Dear Friend,
Three years ago, I was at my desk in Dallas when I got an email notification (one of hundreds that day).
Like you, I am always fighting the rising tide of my inbox. It is possibly the biggest driver of what the kids call fear of missing out in my life... A constant buzzing in the background, a worry that among the “unread” emails lies a true gem.
On this occasion, the sender was Howard Marks, founder of Oaktree Capital and one of my favorite purveyors of investment philosophy. It’s always worth taking some time to imbibe his wisdom...
... And this time was no different. It was a piece that set me thinking long and hard, and I immediately sent it out to the members of my private readers’ circle.
There are just two types of thinkers in this world, Howard said—going against the modern trend of splitting everything into countless minute categories.
These thinkers may be very much alike in many ways but one.
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Type 1 thinks superficially and sees the world simplistically. The “first-level” thinker swallows headlines whole and takes advice—unquestioningly—from talking heads. He is condemned to be, at best, an average investor.
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Type 2 thinks thoroughly. The “second-level” thinker, says Howard, “takes a great many things into account,” and his thinking is “deep and complex.” Because his (or her) thinking is of a better quality, they have the chance to be an above average investor (and, I personally would argue, an above average person).
Which type of thinker are you?
We all like to think we’re second-level thinkers, but the truth is that they are much more rare than first-level thinkers. And they could even be a dying breed...
Because in 2019, we’re being bombarded with snippets, headlines, flashing signs, anything to try and get our attention.
That, my friend, is heaven for first-level thinkers. It’s seductively easy for people to feel like all this information makes them wonderfully well-informed... forgetting that information is not the same as knowledge.
I’m not content to be an average investor and I feel certain you aren’t either. That means we must all strive to be second-level thinkers, but how do we do that in a first-level world?
How You Can Prioritize Knowledge over Noise
In your battle with information overload, you may already have tried to edit what you see—maybe by unsubscribing from emails or only reading certain outlets.
This is an understandable step but one that risks accidentally creating an echo chamber.
Perhaps you’ve even tried to stay away from information sources altogether... but then, your thinking could stagnate. Personally, I learn by tossing info from multiple sources together, blending them and extracting new ideas and conclusions. So, retreating from the information tidal wave is simply not an option.
It’s a conundrum.
But say you could join a group where you access the work of many of the world’s finest thinkers... receive a curated service with a staunch commitment to offering dissenting viewpoints... be a valued member of a private readers’ circle whose members say:
“I am a better investor because of the insights I receive. Even good for cocktail party conversations!” —BT
“This has literally changed the way I read and consume financial/economic news and analysis.” —FL
“There is no other data accumulator that ALWAYS provides ‘must-read-and-ponder’ quality research.” —JH
“This is the single best source of information from many of the investment industry’s greatest thinkers.” —TH
...Would you join?
Today, I’m happy to invite you to join Over My Shoulder.
Be a Second-Level Thinker with Over My Shoulder
The “elevator pitch” of Over My Shoulder’s previous incarnation is this:
Each week, a staggering amount of top-level research crosses my desk. Much of it is sent to me personally by my friends and associates at the highest levels of the world’s most successful money management and investment research firms.
It’s research that is either painfully expensive, or simply not available in the public domain.
When I read something particularly special, I simply hit “forward” and sent it to subscribers, along with a note.
This has been a remarkably successful format for readers, who say that the variety of articles and writers is an easy way to stay well-informed without having to spend hours on their own research.
As subscriber AG says: “Over My Shoulder is like a small door at the end of a wide moat. Mauldin sorts through a ton of reports to send the reader only the best. Great reading indeed.”
Over My Shoulder is designed to give readers a rigorously curated service, more context, and plenty to think about.
