Lesson 1
July 27th, 2023
To: Clients, Friends, & Family
From: Julien B. Booth
Re: Forest Capital
Good afternoon:
I am thrilled to be writing to you under the banner of Forest Capital. I would like to thank you for
your interest and counsel as we restructured to a 100% founder owned Company.
My most sincere thanks goes out to Dana Coulter, Karen Wright and Dimitri Triantafyllides as we
have navigated this process. These specific individuals demonstrated a durability of character,
patience, and professionalism that was extraordinary.
We are too soon old, and too late smart. – German Proverb
Experience is always the best teacher. I have accumulated an additional career’s worth in the
past 3 years. Writing my observations and lessons has proven invaluable for adding to our
investment process and improving my daily quality of life. See summary chart below.
My appreciation for the timelessness of value, character, and consistency has been absolutely
crystallized. In contrast to the ephemeral nature of postmodern cultural and corporate creations
(think WeWork, FTX, Silicon Valley Bank, et al.), enduring value has these underlying qualities.
Value people also embody these qualities. I am forever grateful to work for value people.
During the past three years, enduring investment value has also been revealed. Companies with
dominant positions, bulletproof financial quality, and seasoned management have weathered the
challenges and will ultimately be far stronger. We prefer to own such companies.
While interest rates have created near-term price indigestion, they ultimately provide an
environment that we have longed for, the ability to lock in yields from 5.5% to 8% – in terrifically
boring income securities. It has been a decade or more since I have seen yields of this magnitude.
Thank you again for your interest in Forest Capital. I appreciate being able to work for you.
Julien B. Booth
704.608.3100
jbooth@forestcapital.net
Lesson 1
Know Thyself – Practice Radical Self Awareness
The Path to Growth Begins with Acknowledging Ignorance
Practice Observing w/o Judgement
Know Discretion – Seek Full Understanding
Ask Better Questions – Inquiry
Know Everything (markets, people, nature) is Rate of Change (+/-) Flux
Discipline = Destiny
Effort + Attitude Win
Enso – Everything is Interconnected
Control is an Illusion
Anxiety = Unexpected Increase in Entropy (uncertainty or de-generation)
Constant Inquiry – Never Stop Learning
Do What You Are Afraid to Do, w/ Discretion
Most Suffering Comes From Avoidance – Conscious, or not
Waiting is A Skill
Do Not Postpone JOY!