The same idea applies to investing. The continuous goal, in my case, is a portfolio that has distinct advantages versus the market along dimensions like value, momentum, capital allocation, etc. There are no price targets, no return targets, no staking my results on a given outcome for a given company. A goalless process like this is incredibly ha

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Now I just want to explore. That may mean blog posts, research papers, new investing strategies, letters, podcasts, long periods of nothing, or maybe another book. Who knows? Exploration is continuous, there is no end point. Focusing on exploration is very rewarding all the time. It may produce things that look like end points, like achievements,

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Maybe Scott Adams said it best:

To put it bluntly, goals are for losers. That’s literally true most of the time. For example, if your goal is to lose ten pounds, you will spend every moment until you reach the goal—if you reach it at all—feeling as if you were short of your goal. In other words, goal-oriented people exist in a state of nearly con

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