, and some people cannot identify even one of these. Instead, practically everyone has a great many bad habits he has long maintained despite their being known as bad. Given this situation, it is not too much in many cases to appraise early-formed habits as destiny. When Marley’s miserable ghost says, “I wear the chains I forged in life,” he is talking about chains of habit that were too light to be felt before they became too strong to be broken.
The rare life that is wisely lived has in it many good habits maintained and many bad habits avoided or cured. And the great rule that helps here is again from Franklin’s Poor Richard’s Almanack: “An ounce of prevention is worth a pound of cure.”
Finding someone that you trust to openly share with and feedback can be a difficult task. But finding those fresh eyes could make all the difference. It will then take a lot of effort to make the changes you desire, but at least you’ll have some direction. As Warren Buffett has said, “There’s no use running if you’re on the wrong road.”
Recommended Reading for the New Year:
Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones
Courage Is Calling: Fortune Favors the Brave
On The Shortness of Life: An Introduction to Seneca
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In Case You Missed It…
Course: Understanding and Assessing Small-Cap Boards
Tandy Leather Factory returns to current financial reporting
The Superpower of Belichick and Buffett
Michael Mauboussin and Saurabh Madaan on Expectations Investing
Planet MicroCap Podcast: Understanding Current Market Structures in this Economic Environment with Michael Green [For more, see the great presentation Mike gave to our members back in October.]
Yet Another Value Podcast: Harris Kupperman on his activism at Lee Enterprises
The Secret To Better Habits in 2022 - By Ryan Holiday
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