Before I do the “Rick” version of anything, I first copy play-by-play someone who’s done it (VERY) successfully before me.
Ideally, it’s someone who has published their own “how to” at some point.
If there’s no instruction manual, I’ll create my own by deconstructing their process and then piecing it back together.
And I don’t copy just one master. I have found that 10 or more are required to study before I can say I’ve got a handle on the subject.
If you read at least 10 experts on any subject, you’ll see the common patterns emerge.
For example, our investment strategy is not mine.
It’s a playbook compiled from studying Charlie Munger, Warren Buffet, David Swensen, Charles Ellis, Jack Bogle, William Bernstein, Ray Dalio, Burton Malkiel, Benjamin Graham and Peter Mallouk among others.
By leveraging those experts with collectively, CENTURIES of wisdom – I can step into their shoes and do what they did.
After 17 years of managing money professionally, I’ve now iterated here and there on the strategy, but the blocking and tackling are the same.
I imitated for a decade before I ever even thought of iterating.