FISHING WHERE THE FISH ARE AND OTHER FISHING IDEAS TRANSLATED FOR SEARCHERS
It's no secret that search can often feel like a fishing expedition. There's a common quip from Charlie Munger I've read a few places recently in investment literature: “The first rule of fishing is to fish where the fish are.” As a native Minnesotan, I appreciate a fishing analogy as much as anyone, but let's not forget, Munger himself simply said this is the first rule. Surely there must be other rules.
What about, fish when the fish are hungry? Searcher translation: don't chase sellers who aren't going to sell (now). If you're on the search clock and intend to remain disciplined on price, you are definitely not going to be convincing anyone to all of a sudden decide to sell. I'm sure there have been exceptions, but to get to your first deal, I'd recommend shopping for things that are for sale and saving everything else for a future trip.
Or how about ... don't fish where there are a hundred other boats? Searcher Translation:
Those are the obvious ones, and I think they hold up pretty well as search advice.
I went on a fishing expedition myself for some more off-the-beaten path advice from real fishermen. Here's their advice translated.
1. Save Shredded Worms -When your plastic worms get torn up, save ’em. Bass like to ambush wounded prey, so a beat-up worm is perfect to use, especially in shallow water. Anthony Gagliardi, 2006 FLW Tour Land O’Lakes Angler of the Year
Searcher Translation: Remember those deals you liked, that ticked many of your boxes, but for whatever reason didn't work out. Similar deals may come up.
2. Red Fools the Fish - In shallow cover—wood, stumps, clumps of grass—I like to use a spinner bait with a red or pink head, and a crank bait with red hooks. The red makes the fish think the bait’s injured, and they’ll bite at it. George Cochran, 2005 Wal-Mart FLW Tour Championship winner
3. Skip Your Bait
When you cast, stop halfway instead of following through, similar to a check swing in baseball. This makes the lure hit the surface of the water a few feet before your target, so the lure skitters over the water. It’s a good way to get under docks and other structures. Mike Iaconelli, 2004 CITGO Bassmaster Classic champion
4. Keep Your Hooks Sharp - I use a file to sharpen my hooks every time I catch a fish and before every trip. It takes 30 seconds. Bass have boney jaws, so a sharp hook is more apt to penetrate the fish. - Mark Zona, host of ESPN Outdoors
5. Look at Your Livewell Water - When you put a bass in the livewell, they’re notorious for spitting up what they were feeding on. From there you can tell what color lure or kind of lure to throw the rest of the day.
These are actual fishing tips from here.
Connect to me here on Searchfunder if you want to chat about your self-funded search or email me at [redacted] You can also check out our self-funded search partner site at cubinvestments.com/searchers/. I appreciate hearing from people doing unique and thoughtful work in ETA..