"there are a lot of parallels that can be drawn between hunting in the backcountry and concentrated value investing.
For starters, it is not for everyone; in fact, it is basically anti-social. There is a certain confused/skeptical look that most people give when they learn that our strategy is based on the belief that one person with limited resources willing to dig through the hidden corners of the investment universe searching for anomalies has massive advantages over Wall Street and its infinite resources. This look is basically the same look I get when I explain to people who are panicked by the idea of a dead cell phone battery that my idea of a “mental-reset” is not a trip to some exotic beach location. Rather, I much prefer spending a week by myself sleeping in a tent in bear country while hiking through the mountains 10,000 feet above sea level, hours from the nearest paved road and wi-fi signal.
Second, well known hunting personality and author Steve Rinella often comments that successful backcountry hunting is dependent on, "being comfortable with being uncomfortable." This quote bears a striking resemblance to two of my favorite investing quotes. The first, "you can have comfort, or you can have value. You cannot have both," and the second, "the capacity to suffer is essential for successful investing." The point is the same whether you’re talking about hunting or investing; if you want to seek out the best opportunities, it is not going to be easy.
Third, whether you are talking about backcountry hunting or investing, the proper approach is to spend 99% of your time planning, preparing, and waiting, and 1% of your time taking decisive action.
Fourth, in both hunting and investing, it pays to be very selective. If you take your shots at middling opportunities, you will never have the opportunity for tremendous success.
Lastly, and perhaps most importantly, in order to be successful in either hunting or investing, you have to enjoy the process, not just focus on the endgame. Just like most hunts end without a shot, almost all research ends without a buy decision. The only way to eventually succeed is to continue to iterate the process."
I'm shocked how many people live their lives that way...investing is just one example.
My advice; build assets young man....its not how much you make...its assets that matter.
Couldn't agree more.