1/ Thread: Building business vs practicing craft
@NeckarValue wrote a very thoughtful piece on the contrasting approach required for building business vs practicing craft. While the piece primarily focused on managing money, I was thinking of “MBI Deep Dives” while reading it.
@NeckarValue wrote a very thoughtful piece on the contrasting approach required for building business vs practicing craft. While the piece primarily focused on managing money, I was thinking of “MBI Deep Dives” while reading it.
2/ There is certainly a tension between the two.
One of the most common suggestions I have received from my well wishers is I should put out more free content to increase my subscriber base.
One of the most common suggestions I have received from my well wishers is I should put out more free content to increase my subscriber base.
3/ Other notable suggestions include doing consulting for hedge funds/long-only PMs, and prepare educational content for beginner/intermediate investors.
These are all solid advices for building a business. Unfortunately, these also have clear trade-offs.
These are all solid advices for building a business. Unfortunately, these also have clear trade-offs.
4/ While the first two suggestions are complementary to what I am already doing, I have zero interest in building educational content. Even the first two are difficult to pull off.
5/ Being a generalist, it is not a cakewalk for me to pick a business and write a deep dive in a month that would be deemed “worth reading” for a professional investor.
When you write on the internet, your audience doesn’t think whether your piece is worth $10/month.
When you write on the internet, your audience doesn’t think whether your piece is worth $10/month.
6/ The question they usually ask is whether it’s worth their time.
The value of people’s time almost always exceeds the price they pay to read a newsletter. Hence, there is an invisible and much higher price point many may subconsciously have in mind.
The value of people’s time almost always exceeds the price they pay to read a newsletter. Hence, there is an invisible and much higher price point many may subconsciously have in mind.
7/ There is indeed no “free” newsletter.
Subscribing to a newsletter is easy but canceling is even easier (fewer clicks compared to when you sign up).
Subscribing to a newsletter is easy but canceling is even easier (fewer clicks compared to when you sign up).
8/ When I launched MBI Deep Dives, I wanted to be able to do just four things:
Pay rent,
Buy groceries,
Repay student loan EMI, and
save at least $1K/month.
So I figured unless I struggle to reach $4-5K/month after year 1, I will just focus on my craft.
Pay rent,
Buy groceries,
Repay student loan EMI, and
save at least $1K/month.
So I figured unless I struggle to reach $4-5K/month after year 1, I will just focus on my craft.
9/ I had a very simple goal in mind: produce the quality of research PMs would see from their own analyst whom they pay $150-250k/year.
If I meet this goal, I had this conviction that this can eventually be very successful even though no idea how big the subscriber base can be.
If I meet this goal, I had this conviction that this can eventually be very successful even though no idea how big the subscriber base can be.
End/ Thankfully, I have reached the minimum $4-5k requirement, and I can hopefully just stick to my craft.
@NeckarValue piece here. Thanks for writing this.
neckar.substack.com/p/attempting-t…
@NeckarValue piece here. Thanks for writing this.
neckar.substack.com/p/attempting-t…
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