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Every two weeks, I share my writing on investing, career transitions, meaningful work, parenting, living intentionally, and other topics that engage me.

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Field Notes Edition #7

Welcome to another Field Notes edition of Beyond the Cove, a looser approach that's quicker to write and, hopefully, just as interesting for you to read.

In these emails, I’ll share a few things I noticed lately that made me think, smile, or look twice. Maybe they’ll do the same for you.

Please share any feedback or ideas. Just hit reply.

Let's go...

• Double Nickel On the afternoon of March 29, 1995, my friend Richard called to ask if I wanted to join him at the Knicks game. It was last-minute, but talk about a "hell yeah" moment. This was sort of a big deal. Only five games back from his short-lived "retirement" to play baseball, Jordan and the Bulls arrived at Madison Square Garden for a big test on the biggest stage. As usual, Jordan delivered a classic for the ages. After scoring 20 points in the first quarter, MJ ultimately scored 55 and set up the Bulls' victory in what became known as the "double nickel game." While the home team came up short in an epic battle, when it was finally over, seemingly all 19,763 fans at MSG remained and cheered for what seemed like 20 minutes. Everyone knew they had witnessed something special. So, why the story? This week marks my own double nickel - I turned 55 yesterday. Jordan had a lot left in the tank after his double nickel - he won three more NBA championships and 2 more MVPs after 1995. And so do I.

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• The Investment Firm That Can 'Do Anything' This Invest Like the Best podcast interview with Alan Waxman, founder of Sixth Street Capital, had several insights that stuck with me. Here are three:
  1. Hire people who are over themselves - to drive better decisions, you must avoid people who prioritize ego over team.
  2. Face the tiger - it's easy when things aren't going well, you can't point fingers, you need to be surrounded by teammates who will say, "OK. Let's go. Let's face the tiger together."
  3. A Commitment to Mentorship/Developing Talent - This is critical for any organization, but it also changes lives. An approach that resonates is to be "demanding and supportive."

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• How to Design and Play a Winnable Game Graham Weaver's essay is a helpful reminder to ask tough questions and consider alternative approaches. His essay, a 14-minute read, is summarized in this line: "If you want to play a winnable game, 1) choose a goal that stirs your blood, 2) design your own game, 3) play the game with people you admire, and 4) play now." How might you be playing the wrong game? How might you shift your approach so you're playing a game you can win?
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• Alts are Actually Going Mainstream The latest AGM newsletter highlights how rapidly the massive wealth channel's access to private markets is advancing: "In the US alone, there are 43 million households across the middle market ($100k-$500k investable assets) and mass affluent market ($500k-$2M investable assets). Those households represent $20.4T in total investable assets." And with 50% of investors planning to add exposure to private credit or private equity, it's fascinating to watch the industry create specific products that meet the needs of the market. Plus, as shown below, advisors and asset managers may need to adjust to the different asset class preferences of younger investors.

Small Sparks of Joy Sometimes it doesn't take much. Just over the past few days, I've felt a spark from each of the following:

• The Yarmouth Clam Festival, or Clamfest, draws more than 100,000 people and raises hundreds of thousands of dollars for non-profits in the area. This year was the 60th anniversary. While the crowds enjoyed the carnival rides and fried clams, the highlight for me was the army of volunteers - parents, local businesses, teachers, kids - all contributing their energy to make this massive event possible and having fun at the same time.
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• On a walk with a colleague, he shared this awesome quote from a celebrated documentary filmmaker on which projects he accepts: "Some things I do for meals, others for feels." Love that. What projects do you do "for feels?"
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• ​The Bear - I don't watch a lot of TV, streaming, or whatever you call it. That's not because I'm sophisticated, but because I fall asleep at 9:30, literally wherever I might be. By the time I get to the couch, it's usually game over, but not with The Bear. It's awesome in every way - intense, laugh-out-loud funny, and rich character development. It's not lost on me that I might be the very last person in the US to watch this series, but I still firmly stand behind the rec.
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• Spent a day at Spa Nordic Station outside of Magog, Quebec. For less than $50 (USD, not CAD), you have the day in a beautiful location nestled in the woods, cycling through hot and cold exposures, and completely decompress. People respect the silence - only an occasional hushed whisper. Time stops. You'll find day spas like these around Canada, and they're all amazing. Similar concepts haven't taken off in the US, but fortunately, this one is only a 4-hour drive from our home.
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• Perhaps more awe than joy, but nature unleashed a wild storm two weekends ago. For hours, it was sunny and warm, then the skies darkened and opened up to monsoon-like rains, then wild thunder and lightning, massive chunks of hail, and then, a few hours later, a vivid rainbow marked the grand finale. I'm sure my friends from the Midwest and the Plains see this stuff all the time, but a burst of this intensity was a first for me in New England.

And then, a few hours later...

Your Farewell Photo...