Q & A 

How did you start investing?

I had always been interested in learning more about businesses and companies. We live in a world where businesses shape our daily lives—from technology to energy, healthcare, and beyond. From an early age, I had a big curiosity about companies and enjoyed listening to people who had accomplished things in the business world. This interest was always in me, even before I knew I could invest in companies.

In Turkey, where I grew up, the stock market is perceived as a gamble, and people associate it with short-term trading—speculating and trying to read charts. I thought this was what investing meant until I read about Warren Buffett. Then, a lightbulb went off in my head, and I started digging deeper. Once I truly understood the difference between speculating and investing, I said, "Yes, this is what I want to do for the rest of my life."

This passion sparked from day one, and it continues to this day. There is nothing wrong with speculating or short-term trading, but for me, it’s not the right approach. It also doesn’t seem like a very successful method if you want to scale up your investment and take advantage of compounding.

What do you like most about investing?

Investing is a never-ending journey. You never reach a final destination because it's always a process, not just an outcome. Every day, you read, learn, and think about the world you live in. You analyze and change your mind about things. The world evolves so quickly, so you have to keep learning. It’s about thinking not only about what is changing but also about what remains unchanged.

As an investor, you think in the medium and long term. You don’t buy a business just because it looks good for a few quarters—you buy it because you believe it will generate returns over the medium and long term. When I say "long term," I mean a very long time. However, you won’t come across many great opportunities in your lifetime, so you need to be prepared. The only way to do that is by continuously learning.

I love learning every day. It’s exciting to discover new things about life and how it works. Your knowledge compounds just like your wealth does—what could be more exciting than that?

How do you analyze companies and decide to invest?

The good thing about investing is that knowledge stays with you. If you read something a few years ago, you still retain that piece of knowledge. So, while the decision to invest may sometimes be quick, the work behind it takes many years. You research a company for years without necessarily making a decision.

If you're asking about the actual process of analyzing companies, it's very simple in principle—but not easy in practice. First, I carefully read everything about a company's financials, such as 10-Ks, 10-Qs, earnings transcripts and other filings. I also like to listen to interviews or podcasts featuring the people running the business to understand their thought process. The more you read, the more red flags you spot, which means more research to address those concerns.

As I said, not many companies are investable for me. I usually look for a "fat pitch." Most good companies are expensive in terms of valuation, and just because they’re great businesses doesn’t necessarily mean they’re good investments. Most of the time, my job is to wait patiently and continue learning about the companies I follow.

What surprised you the most about investing and the stock market?

It’s not as difficult as people think, but it’s also not easy. The process is simple. Once you develop a mental model and understand yourself, you create your own investing style—the one you feel most comfortable with.

Investing is not about achieving the highest returns in a single year but about maximizing returns with the least risk while staying within your comfort zone. If you’re not leveraging your investments, you don’t need to worry about short-term noise—as long as you know what you’re doing. Surprisingly, most people can’t do that. They can’t stay calm and simply observe what’s happening around them. They always react and overreact. That actually benefits disciplined investors because we can take advantage of their irrational behavior.

Secondly, I think most people don’t set rational expectations for their returns, which pushes them to take unnecessary risks and make poor decisions.

Can you explain what you mean by mental models and knowing yourself?

In investing, you can be your own worst enemy because, as human beings, we are wired for short-term thinking and survival. If you don’t train yourself to think rationally and practice different scenarios in your mind, you may panic and make poor decisions when things get tough. Everyone thinks they can stay rational—until they can’t.

Mental models help you train your mind to remain rational. Practicing rational thinking over and over again prepares you for difficult times so that you can make less mistakes. I believe people focus too much on the upside and ignore risks, while also being too focused on survival and short-term thinking.

What books would you recommend to someone who wants to become an investor?

I started by reading Peter Lynch and anything related to Warren Buffett and Charlie Munger in my early years. 

How would you advise young people about finance and money?

Money is an important topic that many people don’t fully understand. This is partly because most people don’t grasp how the financial system works. Money should never be the ultimate goal—it’s just a tool to organize our modern lives.

Everything in life has value, but some things—like time—can’t be measured in monetary terms. However, other things, such as goods and services, can be exchanged for money. How do you get money? You earn it, right? So, indirectly, money represents our effort, even though it’s not a perfect measure of what we truly earn.

If we also understand that money has a time value, we start thinking about it differently. I’m not saying we should value money above all else, but understanding the financial system and the role of money in society helps us make better financial decisions.

If you view your salary not as a material thing but as a representation of your effort, and you acknowledge that time can enhance its value, I would recommend saving and investing. It’s crucial to spend less than you earn and avoid unnecessary debt. Debt is essentially borrowing from your future efforts. Most people don’t think about it that way because they focus on living in the moment. But with the average human lifespan now around 80 years, saving and investing from an early age is key to financial security—because that’s how today’s financial system is designed.

What newspapers do you read or what do you watch daily?

I watch Bloomberg and CNBC for 30-40 minutes daily to stay updated on current events and market sentiment. I also read the Financial Times, Wall Street Journal, Bloomberg, Barron’s, and some Asian newspapers daily.

You mentioned staying rational—any tips for that?

Cutting out noise and trusting your own research is the only way to stay rational. Humans tend to over-exaggerate events and act irrationally after black swan events or new innovations.

Staying rational is possible through understanding history and probability. Without these two, even if you have the right temperament, you won’t be successful. And without the right temperament, even if you know all of financial history and probability, you still won’t succeed. These three elements are essential.

What is difficult about investing that most retail investors struggle with?

Investing requires discipline and long-term dedication, much like being an athlete. It takes years to see meaningful results, especially if you're investing your own money.

Analyzing a business thoroughly is difficult. Understanding how a company makes money, generates profit, and creates value for society takes a lot of time and effort. Most people don’t have that time. Additionally, financial analysis requires skill, and without the ability to interpret financial statements, you can’t truly understand a company.

Lastly, price volatility can be a big risk if you don’t know what you’re doing. But if you do, it becomes an opportunity. That’s why most ordinary investors are better off investing in index funds.