"Conviction doesn't come from numbers. Numbers are the result, not the cause."
10 modules drawn from the book, Mr. Grumpy's guide, and three podcast interviews
"The ocean doesn't care about your swimming lessons"
The founding vision behind Marlowe Partners and why the stock market doesn't care about any book, strategy, or investor. Understanding the environment we swim in.
"Time is our steadfast and dependable ally"
Why compound growth is counter-intuitive, requires inactivity, and remains the most powerful force in investing. The Rule of 72, the 32-year horizon, and why patience is the rarest edge.
"Many ways to make money, but be mindful of what you're actually doing"
The critical distinction between participating in the economic future of a business and playing a zero-sum game. Self-awareness, holding periods, and why multi-decade track records belong to investors.
"Shifting from the balance sheet to the value of earnings"
How to think about what a business is truly worth. Earnings power over balance sheet metrics, the Walmart lesson, margin of safety as behavior, and why valuation alone is never a thesis.
"The circle of competence becomes the edge"
Finding your edge through deep knowledge, the Marlowe Equity Yield Curve, why concentration beats diversification, and how studying one company for years creates compounding expertise.
"Risk management isn't about predicting crashes. It's about surviving them."
How Marlowe sees risk beyond beta, useful worrying, the Too Hard Box, market crashes, and Mr. Grumpy's Panic Playbook for when gold bars are raining.
"If you can't describe what you are doing as a process, you don't know what you're doing"
The Marlowe investing process from idea generation to ongoing monitoring. Standardization, innovation through Mycroft AI, learning from mistakes, and why the process of not working is the hardest work.
"The founder is the guardian of the company's identity"
How CEOs and CFOs should deploy capital, the five types of competitive advantages, pricing power, free cash flow, and real case studies from Zoetis to the pet industry.
"Life isn't about finding yourself; it's about creating"
The inner game of investing: social conformity, loss aversion, patience as competitive advantage, the Marlowe culture, and wisdom from parables and maxims collected over decades.
"When it's raining gold bars, wear a helmet"
Mass movements, crash dynamics, the fiber optic bubble, the Panic of 1907, mean reversion myths, and why the misallocation of one era creates the investment case of the next.