#126: Consistency is the Gold Standard

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I really wasn’t going to write a letter today. I have a number of pressing tasks that I need to deal with. I thought nobody would mind if I missed today’s letter. It is Monday after all the markets have been closed all weekend; nothing is pressing. I even wrote to a new subscriber that today I am skipping due to time consideration.

I thought about it, and then I said to myself, Who are you kidding? This is not about anybody else; this is about discipline; it is about getting into good habits and doing what you have committed to doing with no excuses. It made me think of what Seneca wrote to Lucilius in Letters to Lucilius “It is persistence that makes the impossible possible, the possible likely, and the likely definite.” Or as my wife, another profound philosopher, says, “Half the battle is just showing up.”

My friend Geoff sent me a visualisation that was interesting, so I said to myself, What can I do in the least amount of time with it that is at least a little bit original. Gold rallied hard again, making new all-time highs. The Nasdaq is only 5% off its all-time high in USD. However, when looking at the Nasdaq in gold terms, it is more than 50% below its all-time highs in 2000, that is, 24 years ago.

Did you notice at the Olympics that the top prize for the winner is a gold medal. Not a Bitcoin, Not a Dollar.

While there might not be that much to draw on in today’s letter, there is a message in the wake of the Olympics. In order to compete or play at a high level, it requires sacrifice, persistence, passion, hard work, tenacity, self-belief, and a little bit of luck as well. To play and win in the markets requires all the above.

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