Impressive Life.

Markets · Education only

Get rich quick. Test first. Believe later.

What a builder took from Graham, Buffett and Siegel, and why every strategy gets tested on paper before anyone believes it. Education only, not financial advice.

Primero probar. Después creer. Solo educación, no asesoramiento financiero.

This week’s paper test How we think

Not advice · No es asesoramiento

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The story · La historia

The reading came first.

Before the first chart, there was a pile of books. The pile won.

Long before any chart, Valentas was reading. Benjamin Graham. Warren Buffett. Jeremy Siegel’s Stocks for the Long Run. The Snowball, the story of Buffett’s life. Books about markets written by people who had watched them for decades, not for a weekend.

What stuck was not a trick. It was a temperament: be patient, know what you own, and do not confuse a good story with a good price. Boring advice. Expensive to ignore.

So that is how the markets lane works. Nothing gets believed because it sounds clever. It gets tested first, on paper, with the rules written down before the test starts. Whatever still holds up afterwards earns a little more attention. Whatever doesn’t goes in the bin, with notes.

Primero fueron los libros: Graham, Buffett, Stocks for the Long Run de Siegel, The Snowball. La lección: paciencia, saber qué tienes, no confundir una buena historia con un buen precio. Aquí nada se cree porque suene listo. Se prueba primero, en papel.

Temperamento · Temperament

La calma también
es estrategia.

Calm is a strategy too.

The sea doesn’t check the price every five minutes. Worth copying.

Stocks vs crypto · Acciones y cripto

Two markets.
One temperament.

Stocks. There is a business behind the price, and a long history to study. The books were written about this: owners, earnings, decades. Slow, mostly. That is the attraction.

Crypto. Fast, loud, open all night, and easily moved by mood. Interesting to study, dangerous to believe. Which is why it gets tested hardest.

The problem with crypto it's not like real markets. The movement of the the candle can happen from the wind itself :)

— Valentas. Verbatim. The double “the” stays.

A printed stock report lying on an old desk, the chart out of focus.
Charts Useful after the reading. Dangerous instead of it.
Reading glasses resting on a stack of hardback books in late afternoon sun.
Reading The cheapest edge there is. Most people skip it.

The method · El método

Test. Kill. Keep.

Probar. Descartar. Quedarse con lo que aguanta.

  1. 01

    Paper first.

    Virtual money, public data. No live orders while a strategy is being tested.

    Primero en papel. Dinero virtual, datos públicos.

  2. 02

    Rules written down.

    When to enter, when to leave, how much, and when to stop: written before the test, not invented afterwards to fit the result.

    Reglas por escrito. Antes de la prueba, no después.

  3. 03

    Fees are the gate.

    If the edge is smaller than the cost of trading it, it isn’t an edge. Most clever ideas die here, quietly.

    Las comisiones deciden. Si la ventaja no las cubre, no es ventaja.

  4. 04

    Keep only what still holds up.

    A written scorecard at the end. What survived stays on paper a while longer. What didn’t goes in the graveyard, with notes.

    Quedarse con lo que aguanta. El resto, al cementerio, con notas.

The paper week closed Friday 9 October, 23:59 London time. The scorecard is in — wins and kills alike.Paper → Live: read the diary →

Lo que no hacemos · Honest limits

Education only. Not financial advice.

Next · Siguiente

Read. Then think.

The live paper diary is the next page. Questions about the method, or a book we should read, are welcome.

Preguntas sobre el método, o un libro que deberíamos leer: escríbenos.

Read the paper diary welcome@impressivelife.es

Education only · Not financial advice · Solo educación

  • Benjamin Graham · value
  • Warren Buffett · patience
  • Stocks for the Long Run · Jeremy Siegel
  • The Snowball · Buffett’s life