Going Wild

Everything has gaps and holes. That is the key idea behind biodiversity and wilding. We are wild. We are rough on the edges. We don’t know, and we don’t have full insight, and we try, and we make mistakes. It is that imperfection that allows us to drive forward as an active participant in the chaotic change. If you want to be someone who decides, you need to build the skill to do the emotional work required for self-reflection. You also need to know yourself and the level that you want to go to. You need resources. You need guides, and you need to guide yourself. You need commitment, because if you are going to do the work, you are going to need to do the repair work. No risks or actions can be taken without regular maintenance, repair work, and downtime. The five core points of yoga are proper exercise, proper breathing, proper diet, proper relaxation, and proper mental health. We focus on our actions/choices, but the support/foundation that allows you to make choices is just as important. 

Free-ranging Longhorn Cattle

Just Because it is Green

Pure equality would restrict us. Like the monoculture of a Palm Oil Plantation versus the rich biodiversity of a Rain Forest. One may be green, but the life disappears. Daniel Dennett’s book “Darwin's Dangerous Idea” reframed the concept of evolution in a way that I had not understood before. I always had the sense that it was important to have some driving sense of progress. We want some knowledge of how things are going to play out. That is why we love this idea of cause and effect. Then we can control what is going to happen. Letting go of that control is very difficult. That is Darwin's dangerous idea. It talks about the Red Queen, in Alice in Wonderland. Where she has to run as fast as she can just to stay in the same place. We have to step back and start looking at our idea of progress.

A Palm Oil Plantation in Malaysia

Home for Bees

Two concepts I am progressively incorporating into my investment philosophy are Rewilding and Biodiversity. My Father-in-Law is a Natural Beekeeper and I like the idea of Natural Stockkeeping. Recognising that it is the bee that does the work. Where the goal is to do as little as possible, but not less. You have a roll, but it is more custodial. As we are grappling with a world that consumes too much already, yet is still struggling with mass poverty and hand-to-mouth living, we have to come up with new stories. In “Stubborn Attachments”, Tyler Cowen talks about twisting the maths of finance to not excessively discount (ignore) the future, and to focus on Maximum Sustainable Growth. David Attenborough reminds us of the seemingly obvious observation that something is only sustainable if you can do it forever. One measure of growth that is dangerous is activity. Doing more is not always doing better. Controlling more is not always doing better. Sometimes we can do better, without doing, and releasing the potential outcomes.

When All Thrive

Fundamental investment management is the simple idea that the job that money does matters. You can trade anything with a pulse. Buying and selling based on a moving price, without even looking at what the price is connected to. Speculating on whether the price is going to go up or down. With fundamental investing, it is the underlying business that does the heavy lifting. A share is a slice of ownership in a real business with real products solving real problems. The price is not just a good or bad deal. Buying or selling is not a way of tricking other people. The price represents Capital that the business is custodian of. If the company handles the complex, random, and ambiguous world in way that solves problems creatively, it should be able to create value. It ceases to matter whether other companies do well or badly. Adam Smith’s great insight was that Capitalism can be Win-Win rather than a battle between Nation States. David Attenborough points out that Nature’s great insight is that a species can only thrive when those around them thrive.

What we do, matters