Beating Bronchiectasis is now a 72-page book: amzn.com/B01HUBS7J2 (Only $0.99 for Kindle).

To read a sample chapter and what readers have said, go to DanielPecaut.com/Bronchiectasis

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In this episode, I describe my health struggles, diagnosis with Bronchiectasis, and full recovery over the course of one year. 

What’s in this episode:

My childhood respiratory issues and allergies. 

My downward spiral of getting sicker and sicker when no medicines would work. 

My diagnosis at Mayo.

Traditional medicine telling me I was on my own.

My denial and resistance to my condition.

Coming to terms with facing my own mortality.

The Zen retreat that was the turning point in my despair.

Embracing of integrative/alternative medicine.

How I built my integrative medical team to help me create a plan.

The eight-point plan (B-R-A-I-N-N-S-S) that I spent a year following:

B is for Buteyko Breathing

R is for Running (and cardio)

A is For Acupuncture

I is for Ingestion

N is for Nasal Lavage

N is for Nebulize

S is for Supplements

S is for Sleep

The time management skills I learned to run my entire life in only a few remaining hours.

Returning to Mayo one year later.

The miracle results that I received.

Describing my full recovery.

What my life and health looks like today.

Why it was so important for me to share this message and what I’ve learned.

The number of millionaires increases every year. These folks have more and more freedom to make choices they want.

Thinking back, one failing I've had was not talking to clients more about giving. I've left clients alone to do what's right for themselves. Since I was never comfortable getting into deeper conversation, I left them to choose their own course.

In the past, the most I've discussed with my clients is the idea of giving appreciated stock.

I've been private about this higher-level stuff. This is the first time I've put it all out there. I don't want it to come off as bragging in any way. Instead this is an encouragement to myself and others.

The level of difference we can make is 10 times what we think we can make.

There's a step change available if you grow your own capacities and awareness around it. Your time will come, and you'll say, "Wow! This is my chance to knock it out of the park."

But to get there, it’ll involve building your skills, understanding how money works, and investing.

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Today we discuss experiences in ownership.

My invitation at the beginning was to be a learning organism. See yourself as a sponge whose constantly in a state of learning. I am deeply grateful for the teachers I've had. If I've done reasonably well, it’s because I've had fantastic teachers: My father, my grandfather, Warren Buffett, John Templeton and Ben Graham are my primary constellation of professors. They’re marvelous—particularly Ben Graham who was the philosophical father of Warren Buffett. They knew each other from Columbia University and worked together at Graham Newman for a short time. A lot of what Ben Graham taught also comes through Buffett and the Berkshire letters. 

What I thought I'd do today is walk through my 3 principles to being a good investor (ownership, don't lose and patience). I’d walk through experiences that either I violated those principles and paid a price, or didn’t but somebody else did.

All that grounds the thought into experience. As you ground the thought into experience, it becomes more integrated into your being. You begin to make better decisions because you get it. It’s like tying a shoe versus watching someone else tie a shoe. Doing it yourself is a different experience.

IWDP07

In this episode we go deeper into the nuts and bolts of being an enterprising investor. 

We look at the concept of Mr. Market which represents the psychology of investing and how the market behaves.

We talk about why you should look to have a margin of safety of safety in your investments in order to get the best value possible and to protect yourself from loss.

We talk about the importance of understanding accounting so you know what the numbers mean. We start breaking down the terms that are most relevant to finding and buying great businesses.

We also discuss capital allocation and the skills required by great managers.

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In this episode, I continue to discuss patience in more depth. 

Understanding patience is the third lesson that's absolutely essential (in addition to Ownership and Don’t Lose) if you're going to be an entrepreneurial investor and active in trying to manage your affairs. 

Moliere said, "The trees that are slow to grow bear the best fruit." 

As I reflect on the lessons I've learned over the past 34 years, it becomes clear that everything of value is in service to maximizing the process of compounding wealth. 

The trick with compounding is that it takes time and it’s a matter of delayed gratification. So patience is essential if you're going to be an entrepreneurial investor and actively trying to manage your affairs.

A farmer would find it ludicrous to run out, dig up the seed every week to see how it's coming along. As long as inputs such as soil, sun and water are adequate, he knows the process will bear fruit in good time. There's no hurrying mother nature. 

Similarly, the world’s wealthiest individuals are business owners. They would find it silly to check on the stock price of their business every hour on the hour. As long as inputs such as, a good business model, good owner/managers, adequate capital are in place, they know the process will bear fruit in good time. 

To succeed, the farmer and the investor must have some measure of patience.

The patient mindset wants to wait for the good opportunity that's clear and cheap. If it takes time, that's okay. As Charlie Munger says, "Successful investing is a matter of controlled greed.” 

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What I’d like to do today is cover the three most important things for being an entrepreneurial investor: 

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