What Marcus Aurelius Can Teach Investors

What if Marcus Aurelius were running an investment firm today? Let’s set aside the fact that he probably wouldn’t be running an investment firm in the first place - he valued temperance, justice, wisdom, and courage far more than money. But if he were running a shop, I’m confident he’d be a long-term investor. Think Warren Buffett, not Steve Cohen. No flashy SPACs. No Bitcoin FOMO. No chasing the latest frenzy. Instead, he’d keep things simple: control what you can, let go of the rest, and focus on the big picture.

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Marcus Aurelius was a philosopher king who wielded immense power but focused instead on refining himself to serve others. His Stoic philosophy is timeless, and when it comes to investing, few mindsets are as relevant. I first read his Meditations in high school, and it’s been a guidepost in my life and work ever since.

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Control What You Can

One of Marcus’s most famous quotes is: "You have power over your mind—not outside events. Realize this, and you will find strength." Investors often spend too much time stressing over what they can’t control—interest rates, volatility, geopolitical chaos. Yes, these things matter and have real impacts. Marcus would tell us to focus on what we can control, so our businesses are more resilient in choppy markets. Here’s what’s in our control as investors & operators:

·??????? The quality of the people we partner with.

·??????? Alignment between strategy and values.

·??????? Consistent improvement and innovation to stay ahead.

·??????? Maintaining a conservative balance sheet.

·??????? Everything else? Noise.

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Perspective Is Everything

Stoics believed every challenge holds an opportunity. It’s all about how you frame it. Investing works the same way. A deal falling through, a down market, or an operational setback might seem catastrophic in the moment, but they often open the door to better opportunities. I like to ask myself:

·??????? Will this matter in a day?

·??????? Will it matter in a week?

·??????? Will it matter in a year?

Setbacks are only failures if you don’t learn from them. Besides, most investment careers are made, and great companies are born in down markets.

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Example: Midway through my career, I got fired during the financial crisis. I had disagreed with management on a lot of decisions, and they let me go. A few weeks later, I was in a hospital bed recovering from a home improvement mishap. It was a low point, to say the least. Looking back, getting let go from that job was the best thing that ever happened to me. It set me on a path to an opportunity I never would have found otherwise and got me to where I am today.

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The Work Is the Reward

The success of your investments depends on the quality of your process. If you’re driven purely by financial gains, you’ll probably make more bad decisions than good ones. A coworker once asked me, “What good is reaching the mountaintop if you have to slash and burn the forest to get there?” That stuck with me like a plate full of barbeque. For me, the reward isn’t the exit—it’s the process of getting there the right way. Great investors aren’t outcome-obsessed; they’re process-obsessed. They find joy in diligencing companies, meeting operators, and crafting strategies. The results come, but the work is where the value is created.

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Final Thought

Stoicism might feel out dated, but it’s built to last. It reminds us to focus on what matters, ignore the noise, and find meaning in the process. If that’s not relevant to investing today, I don’t know what is.

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Quick Recap

·??????? Control What You Can: Focus on people, strategy, and alignment.

·??????? Perspective Matters: Challenges often lead to better opportunities.

·??????? The Work Is the Reward: Process creates results.

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If you’re interested in learning more about Stoicism, I highly recommend Ryan Holiday’s books.

What ancient wisdom—or modern advice—guides your investments? Let me know in the comments.