The ultimate goal of investing is not to look brilliant—it’s to avoid looking extinct.
Catastrophic failure is almost always the result of a single bad assumption married to a long period of comfort. This is how the “permanently high plateau” crowd always earns their reminder.
Charlie Munger distilled the antidote into one unforgettable maxim:
“It is remarkable how much long-term advantage we’ve gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
This is the anti-Degen worldview:
Avoid ruin.
Stay solvent.
Don’t interrupt compounding.
Be boring.
Let time do the heavy lifting.
Nomad Investment Partners mastered this. They weren’t chasing hot dots. They were playing the longest game in the room, powered by “the aggregate patience of its Partners.”
Compare that to the febezzle—the period when everyone feels wealthy because prices are rising and fees are flowing. Emotional wealth, not actual wealth. The hangover is always included.
Financial Takeaway:
The job is not to predict the future.
The job is to avoid the future that ends your journey.
Build your process around not blowing up, and the compounding will take care of itself.
This Thanksgiving, give thanks for the underrated superpower of survival.
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