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Welcome to Long-Term Mindset, the Wednesday newsletter that helps you invest better.

Today's Issue Read Time: <2 minutes

  • Lesson: Play the long game
  • Timeless Content: A long-term bullish outlook
  • Thread: How much do you need to retire?
  • Resource: 2024 Asset Class Performance Chart
  • And more!

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Warren Buffett. Peter Lynch. Terry Smith. David Gardner.
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All of these legends analyze financial statements to make investing decisions.

  • They analyze the numbers to tell if a company has a moat
  • They avoid bad companies by looking for financial red flags
  • They use simple ratios to find high-quality businesses

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If you want to become a better investor, you must learn how to analyze financial statements.

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Friends,

On April 6, 1971, the Milwaukee Brewers began their season with a new radio broadcaster: a 37-year-old with an unremarkable baseball career. No one could have predicted what came next.

Over the following six decades, he would appear 100+ times on The Johnny Carson Show, star in a primetime sitcom, and earn legions of fans as Harry Doyle in the hit Major League franchise.

His name was Bob Uecker. Last week, at the age of 90, he passed away.

Something many outside of Milwaukee don't know: Uecker never stopped calling Brewer games. He held the job for 54 years -- his last game coming just three months ago.

We bring up Uecker because the name of our newsletter is Long Term Mindset. And in Uecker, we notice something we see in every field from those experiencing long-term success: a joy in what they do.

After his death, it was revealed that even after he stopped being able to travel on the road with the Brewers, Uecker would still go to the stadium...to help the grounds crew cut grass. That's how important this was to him.

We hear a similar sentiment of joy from none other than Warren Buffett. In his 2013 letter to shareholders, he said:

I truly do feel like tap dancing to work every day.

These days, it's not uncommon to hear terms like "grinding it out", or "killing it" as glorified stand-ins for professional accomplishment.

For those of us with a long-term mindset, our reaction is the opposite: mild revolution. For us, such terms are stand-ins for "short-term, unsustainable success."

Few would equate "cutting grass for free" or "skipping to work" as "killing it." But that's the whole point: we aim for the long view here.

If investing in individual stocks brings you joy, congratulations: you're already on the right path.

And even if it doesn't, the success you experience in this realm can free up enough time and money to choose a life that has you "tap dancing to work" every day.

Over the long run, we can't imagine a better proxy for success,

Brian Feroldi, Brian Stoffel, & Brian Withers

Long Term Mindset

P.S. Have you Seen any great investing content lately? Reply to this email with what you've found and we might include it in a future newsletter.

One simple graphic

One piece of timeless content

Are you feeling like stocks are getting "expensive"? You are correct. Michael Batnick from Ritholtz Wealth Management shares that Stocks Are More Expensive Than They Used to Be and why.

One thread

One resource

Are you wondering where to get "official" economic metrics? FRED; "Short for Federal Reserve Economic Data, FRED is an online database... [with] thousands of economic data time series." Check out this graph on the U6 unemployment trend, the US government's more comprehensive rate, which includes the part-time underemployed.

One quote

Brian Stoffel

Brian Withers

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More from us:

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VIDEO: Confusing Finance Terms Explained Simply​

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VIDEO: TransMedics PLUNGES on a short report​

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Long-Term Mindset

I teach investors how to analyze businesses. Each Wednesday, I share six pieces of timeless content that can be read in less than 2 minutes. Read by 100,000+ investors from a16z, Amazon, Google, Microsoft, and more.

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