June 24, 2026
1. The Man in the Arena
“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”
——Theodore Roosevelt
2. Some Thoughts
Studying investing and businesses is a long but deeply fascinating journey. It helps explain the world and answers many questions that have lingered in the back of the mind for a long time.
Recently, I have continued looking at companies. Along the way, there have been some interesting observations and a few businesses that seem worthy of further research. For me, it has also become a process of deep introspection. Many former clients and portfolio companies come back into view, along with their business models and the personalities of the entrepreneurs behind them.
Although most of the companies now I am studying are American, many things in business are remarkably similar across industries and geographies. The picture becomes a little clearer over time. Some success is driven more by the business model itself; some by an individual’s courage, character, and charisma meeting the right opportunity and a measure of luck.
The mindset and behavior of entrepreneurs also seem to be shaped by the businesses they run, which is an interesting thing to observe. It sometimes makes me reflect on leadership—a topic often discussed in business schools. Is leadership important? Certainly. But it is not the most fundamental force in business.
As Warren Buffett observed, “When a great manager meets a bad business, it is the reputation of the business that remains intact.”
And the highest form of leadership, in my view, begins with cultivating one’s own mind. The world’s greatest leaders seem to share this trait. What matters most has never been techniques or skills alone.
The most fundamental economic realities are difficult to overturn. Yet in practice, people often overestimate or underestimate themselves.
First, see reality clearly. Then, understand how it shapes behavior. From there emerges a certain sobriety—along with humility, and perhaps compassion.
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