Excess Returns · Tuesday, August 25, 2026
Ian Cassel reflects on how an investor's motivations change over time, starting with a desire to prove others wrong and progressing to concerns about legacy and the passage of time. He notes that early success, like his own, can provide the confidence needed to navigate future losses.
“And so, you know, kind of those people, the people that say you can't do something. Um, you know, that's kind of what fuels you what chases you to continue after that that goal.”
“And then after a while, I think your legacy starts to chase you as well.”
“Um, and enough self-confidence that when I did lose 90% of my portfolio, I still had self-confidence in the tank that I knew I could come back.”