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Hi Friend, 

It's an absolutely beautiful fall Friday here in NYC. It's warm. The leaves are turning. The sounds of live music are wafting through the air. It's a great time and place to be human. 

Pardon the Saturday arrival. This week has been busy, and I've had daily internet outages that often last for hours. This reminds me of two reoccurring thoughts:

1) Most productivity grinds to a halt immediately. I'm so dependent on fast internet.
2) It's crazy that outages persistently occur in the heart of Manhattan. 

Today's Contents:

  • Weekly Song: Human
  • Asset Allocation
  • Humility and Humanity
  • Good Reads

Weekly Song: Human

I love this song. It has an amazing backbeat, deep vocals, and perfect lyrics.

"I'm only human after all" isn't sung in defeat. Instead, it feels like stoic acceptance of oneself and the flaws from the universal experience of being human. 

Check out the music video. 

Human by Rag'n'Bone Man

Maybe I'm foolish
Maybe I'm blind
Thinking I can see through this
And see what's behind
Got no way to prove it
So maybe I'm blind

But I'm only human after all
I'm only human after all

Don't put your blame on me
Don't put your blame on me

Maybe I'm Foolish. Maybe I'm Blind: Humility 

It has been a busy month and at times, I found myself reflecting on the importance of humility. 

Humility in front of a big idea. Having the humility necessary to be a steward of the capital of others. Being humbled by the talent, drive, and achieve of others. 

What is the best asset a person could have? "Humility in the presence of a good idea." David Ogilvy

On the difference between humility and modesty: “Oprah put her hand on mine and said, “Don’t do that. Don’t be modest. Dr. Maya Angelous used to say, ‘Modesty is a learned affectation'. You don’t want modesty, you want humility. Humility comes from the inside out.”  That's a quote from Untamed by Glennon Doyle, which I've written incomplete thoughts about in Why Feminism is Hard in Practice

On intellectual humility in the investing process: "One of the biggest mistakes an investor can make is ignoring or denying his or her biases. If there are influences that make our processes less than objective, we should face up to this fact in order to avoid being held captive by them." Howard Marks.

On humility of your own limitationReflections from Isle Royale. My friend, Tim, has been on a two-year quest to visit every U.S. National Park and just wrote up from his solo-experience at Isle Royale located in the middle of Lake Superior. He arrived there immediately after signing his divorce papers.

Humility is one of the three values at Delivery Associates, the company I co-founded. I didn't pick that value. And I had considered it a more British value, but the wisdom in its importance has shown itself over time. Below is how we've defined the behaviors of humility. 

 

Sensible Investing: Good Reads


Matt Levine NY Times profile: Whenever more than 3 people send me the same article, it's a strong signal of my perceived interests. This one isn't wrong. I'm a huge Matt Levine fan. As you know, this newsletter assumes you read his columns (although he's on paternity leave right now). 

Clover Health went public via SPAC sponsored by Social Capital. Here is the SEC ppt. Here is Twitter thread on some market context that wasn't in the ppt. It is hilariously simple with whole slides dedicated to platitudes like "An incredibly valuable company" and "better outcomes for members". 

Chime is an all-online bank with a flashy new $14.5B valuation. Here is a profile showing impressive hustle: "Chime made a huge splash this spring when it gave users access to its $1,200 stimulus checks five days early. In total, Chime gave members early access to $1.5 billion in government stimulus payments."

Power of small business for the economic rebound: Good read: The Reboot of the US Economy will be built around Small Business which will be built on Technology by Jeff Richards from GGV Capital. Also, consider the growth numbers from marketplaces like Etsy and Shopify. 

Are CA state income taxes too high?: Part of the disparity is from lost tax revenue from artificially low property taxes due to Prop 13 that benefits disproportionately older, long-term homeowners. This is an amazing tool that shows the property tax assessment on any address in California. 

Thanks for reading, friends. Please always be in touch.  


Katelyn
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