Episode Summary
Tim and Tony sit down together—in person for a change—to reflect on the lessons that shaped their year. Drawing from behavioral economics, philosophy, and hard-won experience, they share what stuck with them and the books that made the biggest impact. This episode is less about market predictions and more about the mindsets that help us navigate uncertainty, make better decisions, and live more meaningfully.
Tim’s Key Lessons
1. Control is an illusion, but responsibility is not. We often overestimate our control—especially in investing—while underestimating our ability to respond wisely. We tend to resort to thinking “poor me” or “that bad person,” but the better response is to ask the question: What should I do next? 📖 The Courage to Be Disliked (Ichiro Kishimi & Fumitake Koga)
2. Influence flows from generosity, not persuasion. In an era of relentless persuasion, genuine generosity stands out. Business development that feels aligned with fiduciary values starts with giving—of attention, of time, of the benefit of the doubt. 📖 Give to Grow by Mo Bunnell 📖 Unreasonable Hospitality by Will Guidara
3. Meaning precedes success—not the other way around. Pursue success without meaning and you may achieve it, only to wonder what it was for. A clear sense of purpose can carry us through almost anything. 📖 Man’s Search for Meaning by Viktor Frankl
Tony’s Key Lessons
1. Uncertainty isn’t the enemy—overreaction is. From Liberation Day in April to Fed uncertainty, 2025 gave us plenty of chances to panic. The biggest risk isn’t what happens—it’s how we behave in response. 📖 Howard Marks’ Oaktree Letters
2. We can have confidence without certainty. You can act decisively even when outcomes are unknown. What matters is the quality of your decision-making process, not just the result. 📖 Thinking in Bets by Annie Duke
3. Emotion can be an advantage—if you have awareness. Being “steady” doesn’t mean emotionless. It means recognizing the difference between gut-shot reactions and long-term strategic thinking. 📖 Thinking, Fast and Slow by Daniel Kahneman 📖 Think Again by Adam Grant
Honorable Mentions
Seth Godin’s Blog – Daily short posts on quiet progress and thoughtful action
Nick Majuli – Just Keep Buying (time as an asset in investing)
Charlie Munger – His writing on avoiding big mistakes rather than making heroic decisions
James Clear – Atomic Habits and his newsletter (systems are stronger than emotions)
Key Concepts Referenced
Adlerian Psychology – The three-part framework: “poor me,” “that bad person,” and “what should I do next?”
Resulting – The cognitive bias of judging decision quality by outcomes rather than process
The Charitable Assumption – A generosity-first default when interacting with others
Agency – Believing you have the power to act and shape your circumstances
Connect With Us
This episode wraps up our 2025 season. Thank you for spending part of your year with us. We’ll see you in 2026.
