What You Have Learned from David Gardner, Vol. 5

Once a year, well, it happens to you too. Right? You have a birthday, and that time of the year, every year for me, is mid May. We've had a tradition with this podcast, which is that you give me a gift, which you did once again this month. Thank you so much. You give me a gift in the form of notes, emails, tweets, sharing what you've learned from this podcast.

And then I organize your thoughts, and I give a gift back, a concise and entertaining summary of the cardinal points made, the most frequently recurring points you make, which really in a way summarize Rule Breaker Investing, especially for new listeners. This series is entitled, what you've learned from David Gardner and here in twenty twenty four, that's volume five. What you've learned from me, thank for the birthday present. Only on this week's Rule Breaker Investing.

It's the Rule Breaker Investing podcast with Motley Fool cofounder David Gardner. Happy birthday to you, my fellow May birthday friends. I know there are a lot of you out there, perhaps especially to those like me who have birthdays this week. Happy birthday. That includes Janet Jackson, by the way, who's never appeared on this podcast other than my seemingly annual mention that Janet and I don't just share the same birthday, we share the exact same birthday.

So happy fifty eight. Janet Jackson, twins forever. This year, we're gonna do it in eight points this week. Four for investing, one for business, and three for life. Now before I get started, two points to make upfront. The first is while I have eight lessons for you this year, there might be a ninth, unspoken lesson here too worth heating. So let me speak it out a little bit. I'm gonna make it my ninth shadow lesson. I'm gonna put it right up front here.

First, Through this podcast, I'm always intending to talk with you from week to week about investing and business and life. And thus it is in their interconnectedness that one of my more important lessons this ninth resides. The lesson is connect them. They should be connected. If you disconnect investing from business, from life, that way, in my experience, trouble, maybe even eventual madness lies.

So again, I know people who tend to disconnect these things one from another investing, business, and life. For example, if you disconnect investing from life, you're like, yeah, whatever. I'll just buy that stock. I don't really care what the company does out there in the real world. I don't care what it does to people or to the environment. I'm just here to to make money. Well, that's disconnecting investing from life and I think that's a real mistake.

Make your portfolio reflect your best vision for our future. The lesson is to connect them and they should be connected because if you if you disconnect them, that way, in my experience anyway, trouble, maybe even eventual madness lies. So again, I know people who tend to disconnect these things one from another investing, business, and life. For example, if you disconnect investing from life, you're like, yeah, whatever. I'll just buy that stock.

I don't really care what the company does out there in the real world. I don't care what it does to people or to the environment. I'm I'm just here to make money. That's disconnecting investing from life, and I think that's a real mistake. Make your portfolio reflect your best vision for our future. Or what about disconnecting investing from business? A lot of people do that. They're like, hey, listen. I'm a professional. I'm in business. I don't have time for investing.

I just give my money over to my money guy. Hope it all works out. And well, I hope it does for you and it can, but a reminder, no one, absolutely no one cares more about your money and your financial freedom than you do. Or conversely sticking again with disconnecting business from investing, maybe you start day trading. You're the one who buys that trade station three thousand, and you're all about the zigs and the zags, the wigs and the waggles, you're probably very short term oriented.

You're disconnecting investing from the real work of the businesses themselves. These aren't companies. They're tickers with charts. Really? And the last example of disconnection, what about disconnecting business from life? Well, for some of us, we can think of people who who are so much about their career. They're forgetting in part about the things outside their career. For example, sometimes sadly, their families.

I think just as conscious capitalism seeks out that win win win for customers, for employees, and for shareholders, all three. It's in that holistic view of solving for everyone. Here, winning for your investing, winning for your business and professional career, winning in and for your life, I think we owe it to ourselves, our families, and the world at large then to connect investing, business, and life to win win win. ABW always be winning, Always be going for three way wins.

Anyway, don't disconnect. Connect investing business and life. And that's my shadow ninth point put right up here upfront. That's what we try to do on Rule Breaker Investing, which by the way is now in its ninth year and counting. That's the shadow lesson that won't otherwise be spoken to this week. And the second point, briefly, some of these that I'm sharing with you this week are occasionally hard for me, a bit embarrassing in parts to read.

If someone's ever written a heartfelt note to you, you read it, probably loved it. Right? But did you then read it out loud for everyone to hear what I'm doing here? Probably probably not, and it can sound a little bit prideful. So please know that anything over the top, I am excluding I'm excluding to some portions that my correspondence asked me to exclude, in one case, their full name, but not to read.

Some of the most heartfelt language is itself a minor affront, not fully honoring or reflecting the sentiments of the kind person writing in. So if here or there, it's a bit awkward for me to read, I'm gonna do it anyway. But mostly, the aim is to convey rational lessons from my kind correspondence, my fellow fools and rule breakers.

This episodic series every year is to be a guide of the nudges and reminders of the clearest strongest points I try to make over the weeks, months, and years, and I can't do that unless you let me know what they are and what you've learned. So thank you once again for writing in. I feel celebrated. I feel honored. It's my birthday. Let's get started. And as I do with many, a mailbag, I'm gonna do here with this episode what you've learned from David Gardner with some Twitter hot takes this week.

At k Scott Burgess. Kelly, thank you. You said, one, I learned kindness, intelligence, and wealth do not have to be mutually exclusive. And two, so much of life is a game. Play it with the joy of a child and wisdom of an adult. That is better put than I think I've ever put it, Kelly. Thank you. At Scott underscore peace. What have you learned from me, Scott? You will have losers, and I love that point. You know I do.

Yes. I've had many losers with stock picks I've made from Motley Fool members, investments I've made on my own, and that is its own important lesson. Too many of us, I think, fear losing, and we do indeed need to lose, lose graciously, and get ready to lose frequently, especially if you're a rule breaker investor. You got it, Scott. Thanks for letting me underline that. At lisa a one zero five. Lisa, you said, what have you learned from me? To not panic with an appropriate emoji.

I'm glad that Scott Adams and I can teach the world that. Thank you, Lisa. Rob Shreve at r e s underscore baby blue. Rob, you said I learned to evaluate The Motley Fool selections, invest in what you know, invest in a broad portfolio greater than twenty five stocks, and hold for three to five years at least maybe forever. Thank you, Rob. Very succinctly summed up. Last one I'll share at three zero seven fool, one of my favorite fools, mad hard. Mad, thank you for this.

You said, I've learned hundreds of great lessons from your words and your transparency, but I've learned far more, Matt said, from your actions. Through your consistent work, you've helped me show that optimists can win and help others. At the same time, a true winner winning can create more wins. Thank you, Matt Hart. You, sir, are a winner. Alright. Onto what you've learned from David Gardner. Again, I have four investing lessons, one business lesson, and three in the area of life.

So here comes investing lesson number one. Several of you wrote in to this same effect. It is in fact the first habit of the Rule Breaker Investor, a podcast I did years ago and the very first habit because I tend to lead off with the most important ones when I put together lists of the six traits that I'm looking for in rule breaker stocks. That first one, whatever it is, and if you're a regular listener, you know that first one, I'll be covering it again a little bit later.

That first one really matters to me. I put the best one upfront usually in my lists of six. And for habit number one, I call it rule number one, let your winners run Hi. And this lesson came back to me in a number of your notes just to share a few. Frank DiPietro, thank you for this. Hi, David. Happy birthday, Frank writes. The key learning that you gifted to me is to have the ability and emotional tolerance, Frank writes, to do nothing.

If you wanna have a super low basis in shares that you own, keep them for decades and ignore all the noise. If I remember correctly in twenty twenty, the first year of the pandemic, when there was tremendous volatility in the market other than for a family member, you made no sales or purchases of stocks for the entire year. You did nothing. Happy birthday. Signed Frank. Frank, that is accurate. I sure enough did absolutely nothing. In fact, not just in twenty twenty.

I don't think I bought or sold any stock throughout the pandemic. Maybe once or twice or maybe to give some away to charity, but do nothing is in fact a great lesson, and I'm glad that you've learned that from me. It keys back in to rule number one, let your winners run high. This was also conveyed well by Mark Jensen. Mark, thank you for this birthday wish. Happy birthday, David. You taught me something you've never said.

The thing I've learned from you, though I don't think you've ever said it is never sell ever. I find most of the stress in investing, Mark writes, is not the buying, but the holding. If I never sell, then I've reduced that amount of stress. Mathematically, if I never sell, I can only lose one hundred percent of a bad investment. But if I never sell, I might make one thousand percent over twenty years. Happy birthday, David, and thank you signed, Mark.

Well, thank you, Mark. And I wanna mention that you can do better than a thousand percent over twenty years. I do wanna point out that a thousand percent is actually eleven times your money. Sometimes people get tripped up by that. Of course, one hundred percent gain is double your money. So a one thousand percent would be eleven times your money mark or an eleven bagger. And I think, well, we often have done better when we find true rule breaker stocks and hold them for twenty years.

But, sure, I'll take an eleven bagger anytime. Thank you for that, Mark. And the last note along the same lesson, rule number one, let your winners run high. My favorite came from Don. Dear David, perhaps the most important lesson I've learned from you is let your winners run. Don writes, prior to becoming a member of The Motley Fool in two thousand eight, I was inclined to sell a stock after it increased in value in order to, in quotes, lock in gains.

I often fell into the trap of thinking you never go broke taking a gain, Don writes, true. But if you always sell two or three baggers, you'll never experience the joy of much higher gains. Paying capital gains taxes then reinvesting the proceeds in a stock that might not be as good as an investment in the stock I just sold was discouraging. Of course, many of my Motley Fool stock picks are not beating the market, but the multibaggers far, far outweigh any losers.

This mathematical reality is another important lesson you highlighted for me. Don says, thanks to you, I've watched these winners run. Apple plus six thousand two hundred percent, Chipotle plus eight thousand percent and Netflix plus thirteen thousand seven hundred percent. Wow. Unfortunately, Don adds, I waited until two thousand twelve to buy shares in Amazon dot com. It's up nine hundred percent since then. I was also late to the NVIDIA party.

It is up over thirteen hundred percent since I purchased shares four years ago. Besides providing for an early retirement, your advice has allowed my wife and me to donate many shares of appreciated stock to our church and other ministries. Happy birthday, and thank you sincerely in Christ, Don. Well, Don, thank you. And I know having gotten to know you some over the years as a Motley Fool member that you served and led, a number of churches.

And I'm just so delighted to hear your story, and it's so inspirational for anybody to put real numbers out there showing the benefits to all of us, opening our eyes to yes. As Don says, don't be satisfied by just doubling or tripling your money. I know that sounds great, but rule number one is to let your winners run high.

And I think from each of these fellow fools, you've heard it said back mirrored back to us a great reminder and investing lesson number one from what you learned from David Gardner this year. Alright. On to investing lesson number two. This one comes by way of Rich Smith. Rich, thank you for the note. David, what have I learned from you this year? Well, there are a myriad of things to choose from, Rich writes.

There have been some classic themes I could pull from, like dark clouds I can see through or to add up and not double down. However, I think I'll take a fuller spin, hopefully, on the times when you receive a question from none other than David g on the Rule Breaker Investing podcast. And here, Rich is referencing when I occasionally, I write myself a mailbag item. But, unfortunately, Rich goes on, I am not you.

So to help me write you a birthday message that would be from you in essence, I decided to take up chat g p t to see what would transpire. Here we go, says Rich. And here was his prompt. Write a ten to twelve line birthday message to David Gardner from The Motley Fool about what I've learned from him from May twenty twenty three to May twenty twenty four.

That is in David Gardner's voice, and this was the response which I will read in honor of Rich's effort and, of course, artificial intelligence overall. Here it goes. Happy birthday, David. It has the celebration emoji. Thanks, Chad GPT. As you add another year to your incredible journey, I wanted to take a moment to express my deepest gratitude for the invaluable lessons you've imparted upon me over the past year.

Your unwavering commitment to seeking out and investing in innovative, disruptive companies has inspired me to think beyond the status quo and embrace the limitless possibilities of the market. Your emphasis on long term vision and patience has taught me the importance of staying true to my convictions even in the face of short term volatility. Your boundless enthusiasm and passion for investing have fueled my own curiosity and drive to continually learn and grow.

Here's to another year of wisdom, success, and prosperity. Cheers to you, David, and may your birthday be as extraordinary as your impact in the world of investing. And we've got two more emojis, the rocket emoji and the birthday cake emoji. And thank you, Chad, GBT, and Rich. Rich adds his own personal note at the end. Back to me, he writes, learning to use ChatGPT has made some tasks easier and I wanna genuinely on my own with no help wish you a happy birthday.

To add one more lesson from over the years of listening, while I missed out on investing in Costco when it was recommended years ago, I was able to add to my position a few more times realizing how wonderful of a company it is. I hear you, Rich. You're adding up, not doubling down. Again, happy birthday and may your foolishness increase with each passing year foolishly, Rich Smith. Well, Rich, thank you very much. And, you know, that's such a lovely note, and thank you, Chad GPT as well.

Of course, I wanna highlight two things that Chad GPT said there. The first is that emphasis on investing in innovative disruptive companies. That's otherwise known to me anyway as stock trait number one for the rule breaker stocks. Trait number one, top dog and first mover in an important emerging industry.

So I'm glad that Chat, TBT, and Rich highlighted that because I think that's one of my most important points I've tried to make over the years, not just to this podcast, but the last thirty years ever since I first wrote it in our book in the late nineteen nineties, Rule Breakers, Rule Makers, and have picked stocks that way ever since. Looking for the top dogs and first movers in important emerging industries. That is the way you find yourself with the best stocks of your generation.

You can endure any number of losers to find those stocks. And if you're a venture capital style investors I am, you know that losing is part of winning. But when you do find the top dogs and first movers in truly important and emerging industries, you end up with a handful, maybe even more than that, of rule breaker companies leading your portfolios to massive gains over long periods of time. So I'm glad that Rich and his pal, Chad TBT found that one.

I also wanna just emphasize that phrase, that drive to continually learn and grow. I think that is what keeps all of us from being complacent.

You might think you've got things licked with your latest great stock, and and then all of a sudden something comes along and disrupts it or a new technology like artificial intelligence like chat GPT emerges and starts making us all again question our assumptions and think again about what the best version of our future might look like and how we should be invested accordingly.

And that doesn't mean you need to react or overreact to every week's headlines, but it does mean that you should be continually learning and growing. That's not just true of you as an investor, of course, but as a professional and as a fellow liver of life. So thank you, Rich and Chad, for for highlighting those because those are really important lessons to me. I love to share out through this podcast. Let's move on to investing lesson number three. This one comes from my biggest fan, John.

John, thank you again for writing in and for this birthday present. John, you run, hello, David and RBI family. Happy early birthday. What have I learned from David Gardner? Well, where do I begin? So much wisdom to choose from. I keep a journal specifically entitled, what have I learned from David Gardner? In the years past, I gravitated toward life lessons, John writes. This year, however, I'm gonna pick a financial one. The market capitalization.

In the past, the only reference I had with market cap was either small, medium, or large, which only helped me with my portfolio allocation. By listening to this podcast and your emphasis on the market cap, I found myself referring back to it when trying to appreciate the value and size of any given company. Recently, a friend of mine excitedly told me that I needed to buy Chipotle stock because it was about to split.

I was able to convey back that stock splits are not the best reason for buying a stock. But if my friend instead believed that Chipotle could grow beyond its current market cap, then that might be a better reason to buy the shares. Without this knowledge, we wouldn't be able to have a meaningful discussion. I know he walked away with more understanding on how to see a company through John writes its market capitalization. And so a big thank you for your creation of the Market Cap Game Show.

It's really made learning a mundane but important topic like market cap so much more fun and exciting. Happy birthday forever, a fool jump, my biggest fan. Well, again, thank you, John. And I will say a highlight for this year, for me of this podcast has been the month that we dedicated to the Market Cap Game Show. The first time we've done that now in our ninth year.

March Market Cap Madness and our World Championship, and I think those of us who've been following along know that Andy Cross is the title bearer, the world champion of the market cap game show, the first we've ever crowned. He happens to be the chief investing officer at The Motley Fool, which feels I don't that feels pretty good to me as a shareholder of our company. But, thank you. Market cap has always been an important topic. It's such simple math.

All you do is take the number of shares a company has and multiply it by the company's share price. As we know, John, probably too many people in the world don't really know how many shares are out there. They just know the share price, and they think a low share price, especially penny stocks, would be attractive. And so they tend not to look at the great companies like Chipotle that you mentioned, but they look for penny stocks thinking that it's all about low price per share. It's not.

It's about the company's market cap and more important what that market cap might or might not grow into over time. It enables you to size and understand every company in the market in the same way you can look up or down the aisle in a grocery store and see what's on offer and all of the price tags. So that clarity, I think, that market cap gives us, Jum, and all my fellow Rule Breaker Market Cap Game Show fans, I I think that's worth highlighting, and it's a delight to share that lesson.

And the fourth and final investing lesson for what you've learned from me over the past year comes from Max Carr. Max, you wrote happy birthday, spiffy fool. You've been the most influential professional to me over the past five years. From you, I've learned Max is having fun with this. I know where you're headed with this, Max.

Those who remember my three hundredth podcast, which is about a hundred eighty back or so at this point, more than three years at this point, you'll remember my three hundredth podcast was entitled This is Sparta. It was my three hundredth podcast, and so you're riffing off of that, Max. This is Sparta, Max said, one of my favorite episodes.

It really was one of my favorite episodes to do as well, and I hope anybody who didn't get a chance to hear it will just Google Rule Breaker Investing three hundred and relisten to my three points. The first one was entitled this. The second one is entitled is I wasn't just joking. There are great points to be made about investing business life from just the word this or just the word is, but, of course, the punch line was the third section, Sparta.

Max goes on, likewise, you have taught me, we can invest in individual companies and win. We can have fun investing, winning, and losing. Max goes on. We can believe in and invest in something that others may not agree with. We can focus on and be thankful for the beauty and intelligence we have. We are, Max concluded, living in a protopia. You've shown me that even if the road less traveled is the one where we can lead a more interesting life we can take it.

No matter what the odds are, we all live our own lives and we can play by our own rules, and we just may be better off for doing so. This is Sparta. Thank you, David. Well, thank you, Max Carr. That was a fun one to close the investing section on. And just a few reactions back, you know, one thing that the movie three hundred taught the world is courage in the face of overwhelming odds. The Spartan standard thermopoly exemplifies bravery and determination despite knowing you're likely defeat.

And that puts me in mind of how we think as rule breakers, because often it takes courage to buy in the face of overwhelming odds. A lot of Wall Street is often made to sound as if we on Main Street, I include myself, we on Main Street couldn't possibly compete against the genius of Wall Street and all the algorithmic computers and all the people on CNBC and their talk. We couldn't possibly beat the market. Could you and I actually beat the market overwhelming odds?

Very much can relate to that lesson from three hundred. The second one that I love and you highlighted this, Max optimism. Optimism that breathes through people who say, yes, we can. And that's exactly what your note did over and over. And I think optimism not just important to me, it's always been important to this podcast. We highlighted it just a few weeks ago with Bill Burke. I know a lot of you enjoyed that podcast as did I. It was simply entitled Optimism with Bill Burke.

And anytime you need an espresso shot of optimism, just go back and listen to that conversation with Bill Burke. And the third and final thing I thought about, since we're thinking of threes max and I was thinking about your note is just the community of fools that we have. You know, the movie three hundred reminded us that close knit bond among the Spartan warriors. Great strength is found in unity and in camaraderie.

Similarly, I've always felt that at The Motley Fool with my fellow fools, whether I'm talking about my employees, just my brother as we started it from nothing, our employees today, but even more importantly, the thousands upon, frankly, millions of people who at different points over the last thirty years have said, I'm a fool too. And here's why. We've always been outnumbered. We're always gonna be outnumbered as fools. We're always gonna be underdogs when you call yourself a fool.

And when you say, not only that, but I'm I'm a rule breaker too, that takes some courage. And I think in that unity and in saying, I'm a fool. You're a fool. We're okay. We're fools. And we're not just okay. We're having more fun. I think that's a really great lesson. I hope that comes through Rule Breaker Investing Max. I think you get it. Alright. Four points done. Four points to go. We're moving now to business where there's one lesson that Amit Somani you helped make through your note.

Thank you so much for writing in over this past week. Hi, David. Happy birthday, Amit writes, fellow Taurean. I run an early stage venture capital fund based in Bangalore, India. Done so for the past ten years. I've been a Motley Fool follower on and off since the mid nineteen nineties. That's pretty much when we started the company, so that's thirty years or so. Thank you, Amit. I lost track, but your podcast brought me back first as a listener and, honestly, now also as a subscriber.

Well, I'm delighted to hear that. I've learned a ton from you, Ahmed says your podcast is pure giving. Your infectious energy is inspiring. We also run a podcast and are now at about one hundred fifty episodes after four years. By the way, Amit works for his own company. He's a managing partner of Prime Ventures, as he mentioned, based in Bangalore, India. We also run our own podcast. He said a hundred fifty episodes after four years. I can tell you and your listeners that it's exhausting.

Hats to you and your team for your relentless energy. It inspires us. I love your humility and your inclusiveness. You're always respectful and kind to all your guests, senior colleagues, even younger analysts that you bring to your show. As someone wise has said, being kind is better than being right.

And on the investing side, one of the many lessons I've learned from you is to keep buying your winners, not to mention never to sell them, a theme that keeps coming through, doesn't it, dear listener? I wish your podcast had existed in the two thousands. I'd have bought a ton more of Costco and Amazon and not just those initial positions. And the way you left your gig at The Motley Fool in twenty twenty one was also quite impressive.

There was not much fanfare yet You continue to stay connected and pay it forward. Classy, I hope to mimic that someday. I count you in the same league as Peter Lynch and in a related way, Jack Bogle of Vanguard. Not only will you be counted among the investing greats, but your wisdom, passion, quotes, your overall joie de vivre will live for a long time.

And last but not least, if The Motley Fool were ever to be a publicly listed company, I'd be one of the first to queue up to buy its shares there. I said it. Thank you. Good luck. God bless you, David. Regards, Amit Somani. PS, India is at a time in its economic journey where it needs its own Motley Fool. I would love to invite and host you here someday.

Well, I parked this beautiful note, Amit, thank you, in the business section because we're speaking one businessman one business fool to another. I'm glad you're doing a podcast. I have found the act of doing a podcast. Of course, you're gonna need to have a pretty good producer, and I've had them. Rick Engdahl for most of the time now on sabbatical, and, of course, my pal, Des Jones, now working behind the glass.

You need to have a good sidekick to do a good podcast, and I benefit every week from the edits that shorten this podcast. I realize sometimes I probably talk on too long. I hope I don't do so this week, although it's a special week. But having a great producer matters a lot. But ultimately, going back to the mic in good times and bad, we've been through just nine amazing years of ups and downs in the market, picked some stocks along the way, done really well.

But most of all, I hope, conveyed the important lessons of investing and business and life. And, Amit, it's a delight to have you and your attention. I wish you the best in Bangalore. I hope the Motley Fool does make it to India one day. It's not my call right now or these days, but I I would love for us to be there at such it's the most populous country in the world. I will say we've kicked at this and tried this at different points or thought more about it.

Some of the regulations, I think we found very onerous to open up an investing advice business internationally in India. I'm speaking more for the team, I think, which whenever I forward notes like yours to them, they say stuff like that having done some of their due diligence. But I hope the world continues opening up. I really love India. I think it represents so much of the future of the world for the rest of my life.

You will be the most populous country in the world, and there are a lot of good Indian friends that I have. So thank you, Amit. I'll count you among them. Best wishes, my friend. Alright. And now our final three lessons, what you have learned from David Gardner and their about life. And the one I'm gonna lead off with is the one that probably recurs most frequently from one year to the next. This is the fifth episode in my annual episodic series.

Sometimes it will repeat itself from one year to the next, and sometimes new themes will emerge here or there. I think this is a timeless theme that will keep bouncing back every year I do these. It so far has, I think, in every year I've done these. And Martin Triggs, you put it very well. Thank you. What have I learned from David? Greetings and a very happy birthday. David, I've learned so much.

I filled up notebooks with your contrarian lessons and insights since these great rule breaker podcasts began, Martin writes writing in from Japan. I would say the most impactful thing I've learned from you is your exhortation to, and I put it in quotes, lead a more interesting life. This is something Martin writes that we should all try to do every day. It helps break us out of our prison of self, keeps us curious and learning about the strangeness of life.

It can be done as simply as reading a quality book you or your guests mention, or read some history to discover new things about your own country, the area in which you live. Serve the elderly, veterans, the poor, people in desperate situations of which there are, Martin reminds us always, many, we must also encourage them in the midst of the storm to also try to lead more interesting lives. Regards, Martin Triggs. Well, thank you for that, Martin. So succinctly said.

And there is a podcast that I once did, one of the shorter I've ever done for rule breaker investing. Anybody who's not heard my mini sermonette, I think it runs ten or twelve minutes. Just go ahead and Google lead a more interesting life. Tells a story and conveys the points, I would say, in about eight more minutes than Martin spent in his own. So Martin, thank you for so succinctly summing up maybe the most important lesson that I can offer. Anyone life point.

Whether it's the podcast I just mentioned where I speak to this or me speaking right now, I'll remind you it's not just a life point. The surest path to being a better investor is yourself to lead a more interesting life. Get in touch with what's happening in the world. Think about the future. Go out there. Take some risks. Try things. Travel. Speak to people you would never have spoken to before, lead a more interesting life.

You will learn so much more about what's going on and that will translate directly into the investment choices that you make and the portfolio that we are all building for ourselves, our families, our financial freedom lead a more interesting life. Thank you, Martin Triggs. Let's move on to the second of three points. This is for those counting at home number seven of the eight lessons from this week's podcast. This one comes from long time fool Jason Trice.

And many regular listeners will remember Jason from the mailbags of the past, but maybe most particularly, maybe my most special mailbag of all the one hundredth mailbag I tend, whether it's three hundred or one hundred, I tend to make a big deal of round numbers as we do many contexts in life. No exception here on this podcast. Our one hundredth mailbag done just a few months ago featured the live voices of some of our favorite regular correspondents. Jason Trice was one of them.

Jason, you'll be remembered by many for what you said a few months ago, and I wanna add what you said for my birthday to this podcast. Thank you. Dear David, happy birthday, Jason writes, and thank you for the opportunity to share these lessons each year. I enjoy writing these notes as they serve as a great way to slow down and process the wonderful lessons you share with the rule breaker community each week.

This year, I learned several powerful lessons, none more impactful than what I saw in action during the one hundredth mailbag episode. Let me first say what an honor it was to be included in such a wonderful collection of rule breakers. As I joined you and other fools via Zoom, I had a realization that was hard to put into words.

And then during the most recent last week's episode, blast from the past, volume nine, I heard you share highlights from a previous interview with Roy Spence, and I was able to tie it altogether. You spoke about the power of being a four person as Jason is writing and repeating. And if you didn't get a chance to hear it last week, I hope you will, dear listener.

This is as opposed to being an against person, shouting down others, explaining what you're against, contributing to some of the lack of civility we sometimes see in our world instead being a four person someone who's four things four people continuing with Jason's note. You said it was a force multiplier. I saw this in action during the one hundredth mailbag episode. A four person is someone who roots four others. They're looking to help, encourage, and build up.

They're consistently thinking of ways to create wins for others. This desire doesn't come from selfish ambition, but is driven by an inner humility and the natural joy of seeing others succeed. This is what I observed during the one hundredth mailbag episode. David, you are a four person. It's multiplied through your organization and the Rule Breaker community. I am overwhelmed when I reflect on the last four years and think through my investing journey.

The road is paved with fools who went out of their way to help and encourage me. Thank you for being for me. Thank you for taking valuable time to encourage me on my journey. I'm forever grateful. Will do my best to continue your example. Happy birthday and full on. Jason, some notes don't really need me to editorialize or add too much after it. Yours is one such. Thank you. That was beautiful and I receive it and it was so well put.

Alright. Before I hit the final one, number eight, our third life lesson. Let me just mention there were a lot of great contributions I couldn't really read or fully share. I do wanna call out Jason Moore on Twitter. I know many people still call it x. You're still gonna hear me calling it Twitter for a prolonged period here on the Rule Breaker Investing podcast.

But Jason did a beautiful job tweeting out a really nice tribute to this podcast and, some of his favorite episodes over the last year of this, my, I guess, my fifty eighth year on this planet. So thank you, Jason. Anybody who is on Twitter slash x, just look up at Jiminy Jellickers. You can look up our hashtag at r b I podcast, and you'll see his lovely listing done on Tuesday, May fourteenth at Jiminy Jillickers. It's kinda hard to spell.

I'm not gonna bother, but a lot of us follow Jason because he's really a fun guy to follow. And he called out a number of the episodes he's appreciated and the lessons that he learned from them. And I just wanted to honor that effort by mentioning that here. And now on to what have you learned from me, number eight. This one from first time correspondent Kevin Jong. Kevin, thank you. Kevin writes happy birthday.

I've been a listener of your podcast since twenty twenty, and it's made Wednesdays a highlight of my week for the last four years. Thank you, Kevin. I've never written a letter to you before, but I must write to you this week. I've had two big recent life changes that have led me to think often about you and what I've learned from you. The first is I became a dad two months ago. It's been the most challenging but rewarding experience of my life.

The many baby duties like feedings, diaper changes, bottle cleaning means more time to listen to Rule Breaker Investing podcasts, especially old ones that I missed from two thousand fifteen to two thousand twenty. My son will probably learn more words from David Gardner than from his dad for, just the next year or so with a smiley. That that is funny, Kevin. David, I've learned so much from you about being a dad. It's not just head knowledge, Kevin writes. I'm taking action.

I just started an investment account for my son this past week where I will incorporate foolish investing principles. I will also keep a note of funny sayings as he learns to speak, and I will encourage my son to face obstacles head on like you did for your children. David, thank you for showing us qualities qualities of what a great dad looks like. I will strive to bring joy, humor, love, and great financial advice to my son and family like you've brought to our community for all these years.

And for my second big life change,

here's a bit of context first. I'm a child of immigrants who came to the US with very little. I was always taught to study hard so that I could get into a prestigious school and land a well paying, safe job. Through lots of luck, extreme dedication from my parents, and hard work, I was fortunate enough to attend an Ivy League school, work at a top management consulting firm, and now work at a venture capital firm.

I'm so grateful for these opportunities, and I've developed a passion for business and investing. However, two months ago, I was given a dream job as an assistant collegiate water polo coach. It's a sport I know and love, and I'm gonna follow my heart and take the job. Most people think I'm crazy to leave the world of venture capital to go be a water polo coach, but I'm so inspired by you're saying lead a more interesting life.

Stories from the full community, especially from the one hundredth mailbag podcast, give me confidence that leading a more interesting life will not only be fun, but will also make me a better investor. Moreover, I recently stumbled upon an episode from April twenty sixteen where you talked about the connection between sports and investing. And, David, like you do so often, you gave me words to clearly explain something that I felt but could not articulate.

You said that sports make us better investors because sports is an arena where you can execute a strategy and see an immediate outcome, allowing you to test and hone your strategies. It was what my heartfelt, Kevin writes, but my mouth could not say I needed this. Thank you. I admittedly still nervous about taking this huge pay cut and making this career change, and I'm certainly still in the messy middle of proving myself as a collegiate sports coach.

However, I know that you and the full community will be cheering me on, and that gives me a lot of confidence. Thank you, David, for giving me and countless others the boldness to pursue our dreams and to lead a more interesting life. Thank you for making us smarter, happier, and richer full on, and happy birthday. Well, thank you, Kevin. I often say I saved the best for last, but I also often say out the other side of my mouth, I love all my children. I love all my listeners.

I love every one of the emails, the ones I got to read and the ones I didn't and the points I got to share this week. That was really special though. And in conclusion, I'll say I appreciate that you are following your dreams. They think you're crazy. Well, and if it's just about the dollars, maybe you are. But, Kevin, I think you're finding it's not always just about the dollars.

And by the way, if it doesn't work out for you, I think your outstanding background, your character, the lessons that you're gonna learn suggest to me that you probably are an easy hire back into the industry in which you've thrived if it turns out not to work out. But your reflection about fatherhood is beautiful. I love having been a father myself.

It's one of those things I always wish I could have been better at, but also where I always feel still so fulfilled and happy and I hope you feel the same way. I love that you picked up some of my tips especially the one about writing funny things down, time stamped, the gift that will keep on giving, I assure you. And finally, how foolish of you to start that investing account for your son. This is this is one of the hugely valuable things we can do for others in life.

Get them started as early as possible soon, now, yesterday, and pick investments for them that they're gonna understand and appreciate and that will we hope Yeah. Appreciate. So I say, great job, Kevin, John. Great job, dad. Alright. That's it. I feel seen. It's a very happy birthday, and we're at the end of this week's podcast.

And this year's what you've learned from me with eight lessons that I've tried to underline and illustrate, of course, with your stories, the anecdotes of others. So thanks to each of you who wrote in, especially if you did so just to write in. And if I couldn't share it on this podcast, there's not space and time for all such expressions. I so appreciate them, and here's why. It is indeed I who selfishly and secretly get to learn from all of you every day, week, month, quarter, year.

It has been an incredible journey here as I embark upon my fifty ninth year having turned fifty eight this week. You know, The Motley Fool is now thirty plus years itself. I'm always looking ahead, though. I couldn't be more excited about the next thirty years or so for you, dear listener, for each of you, my fellow fools, and what we can do together. I hope you have a wonderful week. Happy birthday, Janet, and to many of you too this month. Fool on.

As always, people on this program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against. So don't buy or sell stocks based solely on what you hear. Learn more about Rule Breaker Investing at r b I dot fool dot com.