The Surprising Power of the Long Game
Farnam Street (Shane Parrish) · 2018
"The 'long game' — small, boring, unglamorous daily investments that compound over years — reliably outperforms the 'short game' of chasing immediate, visible wins, because the long game's advantages accumulate invisibly until they become undeniable, while the short game's costs likewise compound until they become unavoidable."
The short game chases visible, immediate rewards (winning the moment) at the cost of larger future costs (spending more than you earn, under-sleeping, not investing in relationships); the long game accepts smaller or invisible short-term costs (leaving a party early, eating healthy, spending less than you make) in exchange for compounding advantages that only become obvious once they've accumulated for years.
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Enron Short Thesis
"Enron's returns didn't cover its cost of capital and its accounting was opaque; the equity was worthless."