A few fast bulletins earlier than I start immediately’s put up.
1. My new e-book, Boundless, is now out there for ordering: After a beautiful response in the course of the pre-order part, I lastly have the e-book in my fingers and am transport it out rapidly. In case you’d prefer to get your copy, click on right here to order now at a particular low cost (out there until tenth Might). Plus, I’m providing a particular combo low cost should you order Boundless together with my first e-book, The Sketchbook of Knowledge. Click on right here to order your set.
2. Relaunch of Worth Investing Almanack: I’ve relaunched my premium publication, the Worth Investing Almanack (VIA), which subscribers have known as “…the very best supply in India on Worth Investing, for each rookies and specialists.” Click on right here to learn extra and subscribe to VIA at a particular launch worth (out there just for the primary 100 subscribers). Additionally, should you want to try the March 2025 VIA situation earlier than deciding to rejoin, click on right here to obtain.
The Worth of Freedom
There’s one thing uniquely tormenting about wanting again at a call you made years in the past, one that you just made with good intentions and possibly even somewhat pleasure, and realising that immediately, you’d select otherwise.
I’d been wrestling with that feeling a 12 months in the past, each time I entered an condo I purchased in 2018. It was my second condo in the identical constructing, only a ground under the primary one the place we lived. On the time, it appeared like a smart and thrilling step. Our children had been rising up, area was all the time tight in Mumbai’s famously matchbox-sized properties, and I imagined this second condo as a seamless extension of our present one. It had a phenomenal view too: a giant backyard and a hill within the distance, which is a uncommon sight of calm on this noisy and cluttered metropolis.
So, I went forward and purchased it. I funded the acquisition by promoting a few of my shares and mutual funds. That half, in hindsight, stings somewhat extra. However again then, it felt like a significant milestone, as I used to be attempting to create a greater life for my household.
Then life, because it usually does, moved in instructions I hadn’t deliberate for. We lived in that condo in the course of the pandemic, however in 2022, my next-door neighbour within the authentic condo (a ground above) supplied to promote his flat. It was a uncommon alternative to knock down the wall and mix two flats into a bigger one. Nonetheless a matchbox, however no less than a much bigger one, and all on the identical ground.
After a lot thought, I mentioned sure. And similar to that, I turned the unintentional proprietor of three flats in the identical constructing.
In any case, right here’s the place the thoughts performs its little video games. That second condo, the one I as soon as noticed as an “emotional extension” of our residence, quietly modified classes in my head. It was not “additional area” or “residence workplace.” It had turn out to be an “funding.” And as soon as that psychological swap flipped, I couldn’t assist however begin calculating its returns, as if it had all the time been a portfolio resolution.
The numbers weren’t sort. Seven years later, the anticipated market worth would give me a complete return of no more than 15%. Not CAGR or annual return, however 15% cumulative, over your complete interval! And that’s earlier than subtracting upkeep prices and property taxes. If I added these in, the return dropped nearer to 10%, level to level. Not precisely the sort of return you’d need after locking up a piece of capital for seven years in India’s industrial capital, and when, in hindsight (ouch!), you realise that you could possibly have doubled or trebled that cash by simply staying in equities.
So, should you had requested me early final 12 months whether or not I regretted the choice from 2018, you most likely wouldn’t even want a response. My face would have advised you every thing. I used to be annoyed at myself.
However some gears shifted in my interior engine in 2024 whereas I used to be engaged on my second e-book, Boundless. As I researched for the e-book and dove into historical philosophies, religious texts, and the timeless knowledge of thinkers throughout cultures and centuries, I started to see “remorse” in a brand new mild.
One recurring concept that stood out was that remorse isn’t a flaw of our minds, however a function of our freedom. That to stay a aware and intentional life is to often look again and wince. And never as a result of we failed, however as a result of we cared sufficient to decide on. We weren’t passive recipients of life however had been energetic members. And members, by definition, typically stumble.
As Seneca wrote in On the Shortness of Life:
The best impediment to dwelling is expectancy, which hangs upon tomorrow and loses immediately. You might be arranging what lies in Fortune’s management, and abandoning what lies in yours. What are you taking a look at? To what objective are you straining? The entire future lies in uncertainty: stay instantly.
And Ralph Waldo Emerson wrote:
End every day and be achieved with it. You’ve gotten achieved what you could possibly. Some blunders and absurdities little doubt crept in; neglect them as quickly as you may. Tomorrow is a brand new day. You shall start it serenely and with too excessive a spirit to be encumbered together with your outdated nonsense.
The Stoics usually mentioned that we can’t management outcomes, solely our selections. The Gita speaks of performing with out attachment to outcomes. Buddhism teaches the impermanence of all issues, that each pleasure and sorrow go, and our struggling usually comes from clinging to what may have been.
Over time, I’ve come to see these as not simply lofty religious concepts, however sensible reminders that remorse loses its sting after we cease treating life like a formulation that may be perfected and begin honouring it as a course of or a journey stuffed with studying, detours, and redirections.
And so, the condo? Sure, it didn’t work out the way in which I imagined. I’m now seeking to promote it off, however I’ve stopped taking a look at it with remorse. As an alternative, it has turn out to be a part of my curriculum. It taught me humility. It jogs my memory that even with expertise, we by no means graduate from the varsity of decision-making.
Each part of life asks new questions. Each resolution brings its personal unknowns. Remorse, then, isn’t a verdict, however a sign…that we lived, that we realized, and that we’re nonetheless evolving.
Isn’t that the unusual and delightful factor about freedom? That it lets you rewrite your understanding of the previous. And also you don’t do that to vary the info (you may’t), however to vary the which means you assign to them. And in that reimagining, remorse can soften. It shifts from being a tormentor to changing into a instructor.
I’ve additionally realized that even essentially the most fastidiously made choices include threat. One of the best plans nonetheless encounter shock detours. We don’t get to rewind the tape. All we are able to do is forgive the model of ourselves that acted with sincerity, and perceive that knowledge usually arrives late, normally after it’s not helpful for that particular resolution.
The problem is to not stay a life with out remorse. That’s inconceivable. The true problem is to not let remorse harden into cynicism or self-blame. To see it, as an alternative, as a part of the value of dwelling a life with company. A life the place we get to decide on, to behave, and to threat being fallacious.
I gained’t fake the sting is gone fully. It nonetheless surfaces, particularly once I see the chance price in numbers. However I attempt to meet it now with much less self-judgement and extra curiosity. I remind myself that the very means to replicate, to really feel, to be taught, and to develop is its personal sort of wealth.
So, should you’re dwelling with a remorse of your individual, possibly about cash or a profession transfer, a relationship or a threat you took that didn’t work out, I hope you are taking a lesson from my lesson.
The actual fact that you could possibly select means you had been alive to the second. You had been engaged and never sleepwalking via life.
Remorse might stick with us, however it doesn’t should outline us. It’s merely a part of the panorama we cross after we select to stay freely. It’s like a quiet companion on the street we stroll after we determine, time and again, to stay life on our personal phrases.
And I’d relatively have my bruises and all, than a life the place I by no means acquired to decide on in any respect.
The Sketchbook of Knowledge: A Hand-Crafted Guide on the Pursuit of Wealth and Good Life.
It is a masterpiece.
– Morgan Housel, Writer, The Psychology of Cash
That’s all from me for immediately.
Let me know your ideas on this situation of The Almanack of Good Life publication, and methods I can enhance it. Additionally, in case you have concepts or assets you suppose I can share in future letters, please e-mail them to me at vishal[at]safalniveshak[dot]com.
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Thanks in your time.
—Vishal
