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Shawn's avatar

what you write makes sense and what you explain has occurred since time began, really. having bought my first shares in 1985 i have seen many cycles. 2017-2021 was a strong one- but an outlier. it made many believe it was their skill not the market pricing up risk, and that has happened many times before. as buffet has been saying forever, the stock market moves wealth from the unknowledgeable to the knowledgeable and the impatient to the patient and it will continue to do so imo. to me the growth area has always been more challenging, because it requires more product/industry knowledge, but so be it, persevere, you appear to have learnt from the experience, i think you never stop learning something in this game, i am after 35+ years investing!

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Nick Oddy's avatar

Another excellent piece JP - you demonstrate the humility you advocate for. By the way those performance numbers from the last two years don't look that bad to me. My sense is my own performance would be worse (although maybe I'd claw some back from 1H FY22).

Hey do you follow CJ Gustafson's substack? He had an interesting one recently on Revenue/Employee being the metric to rule them all. I'd be interested in your thoughts and it could be a possible future idea for an article. I'm not fully sold on it for several reasons, including availability of the data and lag, but it might be interesting to track some Australian microcaps with this lens.

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