Jonathan Tepper wrote "The Myth of Capitalism" not to present a finished idea, but to clarify his own thinking on why corporate profits were persistently high. He uses writing as a tool for discovery, solidifying a complex investment thesis for himself before committing capital or persuading others.
Related Insights
The act of writing forces clarity. Jeff Bezos mandates written narratives over slideshows at Amazon because the process exposes fuzzy thinking. While a clear thinker isn't always a great writer, a clear writer is invariably a clear thinker. This makes writing a critical leadership skill, not just a marketing tactic.
Substack's founder wasn't trying to start a company. He was on sabbatical, writing an essay to articulate his frustrations with the digital media economy. This deep thinking on the core problem became the foundation for the business, prioritizing a strong thesis over a formal plan.
The discipline of writing down your thought process is crucial for decision analysis. AI now amplifies this by creating a searchable, analyzable record of your thinking over time, helping you identify blind spots and get objective feedback on your reasoning.
While a formal plan is a useful artifact, the real benefit comes from the strategic thinking required to create it. The process of planning forces founders to clarify their 'why,' define their ideal customer, and strategize their market approach. This mental exercise is more valuable than the static document itself.
The act of consistently publishing ideas, such as in a weekly newsletter, imposes a discipline that rewires your brain. It forces you to organize complex thoughts, articulate them clearly, and ultimately improves your entire decision-making process in investing, business, and life.
The process of articulating ideas in writing forces clarity and exposes flaws that remain hidden when they are just thoughts. It serves as a powerful filtering mechanism for bad ideas before they consume resources.
Both the host and guest agree that writing is a powerful tool for refining investment ideas. The process forces clarity and exposes unanswered questions, a discipline Warren Buffett also advocates. If you can't cogently explain your thesis on paper, it's likely flawed.
An investor can have pages of notes yet still lack clarity. The most critical step is synthesizing this raw data by writing a cohesive narrative. This act of writing forces critical thinking, connects disparate points, and elevates understanding in a way that passive consumption cannot.
Before committing capital, professional investors rigorously challenge their own assumptions. They actively ask, "If I'm wrong, why?" This process of stress-testing an idea helps avoid costly mistakes and strengthens the final thesis.
Writing is not just the documentation of pre-formed thoughts; it is the process of forming them. By wrestling with arguments on the page, you clarify your own thinking. Outsourcing this "hard part" to AI means you skip the essential step of developing a unique, well-reasoned perspective.
