Many thanks for sharing your time and process through this course. I have learned a huge amount from it. It has ranged far further than I would have expected when I began, but made a coherent intellectual whole.
In the next few weeks I need to go back and look at some of the more dense works like the investment checklist, which I need to reread and properly integrate into my process, so I feel I'm not quite finished yet. I also want to put a few more investors in the dimensions chart.
I wish you the very best of luck in your growing Silver Ring, and may you never get tarnished.
I want to sincerely thank you for being so generous with your time and for curating the 2025-2026 Value Investing Seminar. This has truly been one of the best things that happened to me over the past year. Your guidance and the structure of the seminar have been invaluable.
I plan to go back to the books I haven’t been able to finish, revisit my notes, and continue firming up the dimensions most suited to me. The seminar has given me both direction and motivation to deepen my learning.
Thanks again for everything. I’m already looking forward to the Fall version for the 2026-2027 cohort .
Thank you for putting on the seminar. It was definitely challenging, but I'm grateful for all the information and opportunity to learn. Now to put it into practice!
Q2. When emotions kick in and you respond without thinking
Q3. Emotional reactions to events and not stopping to move to second level thinking.
Q4. Increase awareness of the mental state you are in, especially in highly charged times.
Gary,
I have thoroughly enjoyed this experience. Thank you for sharing it with us . I had all of the books except the last 2. I do have one suggestion. Reading all of the BRK letters may be a bit daunting in a week. Maybe Cunningham's Essay book would be a good alternative.
Question 1: What is the author's idea of "The A Game vs. the C Game"?
All players sometimes play better, sometimes worse, on a bell curve. The A game is at the top of the curve when you are playing well and the C game at the bottom when you are playing badly. The art of improvement is to work on both ends, to move the level up both at your best and at your worst. Remember the inchworm!
Question 2: How can you tell if you have deviated from your A-game?
Making errors that with hindsight you should have avoided – "I know I should not do this!"
Going back into a position soon after exiting – this almost always means that I have made a mistake, either in selling too early or re-entering without a reasonable chance of significant gain.
Making decisions while in the grip of greed or fear
Making errors in position sizing: too big or too small. This is a sure sign of under- or overconfidence.
Reviewing trades and finding evidence of all the above
Losing interest – not being consistently "on it" – especially after a big mistake.
Question 3: What has caused you to deviate from your A-game in the past?
Mostly fear rather than greed.
Not having a process I completely trust
Dealing with events out of my control
Question 4: What can you do to minimise the frequency and magnitude of deviation from your A-game in the future?
Work on the process. The more you have a process you trust, the less likely you are to feel fear and the more likely you are to be calm and therefore in the right frame of mind to make good decisions. It also gives you the confidence to make bold moves when the analysis justifies it. The better the process, the more likely it is that following it will give a good outcome on average.
Accepting that I can't know everything, can't foresee everything, and that poor individual trades are an inevitable part of investing. It's how you
A-Game: Your best possible performance. You’re focused, disciplined, making optimal decisions, and playing close to your true skill level. It’s often described as being “in the zone.”
C-Game: The opposite end of the spectrum. This is when you’re distracted, tilted, fatigued, or emotionally compromised, leading to poor decisions, basic mistakes, and playing below your ability.
Tendler emphasizes that poker players should not only strive to access their A-game more often but also work to improve their C-game, since reducing the damage of poor play is just as important as maximizing peak performance
Q2 :
Emotional cues: Feeling tilted, frustrated, overconfident, or fearful.
Decision-making changes: Playing too loose/tight, chasing losses, ignoring odds, or deviating from your strategy.
Physical/mental fatigue: Struggling to concentrate, zoning out, or rushing decisions.
Results-based thinking: Focusing excessively on short-term wins/losses rather than long-term correct play.
Q3 : Common triggers that push players into their C-game include:
Tilt: Anger after a bad beat or losing streak., FOMO, Greed
Overconfidence: Winning big and then playing recklessly.
Fatigue: Long sessions without breaks, lack of sleep.
Distractions: Playing while multitasking or in a noisy environment.
Unresolved leaks: Weak technical areas of your game that surface under pressure.
Q4 : Tendler suggests structured mental training to reduce both the frequency and severity of slipping into C-game:
Preparation routines: Mental warm-ups before sessions .
Tilt control strategies: Identifying triggers and using techniques like deep breathing or reframing losses.
Incremental improvement: Using Tendler’s “Inchworm” model—push your A-game forward while systematically fixing C-game leaks.
Break management: Short breaks during long sessions to reset focus.
Post-session reviews: Journaling hands and emotions to spot recurring patterns.
Lifestyle factors: Adequate sleep, exercise, and nutrition to maintain mental sharpness.
The A game is not playing perfect, although technical skill is important. It is when a person is able to do their personal best with their given skillset because they are functioning in clearheaded, logical, disciplined, patient and stable manner. They stick to their process. The C-game is the opposite. It's one's worst version of decisions-making in which they are distracted by fear, anger, entitlement, laziness, boredom, emotions, etc. They abandon the fundamentals.
Q2:
If I can answer yes to these types of questions, I'm beginning to drift: Am I deviating from my process? Am I spending time justifying my deviation? Are the fundamentals slipping? Is it noisy in my head? Is my internal 'motor' starting to rev up? Am I rushing? These are symptoms that something is off clitter and I need to check my 'why's.
Q3:
'Energy leaks': the little worries, fears, desires, FOMO, fear of looking stupid, perfectionism. Also, on the technical side, a lack of clarity about goals and lack of knowledge.
Q4:
Be clear about what causes me to slip: know my personal weakness. Identify those energy leaks and the underlying beliefs. Insert truth into the moment. Go back to the basics no matter what the emotions are screaming in the moment. Grow the weak technical areas. Reverse engineer both C and A games to reinforce strengths and grow weaknesses.
Dear Gary,
Many thanks for sharing your time and process through this course. I have learned a huge amount from it. It has ranged far further than I would have expected when I began, but made a coherent intellectual whole.
In the next few weeks I need to go back and look at some of the more dense works like the investment checklist, which I need to reread and properly integrate into my process, so I feel I'm not quite finished yet. I also want to put a few more investors in the dimensions chart.
I wish you the very best of luck in your growing Silver Ring, and may you never get tarnished.
James
Thank you James, really appreciate your participation throughout the seminar and the kind words
Dear Professor Gary,
I want to sincerely thank you for being so generous with your time and for curating the 2025-2026 Value Investing Seminar. This has truly been one of the best things that happened to me over the past year. Your guidance and the structure of the seminar have been invaluable.
I plan to go back to the books I haven’t been able to finish, revisit my notes, and continue firming up the dimensions most suited to me. The seminar has given me both direction and motivation to deepen my learning.
Thanks again for everything. I’m already looking forward to the Fall version for the 2026-2027 cohort .
Warm regards,
Navin
Navin,
I really appreciate both your kind words and your participation in the seminar. I am glad it helped you become a better investor.
Thank you,
Gary
Thank you for putting on the seminar. It was definitely challenging, but I'm grateful for all the information and opportunity to learn. Now to put it into practice!
Really appreciate the kind words and your participation.
Q1. A - your best game, C- your worst.
Q2. When emotions kick in and you respond without thinking
Q3. Emotional reactions to events and not stopping to move to second level thinking.
Q4. Increase awareness of the mental state you are in, especially in highly charged times.
Gary,
I have thoroughly enjoyed this experience. Thank you for sharing it with us . I had all of the books except the last 2. I do have one suggestion. Reading all of the BRK letters may be a bit daunting in a week. Maybe Cunningham's Essay book would be a good alternative.
Thanks again,
Helen
I’d second the point about the Berkshire letters being a lot for one week. :)
Question 1: What is the author's idea of "The A Game vs. the C Game"?
All players sometimes play better, sometimes worse, on a bell curve. The A game is at the top of the curve when you are playing well and the C game at the bottom when you are playing badly. The art of improvement is to work on both ends, to move the level up both at your best and at your worst. Remember the inchworm!
Question 2: How can you tell if you have deviated from your A-game?
Making errors that with hindsight you should have avoided – "I know I should not do this!"
Going back into a position soon after exiting – this almost always means that I have made a mistake, either in selling too early or re-entering without a reasonable chance of significant gain.
Making decisions while in the grip of greed or fear
Making errors in position sizing: too big or too small. This is a sure sign of under- or overconfidence.
Reviewing trades and finding evidence of all the above
Losing interest – not being consistently "on it" – especially after a big mistake.
Question 3: What has caused you to deviate from your A-game in the past?
Mostly fear rather than greed.
Not having a process I completely trust
Dealing with events out of my control
Question 4: What can you do to minimise the frequency and magnitude of deviation from your A-game in the future?
Work on the process. The more you have a process you trust, the less likely you are to feel fear and the more likely you are to be calm and therefore in the right frame of mind to make good decisions. It also gives you the confidence to make bold moves when the analysis justifies it. The better the process, the more likely it is that following it will give a good outcome on average.
Accepting that I can't know everything, can't foresee everything, and that poor individual trades are an inevitable part of investing. It's how you
Q1:
A-Game: Your best possible performance. You’re focused, disciplined, making optimal decisions, and playing close to your true skill level. It’s often described as being “in the zone.”
C-Game: The opposite end of the spectrum. This is when you’re distracted, tilted, fatigued, or emotionally compromised, leading to poor decisions, basic mistakes, and playing below your ability.
Tendler emphasizes that poker players should not only strive to access their A-game more often but also work to improve their C-game, since reducing the damage of poor play is just as important as maximizing peak performance
Q2 :
Emotional cues: Feeling tilted, frustrated, overconfident, or fearful.
Decision-making changes: Playing too loose/tight, chasing losses, ignoring odds, or deviating from your strategy.
Physical/mental fatigue: Struggling to concentrate, zoning out, or rushing decisions.
Results-based thinking: Focusing excessively on short-term wins/losses rather than long-term correct play.
Q3 : Common triggers that push players into their C-game include:
Tilt: Anger after a bad beat or losing streak., FOMO, Greed
Overconfidence: Winning big and then playing recklessly.
Fatigue: Long sessions without breaks, lack of sleep.
Distractions: Playing while multitasking or in a noisy environment.
Unresolved leaks: Weak technical areas of your game that surface under pressure.
Q4 : Tendler suggests structured mental training to reduce both the frequency and severity of slipping into C-game:
Preparation routines: Mental warm-ups before sessions .
Tilt control strategies: Identifying triggers and using techniques like deep breathing or reframing losses.
Incremental improvement: Using Tendler’s “Inchworm” model—push your A-game forward while systematically fixing C-game leaks.
Break management: Short breaks during long sessions to reset focus.
Post-session reviews: Journaling hands and emotions to spot recurring patterns.
Lifestyle factors: Adequate sleep, exercise, and nutrition to maintain mental sharpness.
Q1:
The A game is not playing perfect, although technical skill is important. It is when a person is able to do their personal best with their given skillset because they are functioning in clearheaded, logical, disciplined, patient and stable manner. They stick to their process. The C-game is the opposite. It's one's worst version of decisions-making in which they are distracted by fear, anger, entitlement, laziness, boredom, emotions, etc. They abandon the fundamentals.
Q2:
If I can answer yes to these types of questions, I'm beginning to drift: Am I deviating from my process? Am I spending time justifying my deviation? Are the fundamentals slipping? Is it noisy in my head? Is my internal 'motor' starting to rev up? Am I rushing? These are symptoms that something is off clitter and I need to check my 'why's.
Q3:
'Energy leaks': the little worries, fears, desires, FOMO, fear of looking stupid, perfectionism. Also, on the technical side, a lack of clarity about goals and lack of knowledge.
Q4:
Be clear about what causes me to slip: know my personal weakness. Identify those energy leaks and the underlying beliefs. Insert truth into the moment. Go back to the basics no matter what the emotions are screaming in the moment. Grow the weak technical areas. Reverse engineer both C and A games to reinforce strengths and grow weaknesses.