The Most Powerful Cheat Code

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Random Words from our sponsor, Public.com

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Jason’s Random Words

One of incoming U.S. President-elect Donald Trump’s campaign promises is to streamline the federal government. Trump has tapped no less than Elon Musk and Vivek Ramaswamy to head an advisory commission to significantly increase the efficiency of government. The goal is to cut the massive federal spending deficit, which is something I think people of every political persuasion can agree with.

Of course, most of the federal budget is already committed to mandatory spending. According to the Congressional Budget Office (CBO), $3.8 trillion was spend on mandatory programs that were largely paying defined benefits including Social Security, while another $805 billion was spend on Defense, which many would argue is not really very discretionary. In all, the federal budget was $6.1 trillion in 2023:

The Federal government only took in $4.4 trillion in revenues. Any way you slice it, it’s going to be hard to fit the government spending peg in the revenue hole without some massive changes.

I’m not here to solve that problem, and you’re certainly not here to read about my bad ideas to solve it. But it does remind me of a recurring challenge that Jeff and I face.

Making the most out of limited resources

Jeff and I spend a lot of time moving things around to make planning and recording videos and podcasts work. Like most of you, we both have professional commitments, marriages, kids, and occasionally, social lives and hobbies to pursue.

And much like the federal government, we rarely have enough surplus to do the things we want, and spend most of our available resources doing the things we must. So what do we do? Try to align the “musts” and the “wants” as much as we can.

And this reminds me of the biggest challenge we face as individual investors: Making the most out of the most valuable resource that we have.

More valuable than money

The answer is probably obvious, but it’s really true that the most valuable, irreplaceable asset in your possession is time. I have a cheat code since my full-time work is researching, writing about and talking about companies I’m interested in, but even my discretionary time is limited.

The funny thing about investing is that when you’re starting, spending time reading and listening to successful investors helps. It’s an excellent cheat code to accelerate your investing knowledge. I’m not talking about following people talking about their portfolios or touting stocks on social media here; but seasoned investors who have a process and share it, along with their successes and mistakes. The bottom line is if you’ve never invested, you don’t really know what good investing looks like. So you learn by studying those who are good at their craft.

The problem is all the noise. It’s hard to find experts who help you become an expert; the business model of being an expert is to keep people reading and listening, so the money keeps coming in.

This newsletter literally exists with that goal in mind. Ideally Jeff and I can add enough value that you will continue to subscribe, but at some point you may grow beyond it being worth the time. That’s mostly fine.

The longer you invest the less you should be listening to the “experts” and the more you should be listening to yourself. Don’t handicap yourself by listening to experts who convince you they’re the only source of success.

But! Paying others for their expertise can be an excellent cheat code! You have money, but time is irreplaceable. But you have to measure the value whoever you’re following or paying provides. This may be in better returns than you’d otherwise get, or in the case of what Jeff and I do, help you avoid self-induced mistakes (which is often more valuable than the best stock picks).

There’s also the community and entertainment value. I love talking about and writing about investing, and I hope that what we do here gives you pleasure and helps you do better.

The best cheat code

But at the end of the day, what I think is the real secret is finding a process and resources that help you make the most out of your time to make the most out of your money. Because when you do that, you end up with more time and more money.

And when you have more money, you can turn that money into more time. It’s a beautiful thing, and the most powerful cheat code you’ll ever find.

Jason

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