Mental Models discussed in this podcast:
- Due Diligence
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Show Outline
The full show notes for this episode are available at https://www.diyinvesting.org/Episode123
Due Diligence Thought Process
- I can't accurately predict the future, so I know I will make mistakes, but I do make estimates on future performance AND management decision-making. Therefore, I attempt to monitor where future performance deviates from my estimate. That allows me to steadily inform myself whether the company is a mistake OR a success from an investment process standpoint.
- Short: I want to know where I was wrong when I predicted the future and to validate or destroy my thesis.
Summary:
Maintenance due diligence is a critical skill that experienced investors practice in order to minimize potential mistakes after buying a stock. This ongoing effort is spent validating or proving wrong the original stock buy thesis.
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