The Inner Game with Vishal Khandelwal

Imagine you’re at a crossroads, standing on the edge of a vast, uncharted territory. You have a map, but it’s blank, waiting for you to fill in the details. Now, picture having a few wise mentors who have walked similar paths, guiding you with their wisdom. That sounds comforting, right? Today, in #TheInnerGame #podcast, I dive into this very idea of choosing the right heroes, inspired by a principle that Warren Buffett articulated beautifully, when he said that ‘The best thing I did was to choose the right heroes.’ * * * USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ 6. Book Recommendations - a. The Essays of Warren Buffett - https://amzn.to/3L2Kgcz b. Poor Charlie’s Almanack - https://amzn.to/3RIPwWk c. The Story of My Experiments With Truth - https://amzn.to/4cgCU1a d. The Complete Book of Yoga - https://amzn.to/45HirzW

George Baker once said something profound that Thomas Phelps quoted in his book “100 to 1 in the Stock Market” – To make money in stocks you must have “the vision to see them, the courage to buy them, and the patience to hold them.” Of these, patience is the rarest and the hardest to master. But if you can cultivate this skill and practice it diligently, it pays off handsomely in the long run. I discuss this very idea in today's episode of #TheInnerGame #podcast.   * * * USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ 6. What if You Only Invested at Market Peaks? https://awealthofcommonsense.com/2014/02/worlds-worst-market-timer/ 7. Buy and Hold: Simple, NOT Easy - https://www.safalniveshak.com/buy-and-hold-simple-not-easy/  

A common question I receive from a lot of investors is about how many stocks to own. In this episode of #TheInnerGame #podcast, I try to offer some insights from what I have learned from some great investors, and also from my personal investing experience.

In today's episode of #TheInnerGame #podcast, we explore the age-old question: "Is getting rich worth it?" We delve into the true value of financial wealth and its impact on happiness and fulfilment. Through stories and psychological insights, we examine the costs and sacrifices involved in the pursuit of riches. Don't forget to like, share, and subscribe for more insightful content. * * * USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ 6. Life 2.0: Is Getting Rich Worth It? - https://www.safalniveshak.com/life-2-0-is-getting-rich-worth-it/ 7. What You Own, Owns You - https://interestuponinterest.com/2022/07/01/what-you-own-owns-you/ 8. A fuck-you money attitude - https://signalvnoise.com/svn3/a-fuck-you-money-attitude/ 9. ⁠The Psychology of Money - https://amzn.to/4binjge 10. The Happiness Curve: Why Life Gets Better After Midlife - https://amzn.to/3VWLr3D 11. What is Chasing You? https://microcapclub.com/what-is-chasing-you/ 12. A Reminder to Focus on the Journey, Not the Destination - https://www.safalniveshak.com/journey-vs-destination/ 13. History's Biggest Fraud - Sapiens - https://ethz.ch/content/dam/ethz/special-interest/usys/ites/ecosystem-management-dam/documents/EducationDOC/Readings_DOC/sapiens.pdf

Most of the times, it's not external factors like market crashes, economic slowdown, wars and recessions that hurt us in investing, but our own mis-behaviour. Over the next few episodes of #TheInnerGame #podcast, I will explain how some of our own thoughts, actions and decisions, often driven by good intentions, can lead us down the path of wealth destruction. * * * USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ 6. SageOne's Investor Memo Aug 2017 - https://sageoneinvestments.com/2017/08/ 7. Market Timing Is the Enemy of Investment Success - https://firstascentam.com/forum_articles/market-timing-is-the-enemy-of-investment-success/ 8. Timing the market vs time in the market: Which is better? - https://economictimes.indiatimes.com/markets/stocks/news/timing-the-market-vs-time-in-the-market-which-is-better/articleshow/99456136.cms

When we think about #stockmarket #investing, we often look at it like a game of picking winners. Just find the right stocks, and you’re set for wealth creation and financial freedom, right? Well, that’s only part of the story. I share the other, equally important, part in today's episode of #TheInnerGame #podcast. * * * USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/  

I was recently reading my notebook where I collect thoughts and ideas from some good things I hear or read about in books and other places, and came across a passage from Haruki Murakami’s book, “Kafka on the Shore.” It is one of my favourite passages from all the books I have read, and while I was reading it one more time, I thought I would turn my thoughts into this episode of The Inner Game podcast. This is one of those passages that has always shaken something deep within me, and this time was no different. This passage speaks to the storms we all face—those intense, unavoidable challenges that seem to come out of nowhere and leave us questioning everything. USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/

I was at a friend’s place recently, and since we are in a bull market, and against my wish, we got down to talk about investing. As I had expected, most of the discussion was around what the markets have done in recent times, and where they are likely to go after the new government gets down to work. I tried to move the conversation towards long term investing, but was pulled back again and again by things that worry people in the short term. And that led me to think about creating this episode of #TheInnerGame #podcast, where I talk about something a bit unconventional but immensely important – the few things you should not care about as an investor. --- USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/  

When we think about saving money, we usually consider the practical reasons. Like we save money to buy a house, to go on vacation, to ensure a comfortable retirement, or to have a cushion for emergencies. These are all excellent reasons, and they highlight the importance of taking care of our money and finances. But have we ever stopped to ask this question if there’s more to saving money than just the financial benefits? Let's talk about the deeper meaning of saving money in today’s episode of #TheInnerGame #podcast. - - - USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/  

Today, I dive into a profound topic inspired by a recent speech from the tennis legend Roger Federer. During his commencement speech at Dartmouth College in the US, which I will link in the show notes, Federer highlighted two essential virtues: discipline and patience. Now, these are not just abstract concepts; they’re talents that can shape our lives, our work, and our investments. Let’s explore how these principles, when deeply understood and applied, can transform us over a period of time. USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/ 6. Roger Federer's speech at Dartmouth - https://youtu.be/pqWUuYTcG-o?feature=shared

In today’s episode of #TheInnerGame #podcast, I share with you the idea of playing your own game and not the games other people want you to play. This concept is crucial in #life, #work, and #investing, and I’m excited to share how it can make a real difference for you. USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts -  a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/

Today I dive deep into a fundamental truth about our world, which is the inherent randomness of everything around us. Whether it’s in business, life, or investing, one thing is clear – nobody knows anything for certain. And given this backdrop, or I must say given this reality, it’s important to understand why we shouldn’t predict the future but instead, be prepared to handle any eventuality. #TheInnerGame #podcast. USEFUL RESOURCES: 1. Twitter: https://x.com/safalniveshak 2. Podcasts - a. The Inner Game - https://www.safalniveshak.com/the-inner-game/ b. The One Percent Show - https://www.safalniveshak.com/the-one-percent-show/ 3. Vishal's book - The Sketchbook of Wisdom (English) - https://book.safalniveshak.com/ 4. Free newsletter on money, investing, decision-making, and life - https://www.safalniveshak.com/newsletter/ 5. Online course on Value Investing - Mastermind - https://www.safalniveshak.com/mastermind/

I was reading a newspaper headline recently which called just a 1% decline in the stock market as a ‘bloodbath’ and how investors had to suffer through the pain of losing a small part of their wealth quickly. It got me thinking about how our perception of pain and loss, especially in investing, has changed over the years. And it reminded me of my own journey with understanding and embracing discomfort. I talk about all that, and more, in this episode of #TheInnerGame #podcast.

In the grand tapestry of human existence, one of our driving forces for a long period of time has been the pursuit of wealth. In fact, society often measures one’s success and worth by the size of their bank account, the lavishness of their possessions, or the opulence of their lifestyle. However, after having followed and learned from the likes of Warren Buffett, Charlie Munger, and the old wise people, I have come to believe that the notion that being remembered solely for one’s wealth is a meaningful legacy is a hollow one. I have also come to believe that true fulfillment and lasting impact in life require a more profound and enduring purpose than the accumulation of riches. Let's talk about all that, and more, in this episode of The Inner Game podcast.

Why do we, as humans, have this innate tendency to dislike and hate? Why are we programmed to hit the ‘dislike’ button from birth? Is it just for YouTube comments, or is there more to it? Let's discuss this in today's episode of The Munger Method, which is a series on Charlie Munger's talk 'The Psychology of Human Misjudgment', and a part of The Inner Game podcast.

While we were talking about the idea of money and investing recently, a friend shared something really interesting. To get to the bottom of how I feel about money, he suggested me to write a letter to money — the same way I would write a letter to a person. While I found this idea a bit odd when I first heard it from my friend, as I thought more about it, I realized it was not such a bad idea after all. I share that letter in today's episode of The Inner Game podcast.

“The Map is Not the Territory' is a concept that originated from the work of Alfred Korzybski, who was Polish-American mathematician and philosopher. He used this idea to convey the fact that people often confuse models of reality with reality itself. According to Korzybski, models are tools that are created to represent real-world things or phenomena. However, they are not identical to those things. In other words, models are abstractions of reality and do not capture all the intricacies and nuances of the actual world. I cover all this, from the angle or life and investing, in today's episode of #TheInnerGame podcast.

There’s a saying in Hindi – "Pyaar andha hota hai," or that "Love is blind." Well, it’s a phrase that has transcended generations and cultures, reminding us that when we’re infatuated, our judgment can be clouded by the warm and fuzzy feelings of affection. But here’s the twist – not only is love or likeness of someone usually blind, it also has a sneaky cousin in the world of psychology. Let's find out in today's episode.

Our world is way more unpredictable than we tend to think. As humans, we love finding patterns and making sense of things. It’s in our nature. But as we have evolved, and as our society has advanced, the world has grown increasingly uncertain and unpredictable. At least more unpredictable than our brains like to admit. Given this, let's dive into Nassim Taleb’s enlightening book, “Fooled by Randomness” and into the world of randomness, hindsight bias, and how these concepts significantly impact our lives.

I discuss the first cause of human misjudgment that Charlie Munger spoke about in his landmark speech "The Psychology of Human Misjudgment." He called it the "Reward and Punishment Superresponse Tendency," which generally highlights the idea that humans tend to respond strongly to both rewards and punishments. It suggests that when people are offered rewards or faced with punishments, their behavior may be significantly influenced or exaggerated in response. A more specific concept that is a result of this tendency is the "Incentives Caused Bias," which suggests that when we are motivated by incentives (such as financial rewards, recognition, or other benefits), we may unconsciously or consciously act in ways that align with our incentives, even if it goes against our better judgment or ethical principles.