“If you want to shoot rare, fast-moving elephants, you should always carry a loaded gun” – Warren Buffett
You can buy something for the long-run, but if the price becomes such that it doesn’t make sense anymore, then you can sell—even if the time span is “short-run” (e.g., see Li Lu’s 2024 Q&A, particularly Q1 and Q2). In short, be flexible.
Next:
- 5-1b4a Amara’s law - we expect too much in the short-run, but too little in the long-run
- 5-1b5 Keep solving problems including the problem of what problems to solve
Related:
- 1-2i Brandolini’s Law (the Bullshit Asymmetry Principle)—the amount of energy needed to refute bullshit is an order of magnitude bigger than that needed to produce it
- 2-1a7a2 Assets with actual substance or weight have the best prospects over the long term
- 2-1a7a3 Ben Graham - ‘Markets are a voting machine in the short term and a weighing machine in the long term’
- 3-1c1d6 Media grabs what’s easily grabbable (e.g., short-term over long-term development)
- 5-1b1a4a Being hedged in the long-run entails being long optionality
- 5-1b4a1 Don’t be a depressive realist or a blissfully unaware. Be a rational optimist.
- 5-1b4c1c Align your short-term reward with your long-term vision
- RUL3 - Write out your goals. It’s amazing how few people do.
Recognize that design is an iterative process. Between a bad “now” and a good “then” is a “working through it” period.