Build Consent

I am not worried about superior Artificial Intelligence competing against humans in Capital Allocation. This is because I don’t believe Capital allocation is a Win-Lose competition. Although it is pitched as a Zero-Sum game, by definition. Performance is measured relative to the average, so outperformance and underperformance add up to zero. Unless you are an active trader (which allows you to be outplayed), you are an owner of a slice of a real underlying business. This means nothing other than the performance of the business determines your long-term success. If you are never a forced seller. What really matters is the absolute rather than the relative performance. That can be Win-Win with the necessary self-discipline. The number one rule of investing is never be a forced buyer or seller. You do that by building breathing space. Build Buffers. Build the ability to say the words Yes and No with enthusiastic confidence and choice. Build Consent.