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Owner's Manual

Owner's Manual

We are a fiduciary of your capital. Your understanding of what we do and how we will approach it is a critical element in enabling us to attain our goal. The Owners Manual helps achieve this....

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Across many fields of human endeavor—acting, sports, investing—the results we admire are often described as intuitive, instinctual, or natural. Audiences frequently assume that the individuals producing these results don’t require much preparation—that they simply show up and let their innate talent carry them.

Figures like Roger Federer or actors such as Edward Norton are often described as “effortless” in their craft. Yet, these very icons have explicitly debunked this myth. Federer has openly discussed the immense amount of training and meticulous planning required to make his game appear seamless, and Norton has spoken about the painstaking process of creating his “labor of love” performances.

In today’s world, where we obsess over measuring every aspect of performance, the correlation between effort and outcome is relentlessly quantified. We hear about the hours spent in preparation—a necessary counterpoint to the fallacy that mastery requires no effort. Yet, the word “creativity” is still tethered to notions of talent, gifts, and the inexplicable—an idea that you either “have it” or you don’t. This belief often undermines the understanding that creativity is rooted in effort, discipline, and the pursuit of excellence.

Burnout as a Byproduct of Misaligned Expectations

Any individual striving to master their craft—whether in sports, the corporate world, entrepreneurship, or the arts—faces the risk of burnout, particularly when pursuing the highest levels of achievement.

Take Novak Djokovic as an example. In 2010, Djokovic, then ranked No. 3 in the world and already a Grand Slam winner, told his coach Marián Vajda he was considering quitting tennis. His struggles weren’t physical; they were mental. His focus on rankings, titles, and external expectations had drained his passion for the game.

Vajda, who was also trained in psychology, asked Djokovic a simple yet transformative question: “Why did you start playing this sport?” Reflecting on this question led Djokovic back to his earliest childhood memories of tennis. He remembered the joy of holding a racket for the first time, playing with a mini racket and foam ball—a moment unclouded by expectations. Rediscovering this love for the game helped Djokovic shift his focus from external validation to intrinsic motivation. He began to play for the sheer love of hitting a tennis ball.

The following season, Djokovic had one of the greatest years in sports history, winning 43 consecutive matches, three Grand Slams, and his first Wimbledon title. He ended the year as the world’s No. 1 player. Reflecting on this transformation, Djokovic said, “I became the kid that I was when I started playing.” Years later, he would attribute his longevity to this mindset, saying, “I can carry on playing at this level because I like hitting the tennis ball.”

Creativity, Burnout, and Building an Investment Firm

The parallels to building an investment firm are striking. The field of investing often carries its own illusions of brilliance. Investors who achieve outsized returns are often labeled “visionaries” or “geniuses,” as though their decisions emerged from pure intuition. Yet, the reality is far more complex.

Great investment firms, like great athletes, are built on rigorous preparation, disciplined processes, and a relentless pursuit of learning. Take Warren Buffett’s Berkshire Hathaway: behind its reputation for seemingly effortless value creation lies an almost obsessive dedication to research, understanding businesses, and staying true to a well-defined philosophy. Buffett’s “genius” is rooted in his ability to stay patient, consistent, and focused—qualities developed over decades of effort.

The risk of burnout in investing is particularly acute because of the constant pressure to perform and the relentless scrutiny of results. Like Djokovic, investment professionals can become consumed by metrics: quarterly performance, benchmarks, and peer comparisons. This focus can overshadow the foundational question: “Why did we start investing in the first place?”

For many, the answer lies in the intellectual challenge, the opportunity to create long-term value, or the simple love of understanding businesses. Reconnecting with this original passion can help firms and individuals avoid the trap of burnout. When the emphasis shifts from chasing short-term results to embracing the process, the work becomes sustainable, and success often follows as a byproduct.

Redefining Creativity and Effort

In today’s data-driven world, the fundamental act of pausing to reflect on our motivations has lost relevance. This omission has contributed to widespread discussions about burnout—often framed as a consequence of the hours poured into our endeavors. Yet, the root cause is often deeper: a misalignment between effort and purpose.

Creativity, far from being an elusive talent, is deeply tied to effort and the relentless pursuit of excellence. However, when this effort is directed toward expressing one’s unique character and purpose, success becomes a natural outcome. By reframing creativity as a process rather than a gift, we can move beyond the illusion of effortlessness and create paths to meaningful, sustainable achievement.