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Endurance
“The men who learn endurance, are they who call the whole world brother.” —Charles Dickens (“Barnaby Rudge”)
The S&P 500 and the Nasdaq both closed the week higher. The Nasdaq led the way with a 2.2% return, and the S&P 500 rose 0.8% on the week. The Dow had another losing week as it fell about 0.4%.
Jerome Powell’s speech in Jackson Hole got the most attention on the week. Economic worries in China also get some press. As did the banking sector. As did some retail stocks that tumbled after reporting weak numbers. As did Nvidia’s great quarter.
There’s always something, in this market cycle and all market cycles. There are always things to navigate, both good and bad, and there are always mistakes to be made in a business full of surprises and Black Swans.
What’s impressive about some of the great investors like Warren Buffett or Stanley Druckenmiller, for example, is that they’ve been so good for so long. They’ve endured.
Outside the world of business and investing, one of the most remarkable examples of endurance is the Imperial Trans-Antarctic Expedition. In the excellent telling of the expedition in the book Endurance: Shackleton's Incredible Voyage, author Alfred Lansing wrote about the difference between expeditions on the land and the sea:
The sea is a different sort of enemy. Unlike the land, where courage and the simple will to endure can often see a man through, the struggle against the sea is an act of physical combat, and there is no escape. It is a battle against a tireless enemy in which man never actually wins; the most that he can hope for is not to be defeated.
It gave Shackleton a feeling of uneasiness. He now faced an adversary so formidable that his own strength was nothing in comparison, and he did not enjoy being in a position where boldness and determination count for almost nothing, and in which victory is measured only in survival.
Boldness is an excellent trait for bull markets and economic booms. But it can often get one in trouble when times get tough, and survival becomes more critical and more difficult. The people—investors and leaders of any organization—worth studying are those who are able to “call the whole world brother” and accept whatever the world puts in their path.
“By endurance we conquer.” —Shackleton Family Motto (“Fortitudine Vincimus”)
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Tweets of the Week
In Case You Missed it…
Reaction Time is Important - by Ian Cassel
Intelligent vs. Smart - by Morgan Housel
One Investing Trait to Rule them All - by Todd Wenning
Everything & Everyone Underperforms Eventually - by Ben Carlson
Invest Like the Best Podcast: Lee Ainslie - Hedge Fund Maverick
Yet Another Value Podcast: Choice Equities' Mitchell Scott making the case that $CROX is not a fad
Think Like an Owner Podcast: Michael Horowitz - Primer on Franchises - Ep.185
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