Ferg's Finds

This is a short weekly email that covers a few things I’ve found interesting during the week.

Article(s)

Active Patience by Ian Cassel

This section, in particular, is epic:

The feedback loops with investing are long. Developing your temperament and determining the type of investor you are takes time and reps. It takes loss. It takes you overreaching in risk, position sizing, trusting management, and many other factors.

You must live through, trade through, invest through, many scenarios and circumstances to understand how you will react.

You must experience the emotional highs and lows of greed and despair, several times, before you know how, and in what ways, to exploit these emotions in others for your own benefit.

Investing is 5% intellect and 95% temperament. It means finding the strategy that will allow you to sit quietly when your emotions are screaming at you to do the wrong thing.

Only after you develop your temperament and figure out who you are, can you find your principles.

Podcast/Video

An interconnected world 🌏 Global trade and emerging markets with Louis-Vincent Gave, Ep. 143

Quote(s)

"A lot of people with high IQs are terrible investors because they've got terrible temperaments. You Need to keep raw, irrational emotions under control."

- Charlie Munger

Tweet

I really enjoy Brandons work, and this piece was no exception: An Industry Primer On Tungsten

Charts

Understanding the mechanicals of this makes it clear where you need to be positioned over the longer term (real/hard assets).

Something I'm Pondering

I’d been pondering when we’d see a skilled worker shortage develop for the transition.

This originated when I interviewed Prof Michael Kelly at the end of 2022, and following an hour of him laying out the engineering realities of the “transition” (electrifying heating and transport requiring 6x the current grid), I asked, “Which reality was the largest bottleneck?”

His answer surprised me; “It’s the skilled workers to implement the transition.”

This is the first article I’d seen confirming Prof Kelly's assertion.

Hope you’re all having a great week.

Cheers,

Ferg 

P.S. If you’re interested in my story and why I started this Substack, you can read the story here.