Difference Between Being Rich vs. Being Wealthy

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“Taking a nuts and bolts approach to your money is a pretty good indicator that someone is going to be successful. If you know how much you earn, what you need to live on, and where your money is going, you have a foundation on which to build your financial future.” ~ Paul Sullivan, “Wealth Matters” columnist, The New York Times

Between New York Times columnist Paul Sullivan’s ”Wealth Matters” first column in 2008 through of his final column in October 2021, he cataloged the shifting attitudes surrounding what it means to be wealthy in the U,S., the money habits of the rich, and which billionaire excess is worth the money. Among his biggest takeaways: “I always drew the line between people who are wealthy and people who are rich,” he says.

The No. 1 money habit of wealthy people

“You can be wealthy ‘whether you’re a schoolteacher or a billionaire’” ~ Paul Sullivan

 

  • Wealth can be defined not as a dollar figure but in terms of what your savings allow you to do.
  • Lack of control over your own financial decision-making can be a key indicator of not being wealthy.
  • The number one money habit of wealthy people is to write everything down.

Over his tenure writing the column The New York Times, Sullivan talked to nearly several thousand about wealth in America. Unsurprisingly, his No. 1 piece of advice from this collective money wisdom boils down to a rather simple idea. “Have a plan. Write everything down,” Sullivan says.

“As simple as it sounds, it’s important to know how much I’m making, how much I’m saving, how much the house costs,” he points out. “It’s a tedious exercise, but people are always shocked.”

“The wealthiest and most successful people have a plan,” he said. “And it’s not necessarily rigid. They’re regularly looking at it, revising it, and they know where they stand.”

By writing everything down, Sullivan says, you can establish the beginnings of what he calls a “locus of control” — an intentionality around money that is common among people who have the wealth to freely spend on the things that they want.

This content is provided for informational purposes only and is not intended to provide, and should not be relied on for, financial, accounting, legal, or tax advice. Consult your accountant, tax, or legal advisor regarding such matters.

No level of diversification or asset allocation can ensure profits or guarantee against losses.

The views expressed are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product.

References:

  1. https://www.acorns.com/learn/earning/wealthy-vs-rich/

New Year’s Letter

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“The struggle ends when the gratitude begins.” — Neale Donald Walsch

Motivational speaker Tony Robbins reminds us that, “Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” So, it’s important to live this gift of life with gratitude, meaning and purpose.  And, the best and simplest way to live a life of meaning and purpose are by embracing an attitude of gratitude, giving back to your community and serving others without expecting anything in return.

Forget resolutions. Write a letter to yourself each year instead

The beginning of the year is a natural time for reflection and the New Year is a good time to commit to leading your best life, explains Fast Company. Goals and resolutions, however, can be impersonal, says Scott Simon, author of Scare Your Soul: 7 Powerful Principles to Harness Fear and Lead Your Most Courageous Life.

To encourage people to hit the core of their goals and values, Simon suggests taking time to write yourself a letter.

“This is a letter that nobody else will see,” he says. “It’s not about resolutions; it’s about feelings and values, and it comes from your heart. Most people have probably never taken the opportunity to write a letter to themselves, but when you do it, magical things start to happen. You start to lead your life according to your own set of goals and wishes that that come from within.”

HOW TO WRITE YOUR LETTER
Your letter should talk about the year you want to have ahead. Simon says the letter should answer five questions:

  • What are the fears you plan to tackle, those things you believe are holding you back?
  • What are adventures you will embrace in the year to come?
  • How will you connect or reconnect with others in your life?
  • How will you plan to grow?
  • What can you do to serve others?

“These are the key questions that seem to evoke the deepest reactions,” says Simon. “They are what bring up key issues. They’re not necessarily what you’re going to do in Q1 and Q2 for goals. It’s deep, internal, intimate value work.”

REVIEWING YOUR LETTER
Once you write your letter, refer to it over the course of the year. Reading your letter over again will become a key motivator throughout the course of the year. Since it’s personal to you, it will remind you what your key values and goals are.

View your letter as a gift. “Use it to push through and say ‘yes’ to something that may feel uncomfortable but that you feel is the right thing to do,” says Simon. “It can be an incredible upward spiral where one thing will lead to another, then all of a sudden you are leading your best life.”

Your letter should address each of these 7 areas of your life in which you want to win, succeed or grow in 2023!

  1. Spiritual
  2. Financial (Building Wealth and Financial Freedom)
  3. Career
  4. Intellectual
  5. Health and Fitness
  6. Family
  7. Social and Emotional Well-being

Setting goals in this many areas may seem overwhelming, but you can do it! You have the power to make significant change in your life, and even though that change won’t happen overnight, you can start today.

You should never lose sight that true happiness comes from fulfillment and the sense that life has meaning and purpose. The choice to pursue spiritual growth, health, wealth or fulfillment is personal. Whichever decision you make, you must live it.

References:

  1. https://www.fastcompany.com/90824133/forget-resolutions-write-new-year-letter

What is bourbon

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Bourbon is a corn-based, aged spirit that, while legally can be produced anywhere in the U.S., is Kentucky’s signature liquor. In fact, Kentucky distilleries make 95% of the world’s bourbon.

Because of the liquor’s aging process variation, bourbon’s colors range from light amber to dark caramel and each bottle must contain at least 40% ABV.

Bourbon can only be called bourbon if it’s aged in an oak barrel; barrels must be new and are pre-charred to help the liquid extract as much flavor as possible from the wood.

The difference between bourbon and whiskey

Bourbon is a whiskey — but because of the stricter standards set for bourbon distillers, most whiskies are not considered bourbons.

While both whiskey and bourbon are made from the same base ingredients (a predominantly corn mash, yeast and water), a spirit can only be called bourbon if it’s crafted in the United States, surpasses a minimum 40% ABV and is aged in new, charred, white oak barrels.

Bourbons are generally on the younger side of the whiskey family (compared to older whiskies like scotch) and thus deliver a sweeter profile.

A “barrel proof bourbon” means no added water to lower the proof or dilute the flavor after it’s been distilled.

References:

  1. https://drizly.com/liquor/whiskey/bourbon/wild-turkey-rare-breed/p5417
  2. https://www.wildturkeybourbon.com/products/rare-breed/

Southwest Airline’s Operational Meltdown During the Holidays

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“We are past the point where they [Southwest Airline] could say that this is a weather-driven issue. What this indicates is a system failure, and they need to make sure that these stranded passengers get to where they need to go and that they are provided adequate compensation.”  ~ U.S. Transportation Secretary Pete Buttigieg

Southwest Airlines has cancelled thousands of commercial flights during the Christmas holiday period after a severe winter storm created an operational crisis that left passengers stranded during the Christmas holiday travel season, one of the busiest travel periods of the year.

While all U.S. airlines experienced flight cancellations en masse due to extreme winter weather, most other airlines were able to resume normal flight operations after the conditions cleared up ― while Southwest’s cancellation rate got worse, all during one of the busiest travel weeks of the year when people fly around the country to be with family for the winter holidays.

The Texas-based airline’s troubles appear to be tied to its uncommon operational configuration, The New York Times reported.

While most airlines have their planes return to a “hub” airport after flying out to other cities, Southwest typically has its planes fly from city to city without returning to a hub ― making it difficult to strategize and arrange plane availability after weather causes mass delays.

Southwest CEO Bob Jordan commented that his company is in the process of regrouping and he hopes operations will resume normally before the week’s end.

“Our plan for the next few days is to fly a reduced schedule and reposition our people and planes,” Jordan said. “We’re making headway, and we’re optimistic to be back on track before next week.”
But that does little for stranded Southwest passengers who’ve had to drop large amounts of money booking new flights with other airlines and paying for lodging while they wait for Southwest to rebook them.

On Southwest’s website, the company posted the following “under” statement:

“We are currently experiencing operational disruptions and are working diligently and safely to restore normal flight schedules as quickly as possible.”

According to aviation experts, the Southwest Airlines meltdown has its root in outdated technology that analysts and its unions have warned about for years. The carrier’s operations created chaos at airports across the nation. And the ripple effects for travelers could last for some time.

References:

  1. https://www.huffpost.com/entry/buttigieg-southwest-airlines_n_63ac8dc3e4b0b2e1505d973a/amp
  2. https://www.southwest.com/traveldisruption/?clk=TA-IRREGULAR-OPERATIONS-MWEB&channel=mweb&pageId=home-mobile-index&datachannel=mobile

Return on Invested Capital (ROIC)

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Return on invested capital, or ROIC, is a valuable financial ratio. Understanding ROIC and using it to screen for high ROIC stocks is a good way to focus on the highest-quality businesses.

Put simply, return on invested capital (ROIC) is a financial ratio that shows a company’s ability to allocate capital.

A high return on invested capital (ROIC) means investors are realizing strong returns on their investment in a company.

The higher the ROIC, the better a company is investing it’s capital to generate future growth and shareholder value.

For example, let’s say a management team had $1 million dollars to invest, and they could either invest in a new product line, or enhancements to their existing product line. After thinking it over, the Company invests the $1 million in a new product line. One year later, the Company looks back at what they have earned on the new product line, only to find out that it’s a measly $100,000.

As it turns out, if they had invested in the enhancements to their existing product line, they would have earned $500,000 over the same period of time. What does this mean?

Well, there could be more factors at play, but based on this example, the Company’s management team made the wrong decision.

As an investor, you want your management teams making the right decisions and investing in the areas that will generate the highest returns for you as an investor.
The common formula to calculate ROIC is to divide a company’s after-tax net operating profit, by the sum of its debt and equity capital.

Once the ROIC is calculated, it is evaluated against a company’s weighted average cost of capital, commonly referred to as WACC. If a company’s WACC is not immediately available, it can be calculated by taking a weighted average of the cost of a company’s debt and equity.

Cost of debt is calculated by averaging the yield to maturity for a company’s outstanding debt. This is fairly easy to find, as a publicly-traded company must report its debt obligations.

Cost of equity is typically calculated by using the capital asset pricing model, otherwise known as CAPM.

Once the WACC is calculated, it can be compared with the ROIC.

Investors want to see a company’s ROIC exceed its WACC. This indicates the underlying business is successfully investing its capital to generate a profitable return. In this way, the company is creating economic value.

Generally, stocks generating the highest ROIC are doing the best job of allocating their investors’ capital.

By calculating  a company’s return on invested capital, investors can get a better gauge of companies that do the best job investing their capital. Yet, ROIC is by no means the only metric that investors should use to buy stocks.

References:

  1. https://www.suredividend.com/high-roic-stocks/#top
  2. https://www.discoverci.com/stock-scanner/roic-screener

Top Investing Rules

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The number one rule of investing is: Don’t lose money. In other words, preservation of capital and management of risk are most important for investors than maximizing returns and income.

What follows are 10 proven rules of investing to make you a more successful — and hopefully to build wealth — investor.

Rule No. 1 – Never lose money

Legendary investor Warren Buffett stated that “Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1.” The Oracle of Omaha’s advice stresses the importance of avoiding loss in your portfolio. When you have more money in your portfolio, you can make more money on it. So, a loss hurts your future earning power.

What Buffett’s rule essentially means is don’t become enchanted with an investment’s potential gains. Instead, focus on downside investment risks and preservation of capital. If you don’t get enough upside for the risks you’re taking, the investment may not be worth it. Focus on the downside risk first, counsels Buffett.

Rule No. 2 – Think like an owner

Think like an owner. Remember that you are buying fractional ownership of companies, not just stocks.

While many investors treat stocks like gambling, real businesses stand behind those stocks. Stocks are a fractional ownership interest in a business, and as the business performs well or poorly over time, the company’s stock is likely to follow the direction of its profitability.

Investing involves an analysis of fundamentals, valuation, and an opinion about how the business will perform and produce cash in the future.

Rule No. 3 – Stick to your process

The best investors develop a process that is consistent and successful over many market cycles. Be discipline and don’t deviate from your process because of short-term challenges and market volatility.

One of the best strategies for investors: a long-term buy-and-hold approach. You can buy stock funds regularly in a 401(k), for example, and then hold on for decades. But it can be easy when the market gets volatile to deviate from your plan because you’re temporarily losing money. Don’t do it.

Rule No. 4 – Buy when everyone is fearful

When the market is down, investors often sell or simply quit paying attention to it. But that’s when the bargains are out in droves. It’s true: the stock market is the only market where the goods go on sale and everyone is too afraid to buy. As Buffett has famously said, “Be fearful when others are greedy, and greedy when others are fearful.”

The good news if you’re a 401(k) investor is that once you set up your account you don’t have to do anything else to continue buying in. This structure keeps your emotions out of the game.

Rule No. 5 – Keep your investing discipline

It’s important that investors continue to save over time, in rough climates and good, even if they can put away only a little. By continuing to invest regularly, you’ll get in the habit of living below your means even as you build up a nest egg of assets in your portfolio over time.

The 401(k) is an ideal vehicle for this discipline, because it takes money from your paycheck automatically without you having to decide to do so. It’s also important to pick your investments skillfully – here’s how to select your 401(k) investments.

Rule No. 6 – Stay diversified

Keeping your portfolio diversified is important for reducing risk. Having your portfolio in only one or two stocks is unsafe, no matter how well they’ve performed for you. So experts advise spreading your investments around in a diversified portfolio.

“If I had to choose one strategy to keep in mind when investing, it would be diversification,” says Mindy Yu, former director of investments at Stash. “Diversification can help you better weather the stock market’s ups and downs.”

The good news: diversification can be easy to achieve. An investment in a Standard & Poor’s 500 Index fund, which holds hundreds of investments in America’s top companies, provides immediate diversification for a portfolio. If you want to diversify more, you can add a bond fund or other choices such as a real estate fund that may perform differently in various economic climates.

Rule No. 7 – Avoid timing the market

Experts routinely advise clients to avoid trying to time the market, that is, trying to buy or sell at the right time. “Time in the market is more important than timing the market.” The idea here is that you need to stay invested to get compounding returns and avoid jumping in and out of the market.

And that’s what Veronica Willis, an investment strategy analyst at Wells Fargo Investment Institute recommends: “The best and worst days are typically close together and occur when markets are at their most volatile, during a bear market or economic recession. An investor would need expert precision to be in the market one day, out of the market the next day and back in again the following day.”

Experts typically advise buying regularly to take advantage of dollar-cost averaging.

Rule No. 8 – Understand everything you invest in

“Don’t invest in a product you don’t understand and ensure the risks have been clearly disclosed to you before investing,” says Chris Rawley, founder and CEO at Harvest Returns, a fintech marketplace for investing in agriculture.

Whatever you’re investing in, you need to understand how it works. If you’re buying a stock, you need to know why it makes sense to do so and when the stock is likely to profit. If you’re buying a fund, you want to understand its track record and costs, among other things. If you’re buying an annuity, it’s vital to understand how the annuity works and what your rights are.

Rule No. 9 – Review your investing plan and goals regularly

While it can be a good idea to set up a solid investing plan and then only tinker with it, it’s advisable to review your plan regularly to see if it still fits your needs. You could do this whenever you check your accounts for tax purposes.

“Remember, though, your first financial plan won’t be your last,” says Kevin Driscoll, vice president of advisory services at Navy Federal Financial Group in the Pensacola area. “You can take a look at your plan and should review it at least annually – particularly when you reach milestones like starting a family, moving, or changing jobs.”

Rule No. 10 – Stay in the game, have an emergency fund

It’s absolutely vital that you have an emergency fund, not only to tide you over during tough times, but also so that you can stay invested long term.

“Keep 5 percent of your assets in cash, because challenges happen in life,” says Craig Kirsner, president of retirement planning services at Stuart Estate Planning Wealth Advisors in Pompano Beach, Florida. He adds: “It makes sense to have at least six months of expenses in your savings account.”

If you must sell some of your investments during a rough spot, it’s often likely to be when they are down. An emergency fund can help you stay in the investing game longer. Money that you might need in the short term (less than three years) needs to stay in cash.

Investing is effectively about doing the right things and about avoiding the wrong things. And, it’s important to manage your temperament (emotions) so that you’re focused and disciplined to do the right things even as they may feel risky, scary or unsafe.

References:

https://www.bankrate.com/investing/golden-rules-of-investing/

Gratitude Is An “Affirmation of Goodness”

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“Gratitude is “an affirmation of goodness”. When you practice gratitude, you acknowledge the good things in the world and the gifts you’ve received in your life.” ~ Robert Emmons

Gratitude is more than just a overused feel-good buzzword. In fact, gratitude is a surprisingly powerful force. It’s an attitude and practice shown to improve your mental, physical, and emotional health.

Gratitude is often defined as the expression of a deep appreciation for something or someone that is given freely without expecting anything in return.

Showing appreciation and gratitude for the things and people in your lives can help you adapt to change, cope with difficulties, increase your business success, regulate your emotions and improve your mental and physical well-being.

According to Robert Emmons, psychology professor and one of the leading scientific experts on gratitude at the University of California, Davis, gratitude is “an affirmation of goodness”. When you practice gratitude, you acknowledge the good things in the world and the gifts you’ve received in your life.

“This doesn’t mean that life is perfect,” Emmons says, “it doesn’t ignore complaints, burdens, and hassles. But when we look at life as a whole, gratitude encourages us to identify some amount of goodness in our life.”

And identifying this goodness has a big impact on our brains, bodies and well-being. Studies show that people who practice gratitude experience more positive emotions, improve their physical health, build stronger relationships, and better deal with adversity.

The Effects of Practicing Gratitude

1 | Gratitude Boosts Positive Emotions

Gratitude can help you experience more positive emotions. When we practice appreciation for the people, things, or experiences around us, we become more present and engaged with life and the joys and pleasures it has to offer. Gratitude interrupts the mental cycle of negativity bias helping to decrease anxiety and depression and shift your mindset towards more ease. With consistent practice, this positive mindset becomes a new habit, helping you experience more of the “good stuff”.

2 | Gratitude is Good For Your Body

Gratitude can improve not only your mental health but your physical health as well. Studies have shown the practicing gratitude can lead to lower blood pressure, stronger immune systems, and better sleep. People that practice gratitude are also reported to experience less aches and pains and seem to take better care of themselves with more regular exercise and check-ups at the doctor.

3 | Gratitude Improves Relationships (not just romantic ones)

Research shows that practicing gratitude can make our romantic relationships more satisfying, help us feel more invested in our friendships, and lead us to be more helpful coworkers. Beyond just feeling more positive about one another, gratitude helps us feel more comfortable expressing concerns about the relationship and motivates us to work harder and show up more fully in our relationships and jobs.

4 | Gratitude Makes Us More Resilient

Grateful people are more resilient when stressed. Studies show that a grateful disposition can help a person recover more quickly in the face of serious adversity and suffering. Given the physical, emotional and relational benefits described above, it doesn’t come as a surprise that people who practice gratitude feel more able to deal with the challenges they face. Staying connected to the resources in and around us helps guard against the anxiety of life’s stressors.

How to Actually Feel Grateful (and shift towards a gratitude mindset)

Whether you are a naturally grateful person or you find yourself more on the pessimistic side, a gratitude mindset is a skill we can all develop. The benefits of gratitude build up over time, so finding small and easy practices that you can commit to each day is the best way to feel the effects in your life. 

Start actively tuning into the positive events in your life and anything that make you feel good. Try one (or more!) of these tips today:

  1. Get into a habit of writing down three things you’re grateful for daily.
  2. Text/tell a loved one why you appreciate them. Bonus: It’ll probably make their day too.
  3. As you fall asleep or in quiet moments, make a mental gratitude list starting with each letter of the alphabet.
  4. Start a daily gratitude journal.
  5. Visualize something you love (a person, place, pet or object) and let your imagination bring it to life. Let yourself fill up with warmth. 

Bottomline, Gratitude Is An “Affirmation of Goodness”

References:

  1. https://www.calm.com/blog/why-gratitude-is-good-for-your-mental-healthhttps://www.calm.com/blog/why-gratitude-is-good-for-your-mental-health
  2. https://www.mindful.org/an-introduction-to-mindful-gratitude/

💙

Practicing Gratitude

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Practicing gratitude has incredible effects, from improving our mental health to boosting our relationships with others.

Practicing gratitude can have far reaching life-enhancing effects, from improving your mental health to boosting your relationships with family members and friends.

Living your life with gratitude helps you notice the little wins—like the bus showing up right on time, a stranger holding the door for you, or the sun shining through your window when you wake up in the morning.

Each of these small moments strings together to create a web of well-being that, over time, strengthens your ability to better notice the peace, joy and good in life.

Building your capacity for gratitude isn’t difficult. It just takes practice. The more you can bring your attention to that which you feel grateful for, the more you’ll notice to feel grateful for!

1. Start by observing. Notice the thank yous you say. Just how much of a habitual response is it? Is it a hasty aside, an afterthought? How are you feeling when you express thanks in small transactions? Stressed, uptight, a little absent-minded? Do a quick scan of your body—are you already physically moving on to your next interaction?

2. Pick one interaction a day. When your instinct to say “thanks” arises, stop for a moment and take note. Can you name what you feel grateful for, even beyond the gesture that’s been extended? Then say thank you.

Robert Emmons, psychology professor and gratitude researcher at the University of California, Davis, explains that there are two key components of practicing gratitude:

  1. We affirm the good things we’ve received
  2. We acknowledge the role other people play in providing our lives with goodness

Research has linked gratitude with a wide range of health, mental and emotional benefits, including strengthening your immune system and improving sleep patterns, feeling optimistic and experiencing more joy and pleasure, being more helpful and generous, and feeling less lonely and isolated.

“Gratitude is “an affirmation of goodness”. When you practice gratitude, you acknowledge the good things in the world and the gifts you’ve received in your life.” ~ Robert Emmons

References:

  1. https://www.mindful.org/an-introduction-to-mindful-gratitude/

Lessons of Warren Buffett

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An understanding of the investing lessons of Warren Buffett.

1. Value investing works. Buy bargains which involve buying assets at a price below the asset’s intrinsic value. Value investing takes time, focus, discipline and patient, and is a hard process to implement and follow. It requires a lot of work to determine the fair value of a particular business. If investors could predict the future directions of the stock market, they would certainly not choose to be value investors. But no one can accurately forecast future prices. Value investing is a safe and successful strategy in all investing environments. The biggest obstacle for a value investor is to remain disciplined and patient in every circumstance the market and life might throw at him. Most people quit value investing and long- term investing for this exact reason: because they lack the discipline and cannot sit through periods of poor performance.

2. Quality matters, in businesses and in people. Better quality businesses are more likely to grow and compound cash flow; low quality businesses often erode and even superior managers, who are difficult to identify, attract, and retain, may not be enough to save them. Always partner with highly capable managers whose interests are aligned with yours.

3. There is no need to overly diversify. Invest like you have a single, lifetime “punch card” with only 20 punches, so make each one count. Look broadly for opportunity, which can be found globally and in unexpected industries and structures.

4. Consistency, discipline and patience are crucial. Most investors are their own worst enemies. Endurance and long-term perspective enables compounding.

5. Risk is not the same as volatility; risk results from overpaying or overestimating a company’s prospects. Prices fluctuate more than value; price volatility can drive opportunity. Sacrifice some upside as necessary to protect on the downside.

6. Unprecedented events (or Black Swan events) occur with some regularity, so be prepared.

7. You can make some investment mistakes and still thrive.

8. Holding cash in the absence of opportunity makes sense.

9. Favor substance over form. It doesn’t matter if an investment is public or private, fractional or full ownership, or in debt, preferred shares, or common equity.

10. Candor is essential. It’s important to acknowledge mistakes, act decisively, and learn from them. Good writing clarifies your own thinking and that of your fellow shareholders.

11. To the extent possible, find and retain like-minded shareholders (and for investment managers, investors) to liberate yourself from short-term performance pressures.

12. Do what you love, and you’ll never work a day in your life.

13. “The first rule of investing is to not lose money, the second rule is to never forget the first one,” states Warren Buffett. Loss avoidance must be the cornerstone of your investment philosophy. Investors should not stick to bonds or avoid risks at all, but rather that “an investment portfolio should not be exposed to losses of principal capital over five to ten years”, according to Klarman. This, concentrating on avoiding big losses is the safest way to ensure a profitable investing outcome.

14. Ignore Market Price Fluctuations which are completely unrelated to the value of the investment or asset. When the stock’s market price goes down, the investment may be seen as riskier regardless of its fundamentals. But that’s not risk. Investors should expect prices to fluctuate and should not invest in securities if they cannot tolerate market volatility.

15. Avoid Leverage At All Costs.

References:

  1. https://hollandadvisors.co.uk/wp-content/uploads/2021/03/what-ive-learned-from-warren-buffett-seth-klarman.pdf
  2. https://medium.datadriveninvestor.com/how-seth-klarman-achieved-a-20-annual-return-for-30-years-8cd0f39da208