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A Message to Junto Readers and Members

A Message to Junto Readers and Members

The following letter was sent to email subscribers of the Junto newsletter on March 12, 2021.
Junto letter to readers
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Since I launched this endeavor, I have received emails and messages from readers on a daily basis—long-form and short-form—especially so since we launched the membership.

These emails and messages include all kinds of questions and many inspiring stories. I love them and I read them all.

However, I’m not proud of the fact that a lot of these inquiries have begun to be left unanswered. I really wish that I could give a thoughtful reply to each one, but in the long run, it would not be beneficial to you. Let me explain.

First, there is little to nothing I can offer readers other than what I publish. If I do a write-up of a business or anything else, I try to make sure that the most important variables are in there. And if I have missed something, it’s either because I have not been smart enough to think about it or I find it minutiae.

Second, I started this endeavor deliberately to be able to go deep in my work. Investing, when done intelligently, is a very focused activity that requires deliberate practice, every single day, through extensive, uninterruptible reading and thinking in large time-chunks. If any of these chunks get separated and fragmented, the productivity drops spectacularly. And if the productivity drops spectacularly, the return potential of our investments and the quality of my work to you, of course, goes down.

But how about my downtime? Couldn’t I sit down to correspond when I’m finished with today’s work?

If I did that, it would again involve a too high opportunity cost of spending more time on reading, thinking, and writing. And during downtime, I will not want to ruin uninterrupted rest needed for restoration as it would only negatively effect the quality of my work the following day.

Therefore, it basically comes down to either distributing lower quality work to a selective number of people or distributing higher-quality work to every reader and member. And it is my ethos to focus only on the latter.

That is why I want to level the expectations. I truly love receiving emails with inspiring stories or suggestions about companies, ideas, or readings. And I will continue to read them all. But if you do write me or respond to a newsletter, know that from now on I will likely not respond unless it’s a membership-related inquiry or something that enriches my life and work. In doing so, know that it is never my intention to be impolite.

It is simply a matter of opportunity cost and doing what is best for all readers, members, and our investments.

Cordially,
Oliver Sung

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