Matthew Lekushoff |

In contrast to most Augusts, the one that just passed experienced more volatility than usual. This movement saw most securities fall on the month with the exception of U.S. markets, which are exhibiting incredible resilience and experiencing the longest bull market in history.

Emerging markets (EMs) have been increasingly in the financial headlines, but for all the wrong reasons. Investors are concerned the problems in countries like Argentina and Turkey will spread into other EMs.

Although there are some similarities between these countries, they are more heterogeneous than people are prone to believe. Turkey, India, Indonesia, and Argentina, for example, have very different economies, cultures, and outlooks from each other. That being said, sometimes perception is more important than reality, and these beliefs can unfortunately become self-fulfilling prophecies-----especially in the investment world.

I continue to believe most EMs like China, India, Indonesia, and even Brazil and South Africa are likely to grow faster than most developed markets over the coming years and decades. Coupled with the fact that their securities are considerably cheaper, there's a compelling argument for owning them over the long-term.

However, as we are overweight in EMs in our portfolios, I will continue to monitor them and make appropriate changes if needed.


"What the pupil must learn, if he learns anything at all, is that the world will do most of the work for you, provided you cooperate with it by identifying how it really works and aligning with those realities. If we do not let the world teach us, it teaches us a lesson." 
- Joseph Tussman

With school back in session, it's a nice time to think about learning. As youngsters, we are sent to school for an education that will last until our late teens and usually early 20s (and sometimes even longer!). While we acquire a swath of knowledge during these formative years, the ultimate goal is to receive the skills and training needed for a fulfilling career and to become engaged citizens. 

However, for many of us, once we graduate, our education in the traditional sense stops. If education could be redefined to acquiring the knowledge and skills needed to live a happy and fulfilled life, not just for a career, perhaps more of us would continue to actively search for and receive an education beyond our 20s and throughout adulthood.  

That is, in order to flourish in life, we must complete the job that traditional schooling started. There are many aspects to consider in our life-long education such as our individual needs, desires, goals, and values. This is no small task!

Over the years, I've spent a lot of time attempting to be a wiser and more fulfilled person. As such, I've filled this newsletter with some of my favourite resources.

"I have never let my schooling interfere with my education." 
- Mark Twain


How to Fail at Almost Everything and Still Win Big by Scott Adams: The best book I've read on how to succeed and be happy in life. It's funny too!

Principles by Ray Dalio: Chalk full of ideas on how to get the most out of your life. My favourite is to be radically open minded.

The Wealthy Barber: The Common Sense Guide to Successful Financial Planning by David Chilton: The classic book on how to become wealthy through simple strategies.

Seeking Wisdom by Peter Bevelin: A great, but dense book on how to acquire multidisciplinary wisdom.

"The first principle is that you must not fool yourself, and you are the easiest person to fool."  - Richard Feynman

Poor Charlie's Almanack by Charlie Munger: Another book (with some great speeches) on acquiring multidisciplinary wisdom from the master himself!
The Lessons of History by Will & Ariel Durrant: The biggest lessons of history distilled into a short book.

Flourish by Martin Seligman: My favourite book on how to live a happy or flourishing life. A month rarely goes by when I don't think of the acronym

Resilience  by Eric Greitens: Life is tough and often knocks us down. Resilience is full of stories and lessons, many based on ancient wisdom, to not only bounce back, but become stronger. 

Influence by Robert Cialdini: A must read for those interested in some of the most important factors that drive human behaviour.


Coursera: Literally hundreds of free university courses from respected schools.

Khan Academy: Learn about almost any academic field from the 101 level to advanced.

TED Talks: Great talks by interesting people.

Farnam Street
: Your one stop shop for multidisciplinary learning.

"To be completely cured of newspapers, spend a year reading the previous week's newspapers." - Nassim Taleb


Make Good Art by Neil Gaiman: A great commencement speech on the importance of hard work and perseverance.

Why We Do What We Do by Tony Robbins: Our behaviour is driven by six fundamental needs. 

The Power of Vulnerability by Brene Brown: Sometimes the answer isn't to harden yourself, but rather to open yourself up to those you care about.

Steve Jobs Stanford Commencement Speech 2005: A life's wisdom from Steve Jobs.
This is Water by David Foster Wallace: An education is more than just knowing a lot of things, it should help you see things from another person's perspective.

"Whatever you do in life, surround yourself with smart people who'll argue with you." - John Wooden   


Charlie Munger: A Lesson in Elementary, Worldly Wisdom:  A long but fundamental speech on acquiring wisdom.

Mental Models I Find Repeatedly Useful by Gabriel Winberg: A comprehensive list of the mental models one man uses on a regular basis, and a great place to start your own list.

A Dozen things I've learned from Charlie Munger about Mental Models and Worldly Wisdom by Tren Griffin: Some of the most important lessons you can learn from one of the world's wisest men.

Why You Should Stop Reading the News by Farnam Street: If becoming wiser and more fulfilled is your aim, the news will likely hurt more than help.

The Anatomy of a Decision: An Introduction to Decision Making by Farnam Street: Our life is largely dependent on the decisions we make.
What Nobody Tells You about Finding a Mentor by Ryan Holiday: Regardless of where your interest lies, nobody is smart enough to figure it out on their own. Here are some ideas on how to find and work with a great mentor.
These 20 Pictures Will Teach You More Than Reading 100 Books by Benjamin P. Hardy: I hate the title, but these twenty pictures cover most of the important things you need in life.
122 Things Everyone Should Know About Investing and the Economy by Morgan Housel: The title speaks for itself.

"It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying, 'It's the strong swimmers who drown.'"  - Charlie Munger

Matthew Lekushoff

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