2023 Annual Review

Hits, Misses, Lessons, and Milestones for 2024

Source: Midjourney

“We do not learn from experience...we learn from reflecting on experience.” ― John Dewey

2024 is almost around the corner and everyone will be getting into a festive mode, or already have. It’s that blissful time of the year when people forget their worries, celebrate the year gone by, dream up a kickass year ahead, and look forward to it with anticipation and excitement. 

But if you belong to the group that moves forward without learning from the year gone by, then 2024 might just be another version of 2023, with little variation. I’m sure you’d like 2024 to be more than that.

If yes, then reviewing the year gone by becomes crucial. It calls for taking stock of lessons learned, celebrating the achievements, and setting a direction to move towards. Doing these activities gives you the wind beneath your wings, and builds the right momentum that is backed with self-belief and preparation. Trust me, this counts for a lot !!!

I will share with you a format from Sahil Bloom’s newsletter and even provide you a pdf link from his post. You can read my personal review below for reference if you’d like to. Alternatively, you could directly get on with the act of answering the review questions laid out below. To make it easier, I have even provided the context for each of the questions - 

What did I change my mind on this year?

Context # 

You could have been sure about something which isn’t so.

You could have judged someone which was immature or childish on your part.

You may have prioritized the wrong thing and dropped few things which were important.

My answer # 

I had given a pass to posting actively on Social Media and existed on Twitter and Linkedin as a fly on the wall. I would consume information on these platforms, but I wouldn’t engage with the audience there or create content for them. I misunderstood the internet game and exaggerated the evils of social media in my head. However, I have realized that my creative output’s quality is immaterial if no one knows that I exist. 

If I am committed to taking my work to a larger audience and making a difference in their lives, then the world needs to know me and that needs engagement online and content creation with a regular cadence. Hence I have given up on pursuing mastery of subject matters eg. academic qualifications before I express myself or to fill my head with theoretical knowledge. I have taken on being aggressive and adventurous with expressing myself online, and at a regular cadence, while enjoying the process and knowing the limits of my competence. 

The best part is, that it’s making me focus on compressing the lessons learned into bite-sized texts, which make it easier for readers to consume and allow me to record my thoughts on a global repository online.

What created energy this year?

Context #

All relationships or engagements which suck your energy, leaving you drained, ain’t worth it.

If you fill your life up with people and things that give you energy and happiness, you get to play your professional and personal games with flair and grace. 

My answer #

I am happy with how I have allocated my time throughout the year. Let’s break it down -

1. 40 hours/week at work has been great and I’ve enjoyed every bit of it

2. I have spent my free time on weekdays with family and friends, building strong relationships

3. I have used my weekends for creating content online and also started exploring LinkedIn this year

4. I have been regular at the gym, snooker, and walks at the beach - 3 things that I look forward to eagerly 

5. I traveled to Himachal Pradesh, Delhi, Chandigarh, Mumbai, Pune, Andhra Pradesh, Karnataka, & Vietnam in 2023 and loved the moments created 

6. I have avoided almost all late-night invites, seminars, networking events, or parties. And I don’t feel like I missed anything. Will continue the same in 2024. The funny part is that I have formed a lot of new relationships that are early birds like me. There is always someone out there who will resonate with you completely. Just got to be on the lookout. 

Source: Vietnam

What drained energy this year?

My answer #

I don’t have much to share here except for many months that were spent on learning CMT. It drained me and I am glad I dropped it before spending years to master that subject. I also have realized that I won’t be a great stock picker on my own. Reading balance sheets doesn’t come easily to me and it strains me. Hence I was happy deciding to outsource my investing to discretionary portfolio managers or SEBI-registered Research Analysts. I am well versed with the subject but I won’t be practicing the lessons learned on my own.  I may not compound my wealth @ 20% p.a., but even 12% p.a. will do. I know my ‘enough’. If I get more, even better. 

Matthew McConaughey shut down his production company and his music label and he stated “I was making B’s in five things. I want to make A’s in three things.”

I too would like to make A’s instead of Bs and Cs.

Who were the boat anchors in my life?

Context #

As Sahil says - Boat anchors are people who will:

• Belittle, put down, or diminish your accomplishments.

• Laugh at your ambition and tell you to be more realistic.

• Harm the quality of your environment through negativity and pessimism.

• Make you feel bad by consistently showing off all they have (to remind you that you don't have it).

It is better to eliminate these people from your close circles so that you aren’t feeding any energy to them.

My answer #

I have a few people around whose energies are negative and they have only slowed down my march towards my goals nor do they bring good vibes to the table. Without naming names, I did try to influence them and even hoped they would change, but the same hasn’t happened. I have realized that you cannot change anyone unless that person himself/herself wants to change. Till then I can live an exemplary life, hope for common sense and maturity in them, and till they change, keep them at arm’s length. 

What did I not do because of fear?

Context #

It’s important to distinguish the reasons for not attempting things that you want to. If it’s a lack of skills, then it can be learned. But if it’s fear, then it needs a mental workout more than a technical maneuver.  As Seneca Ince said, “We suffer more in imagination than in reality.”

My answer # 

• I didn’t post online thinking of gaining academic qualifications before doing so.

• I didn’t make reels/shorts for the same reason, and let impostor syndrome take over. 

• I was nice when I had to be assertive, in fear that I would jeopardize the relationship.

These did leave a bad taste and I don’t want a repetition of that. I’m taking a U-turn on these and going out on full expression mode in 2024. 

What were my greatest hits and worst misses?

Context #

This is what most reviews look at and rightfully so. What would make this exercise more rewarding is to have a true sense of celebration for the hits and deep thought to extract the lessons learned from the misses. As the wise say, “It’s the failures that teach more than the successes” 

My answer #

Greatest hits -

1. Achieved many milestones professionally and got recognized & appreciated too

2. Saved more than 60% of my annual income which has compounded handsomely since all was allocated to India in 2023

3. Travelled to many places with my family and had a great time. The fondest memories being at Himachal Pradesh in Feb. The Himalayan Village Resort would count as one of the best properties I have ever stayed in. 

4. My newsletter subscriber base grew 132% in 2023 and has readers in 30 countries, with India making up 54% of the base. 

5. Built deeper bonds with loved ones, spent quality time with them, and got to know them better.

6. 3 newsletters that I’m proud of -

   1. Dark Side of Creating Content - link

   2. Do hard things - link 

   3. Why Giving away money is hard but important - link

Worst Misses -

1. I haven’t lost weight in the whole year. It’s varied around 78 kgs the entire time and my BMI is around 24. These are in the normal range but flirting with the outer limits. The adipose tissue deposits seem to be firmly committed to me and haven’t moved an inch in ‘23.

2. I spent a lot of time consuming content instead of creating content. This led to an anemic pace of growth on my social media handles, keeping my newsletter reach limited.

3. Dropped a few balls at work and that needs my attention starting 2nd Jan.

4. Dropped out of communication with a few cousins and I’m not happy about it. Got to do a better job of staying in touch with family across continents, through Zoom or chats, if not in person.

What did I learn this year?

Context # 

This is the most important question to ponder upon. If you haven’t learned anything significant in 2023, then you walk into 2024 as the same person. And the same person achieves similar results leading to disappointment if he is expecting better. For better times ahead, a better you needs to walk into the year ahead. 

My answers #

• Everybody has a story that makes them who they are. Nothing right or wrong about it but it just is. Some will hurt and some will love me but I can’t judge them for who they are. I might decide on which people to include in my inner circle because they give me energy, that’s it. They just may not be fit for me today but could mean the world to others.

• Being only optimistic is a double-edged sword. It keeps me spirited but it could also make me casual about things panning out the way I’d like. It may not be so if I assumed things or relied on people who may not be dependable. Hence, I have to be skeptical too, about human frailties and surprises that life throws. It’s not over till it’s over and infusing a little paranoia can work like magic by keeping me on my toes always.

• Every dream will throw a strong resistance at me. Writing feels like a struggle. Working out feels like stress. Taking a cold shower gives me chills. But every act of fighting the resistance is about becoming a stronger me that’s ready to take on bigger battles in times to come.

• Everything exciting isn’t good and everything good isn’t exciting. Need to be able to distinguish each so that I don’t end up investing my time and energy consciously or subconsciously on things that are titillating my senses but jeopardizing my goals.

• Always ask instead of assuming and clarify before doing. Keep things black and white instead of operating in grey. And if it’s a grey zone with incomplete information, then let people that I’m moving ahead on probabilities and not certainties, which could have good and bad outcomes. This prepares me and the team for the payoffs instead of negative surprises that could demotivate people and ruin the culture. 

Cold water plunge at Longevity Club, Barsha, Dubai

What will you be proud of in 2024?

Context #

This nudges you into thinking of the direction you’d like 2024 to take. You may achieve all or none of them, but if you're driving toward a direction that inspires you, then magic happens and serendipity takes over. It’s happened umpteen times in the last 20 years for me, and the next 20 will have the same surprises in store if I am moving ahead with momentum. And momentum needs a direction !!! 

As Laura Vanderkum says “Instead of looking back over last year, pretend it’s the end of next year. You are popping the Champagne corks because it has been an absolutely amazing year for you professionally. What 3-5 things did you do that made it so amazing? Write this list as next year’s performance review, and you’ll have a good sense of what’s most important for you to tackle at work.”

My answer #

• Buying a dream home for mom and dad in Mumbai

• Reaching a subscriber base of 10,000 while I enjoy writing daily 

• Bringing body fat to 18% and waist to 32 inches while getting stronger 

• Reading 52 books while I deliver the goods at work, at home, and with my health 

• Hitting my organizational goals while leading my team with harmony and synergy

“It’s all well and good trying to “be more productive”, but if that productivity is taking us in a direction that we haven’t put much thought into, it might be a lot of wasted effort.” - Ali Abdaal 

I invite you too to put efforts into reviewing 2023 and thinking about 2024, directionally if not minutely. I spent the entire Saturday thinking about these and it was worth it. It gave me clarity on things that matter and need my attention. I also became aware of things that need to be eliminated from my Mindspace. My wife and I had a constructive chat on the same. I feel lighter, geared up mentally, and ready to run faster towards everything that’s important and moves the needle in my life.

I wish you all a great Christmas, a fantastic New Year’s Eve, and an epic 2024 ahead 🥂

This would be my last newsletter for 2023. I will resurface on 3rd Jan with my ‘Ten Rabbit Holes’ piece.

Till then, God Bless and see you soon !!!

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You might have noticed that the name of the newsletter has been changed to ‘Drops of Wisdom’ from ‘Psychology of Investing’. The reason for this change has been the realization of my strengths and the urge to double down on them instead of hoping that I will produce great content around investing.

I am fascinated by philosophy, psychology, and physiology. These are essential elements to learn about if one desires to live a wholesome life with joy and abundance. Investing is a subject I have always studied and leveraged for professional growth, but there are much better writers on it than I would ever be.

Just like Matthew McConaughey shutting down his production company and his music label in pursuit of As in life, I too decided to scrap the idea of investing-related writing. I would rather focus on topics that bring energy to me and allow me to pour my heart and go all in. These topics will have a bearing on you being richer, wiser, and happier in times to come. They just won’t be about investing or stockpicking.

I am at peace with this decision of mine and I invite you too to come along with me on this journey. If not, then it was great having you on Substack with me to date and I want to thank you for your time and attention. I appreciate it and wish you the very best.

For those sticking around, I thank you too and I look forward to a new journey ahead.

Cheers to upwards and onwards 🤝

Manish