Take the high road, despite challenges, conflicts and temptations, stand tall and steadfast, and continue to be the beacon of truth and fairness.

Treat people fairly, even if it means getting the shorter end of the stick.

Learn the importance of becoming a man of integrity, high morality and strong ethics, because only then can you become a good person.

Choose the high road, and keeping doing so consistently, and eventually you will meet more who are like the same.

The way to achieve mastery is to dig fewer and deeper holes, not more and shallower ones.

It is important to identify if the right hole is working out for you, if it is not, don’t keep digging, move on to the next one.

Choose wisely and dig deeper one (or a few at most) at a time, with life and in investing.

When I first started out learning about investing, I thought there was only one way to play the game.

Soon I realized everyone is playing wildly different games, and are constantly talking over each other.

This is not math, there is no one right answer. Instead, there many right answers, depending on the nature of the game, with each player trying to play it to his own strengths and weaknesses.

Few do this. Clearly define your game, what are the risks and payoffs associated with it. If you don’t know what game you are playing, you might end up being the patsy.

If so, you can be at risk of taking cues and advice, or be influenced from other people playing different games, which can lead to risks you don’t intend and outcomes you didn’t imagine.

Figure out what game you are playing, then play it, and only it.

Buy low, sell high was what we were taught to try and achieve.

Buy high, sell low was what we ended up doing.

Buy regularly, buy lower during selloffs, and know when prices are higher it could well fall, is now what we only do.

Know deeply the game of what and how you are playing, and why you are doing so.

When it all aligns, even when others become confused, you still have something core that has allowed you to be consistent in your approach.

After a while, it becomes very powerful.

When you are new and just starting out, it is almost inevitable your early work would be copying others, of whom you think are the best in that field.

Through your journey, you realize that you should not copy everything, but instead copy only what suits you best.

Seek out the best, learn from what they did well, and didn’t do well. Choose selectively what works for you, and avoid what does not.

It is a journey. Eventually, you will come to your own unique combination through time, and many ups and downs.

Strangely enough, if you do it well enough eventually, others could copy you, and that is the beauty, when it all circles back.

Growth is important, but not if it does not translate into long-term growing positive free cash flow or profits.

It is absolutely key to understand that fundamental difference.

If it does not, it is eventually going to be a zero, it is just a matter of time.

Walk into a room where no one believes in you but yourself, where your self-belief is so profound that you are unstoppable.

Know that you are playing your game, and you are playing it better than anyone else in the world could, and you would not exchange yours.

In life and investing, it is often made up of alternating cycles of peaks, troughs and plateaus.

Enlightenment comes when one realizes, embraces and loves the troughs and plateaus, of seemingly little to no improvement, that often precede incredible progress.

▶️ YTD +55.4% [ S&P 500 +15.6%

▶️ Inception (24Mar17) +160.2% vs S&P 500 +89.4%

⭐️ Vision Investing - Investing in companies that reflect our best vision for our future, changing & shaping the world for the better.

Vision Capital and Vision Investing

🔗 𝗪𝗲𝗯𝘀𝗶𝘁𝗲: visioncapital.group

📝 𝗔𝗻𝗻𝘂𝗮𝗹 𝗟𝗲𝘁𝘁𝗲𝗿𝘀: visioncapital.group/annual-letters

📘 𝗕𝗼𝗼𝗸: visioncapital.group/vision-investi…

📖 𝗧𝗲𝗮𝗰𝗵𝗶𝗻𝗴: vision-investing.com (next batch winter 2023)

Holdings: 60 (top 25 and 35 positions ~80% and ~90% of portfolio as of Dec22)