That said, I had reasons to believe the bet would pay off I had spent the prior decade building a name for myself online, and I was confident that I could eventually convince a few hundred people to subscribe. I gave up a nice salary (plus health insurance!) to start a “job” that paid $0 a year on day one. In addition, establish a set of realistic goals (financial, deliverables, etc.) for yourself and your customers.įrom a financial perspective, leaving my full-time job was a difficult decision. (By the way, their willingness to provide direct and thoughtful feedback is additive to the output.)Įnsure that you truly love what you're doing (the “work”) before you leap. To date, I’ve found this has really resonated with readers. That idea also served as the inspiration for complete portfolio transparency - the disclosure of all changes before they’re executed, quarterly returns, etc. Even the best investors in the world make mistakes, and I thought that it would be refreshing and insightful to be open and honest with subscribers about the lessons learned during my investment journey. Early on, I decided that I would try to differentiate the service by pushing the level of transparency to 11. In my opinion, the key feature missing from the majority of these websites and blogs is that they lack long-term accountability. Of course, the internet is littered with websites where people can share stock ideas. The idea to leave the finance industry and pursue writing as a full-time job was inspired by the success of others who had pursued this business model, most notably Ben Thompson of Stratechery and David Kim of Scuttleblurb. It started as a way to bolster my resume when I was still in college, but over time it became a great way to build my network while generating some supplemental income. I’ve been writing online about the world of investing for more than ten years. What's your backstory and how did you come up with the idea? The research service has grown steadily over the past 13 months as of May 2022, it now generates ~$17,000 per month in subscription revenues (after accounting for Substack’s cut). The goal is to transparently show how a full-time investor with a decade of experience invests for the long-term (the portfolio disclosed to subscribers accounts for all of my assets, outside of a checking account for day-to-day expenses). For $49 per month or $349 per year, subscribers receive deep dive equity research on new companies (long-term investment ideas), updates on current holdings and names on the watchlist, investment philosophy discussions, and periodic portfolio updates (with the disclosure of all changes before they’re implemented). In April 2021, I left the industry and launched the TSOH Investment Research service. With my service, I provide complete transparency into the investment philosophy, research process, and long-term outcomes of an experienced equities analyst and CFA Charterholder. Years of experience in the RIA business helped me to see, firsthand, how much of finance is shrouded with a somewhat false sense of expertise, as well as the overwhelming influence of the advisors’ / investment managers’ incentives (retaining / growing AUM and sustaining a large recurring fee base), which leads to questionable long-term decision-making. Before launch, I spent a decade working in the investment advisory (RIA) business as an equities research analyst. My name is Alex Morris, and I run the TSOH Investment Research service. Hello! Who are you and what business did you start?
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