Having a process beats having a goal. Goals are finite

Portfolio Goals

compound capital at an above average rate of return to enable freedom of time and access to money for later life opportunity - large house, comfortable lifestyle

portfolio should aim to hit 1-2 big bets a year and be well diversified across asset classes and bets to capture upside in optionality based investments

Ideas

• unfair fights
• Monopolies, oligopolies in small markets
• Niche markets, more competition = harder to compound

Moat

• positive customer win rate + retention
• pricing power
• high return on invested capital
• any kind of network effects, synergies, S curves or operating effects

be aware of index rebalancing, inclusion and exclusion

Qualitative Understanding