Something Old, Something New
Story | 5 min read | Why I shut down "Midstory Ventures" and started "Think More, Do Less"
Two years ago, I started writing on midstoryventures.com. Since then, I have discovered my passion for writing, both for myself and for others.
This post marks the beginning of a new chapter.
I am shutting down midstoryventures.com and moving everything to this Substack, Think More, Do Less. The purpose of this move is three-fold.
First, I want to share my writing more publicly. When I first launched midstoryventures.com, I limited the number of people that could access my write-ups. My goal for 2023 is to focus full-time on investment research. I currently research opportunities for a hedge fund and search fund on a part-time basis. If you are looking for an analyst or help with ad-hoc research, I’d love to connect. Please reach out to me ralphtheinvestor@gmail.com.
Second, I want to write more often. Squarespace can create beautiful designs, but it isn’t designed for writers. After reading Neckar's Minds and Markets by Frederik Gieschen, I was convinced I could write as much as I wanted to and the way I wanted to on this platform.
Third, I wanted to write more broadly, not just analysis and case studies. This leads me to what you can expect from my new blog, Think More, Do Less.
This phrase, “think more, do less,” is my favorite way to think about investing. In fact, I think the word "thoughtfulness" captures the essence of value investing more than any other word.
Demanding a margin of safety, and the right level of margin of safety, requires deep humility in the face of known information, hidden information, and luck.
Dealing with Mr. Market requires careful attention to your biases and emotions for companies you own or are considering.
And crafting an investing style based on your circle of competence requires continuous reflection on your beliefs, your personal values, and how you uniquely see the world.
So, thoughtfulness is both outward (how you see the world) and inward (how you see yourself). It is a word that gets to the root of investing because it explores many different facets.
But I am not the only investor who holds thoughtfulness in such high regard. Here are four value investors talking about the principle:
“People calculate too much and think too little. Thinking is a surprisingly underrated activity in investing. People who cannot be alone with their own thoughts for a long time are terrible candidates to become successful investors.” Charlie Munger
“Having too many comments on the record about something and my opinions about whatever stocks we own or other things we are going to do is not good. It’s better to be on the record less and not good to pound into your own head certain beliefs and things. So, it's easier to reverse yourself in the future as you get new facts and face different situations… Being a good salesman does present certain risks that you have to inoculate yourself against or it will start to change your own thinking about stuff.” Geoff Gannon
“If you are going to be a great investor, you have to fit the style to who you are. At one point I recognized that Warren Buffett, though he had every advantage in learning from Ben Graham, did not copy Ben Graham, but rather set out on his own path, and ran money his way, by his own rules.” Michael Burry
“The truth is that it doesn't matter how you do this inner journey. What matters is that you do it. Whichever route you choose, the goal is to become more self-aware, strip away your facades, and listen to the interior. For an investor, the benefits are immeasurable because this self-knowledge helps us to become stronger internally and to be better equipped to deal with adversity when it inevitably comes. The stock market has an uncanny way of finding us out, of exposing weaknesses as diverse as arrogance, jealousy, fear, anger, self-doubt, greed, dishonesty, and the need for social approval... But the real reward of this inner transformation is not just enduring investment success. It's the gift of becoming the best person we can be.” Guy Spier
It’s clear that thoughtfulness is valued by all these investors. But did you also notice how each one talked about it a little differently?
That’s exactly what this Substack is about: exploring thoughtfulness in investing and in life.
This is a long-winded way of finally explaining what you can expect from this publication.
Analysis — Thoughtful case studies explained in several thousand words
Craft — The frameworks, principles, and habits behind my investing process
Stories — Exploring what Guy Spier calls “the inner journey”
I have brand new content on the site. Dig in. Thanks for doing this journey with me.
Sincerely,
Ralph Molina
Something Old, Something New
I've just come across this Substack as Geoff Gannon mentioned your old site in one of his podcasts; I see I've picked an interesting time to subscribe. It's so easy to be distracted by noise and this article is a great reminder of what truly matters in value investing. I look forward to reading your future work!