In their recent episode of the VALUE: After Hours Podcast, Taylor, Mitchell, Brewster, and Carlisle discussed Don’t Capitalize Gains In Your Head. Here’s an excerpt from the episode:
Q2 2021 hedge fund letters, conferences and more
Don’t Capitalize Gains In Your Head
Bill: One thing that I really admire about how Mike runs his stuff, and we’ve talked about this a fair amount, because I personally get more comfort from diversification, and I’m not trying to put words in your mouth, but Mike doesn’t capitalize his gains in his head. When he says like, “Oh, if all this lumber money just went away, my life was good before. My life will be good after,” it’s not bullshit. That’s such a strong advantage to not have that lifestyle creep, to capitalize, and not have to worry about, “Okay, well my fund got paid this year. Now, I got next year’s hurdle rate,” or whatever.
Michael: Yeah.
Bill: The way that he approaches his investing, I have learned a tremendous amount from– Now, if I can only structure my life like his.
Michael: Well, I appreciate that. Thank you very much. Well, you’ve got a home in Fort Collins, Colorado, if you ever need it.
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Article by The Acquirer’s Multiple
