I have decided to end the paid version of Investment Talk. All paid subscriptions have been issued a refund, and Stripe suggests those returns will be with each of you within 1-3 business days. An important item to get out of the way first; I will still be writing.
Just one month ago, in “Two Years on Substack” I wrote that “If anything, this year has cemented my desire to continue writing Investment Talk for years to come.” That still stands to be true, but I think in order for me to do that, I have to take a step back and relieve some of the pressure that I am putting myself under to write.
I am still young, and I find that as I sink deeper into Investment Talk, there is less time to engage in activities that are lower on an immediate ROI basis. Whilst the first two years of writing publicly did improve my knowledge as an investor; accountability, public criticism, I feel that recently that growth rate has plateaued. I am not ready to accept an incremental return on learning just yet. I am hungry to become a better, more experienced investor, but I am finding it increasingly difficult to do so when I am creating artificial barriers to that growth with a newsletter. I want to be able to blow 2 days chasing a potential dead-end or spend a week engrossed in a new subject or business, without the constant anxiety that I am taking time away from creating value for readers.
In essence, I want to take some time to unwind a little, and eventually come back refreshed and provide greater value than I have been in the past. The way that I wrote Investment Talk was never perfect, and whilst small improvements were being made (less verbosity, cleaner conclusions) I still feel like I don’t know what my value proposition is. If I don’t know that, how can I ask people to pay for the work I share.
As such, I am torn. Words can’t explain how much I appreciate the community that has formed around this newsletter, particularly those of you who have taken the time to email me or be active in our Discord channel daily. Some of you suggested that, despite my youth and relative inexperience, you are invested in my own journey, you subscribe because of me. That kind of thing touches my heart as you would never know. I have made genuine friends and connections and would love to stay in touch with each of you.
I am someone who is eternally candid, sometimes to my detriment. Of late, the hunger to grow a newsletter business has been outstripped by my hunger to take a few steps and accelerate my learning once more. Whilst I am at this impasse in my journey, I don’t deem it fit to take paid subscribers along with me for the ride. As I write this, having already submitted the cancellation on the back-end, I already feel a weight lifted.
So what now?
Going forward, I plan to continue writing. Maybe I will write less, sometimes I might even write more. Perhaps I will be a touch more experimental in what, or how, I write. All I know for sure is that I will still be writing. Nothing really changes, besides the fact that all writing will now be accessible to everyone.
I am writing this thread now because I am sure (as there already have been) many of you to reach out and ask what is going on. I plan to write more on this soon but wanted to put something out there until I can muster up the words to shed more context.
Please feel free to reach out.
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