Lessons from two of the greatest investors of all time

"Optimism without discipline is dangerous," Alex says. "But discipline without optimism is paralyzing. Buffett and Munger managed to hold both."

"From the beginning, I made a bet on quality over scale in my own business, The Science of Hitting, an investment research service. I never aimed for 100,000 subscribers. I wanted the right readers - the thousand true fans, as Kevin Kelly put it. That shaped everything: pricing, cadence, consistency. Yes, growth is tempting - launching podcasts, videos, new products - but every expansion dilutes focus. Buffett and Munger taught that endurance often comes from saying 'no.' They weren't empire builders in the traditional sense; they acquired selectively, avoided bad businesses, and stuck to principles. For me, it's the same: better to serve a smaller, dedic"

Buffett and Munger balanced optimism with discipline, combining restraint and selective acquisition to sustain long-term success. Their approach emphasized saying no to empire building, avoiding bad businesses, and adhering to enduring principles. Quality and focus often produce greater endurance than pursuing scale for its own sake. Targeting the right, committed audience shapes pricing, cadence, and consistency and prevents dilution from excessive expansion. Growth initiatives such as podcasts, videos, or new products can weaken focus when pursued indiscriminately. Authenticity and principled restraint compound over time and support better service and long-term resilience.

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