What Formula 1 racing can teach us about investing.“It takes a lot of ambition to maximize your wealth over 100 years” - Luca DellannaI was introduced to Luca’s work by Guy Spier in our conversation a year and a half ago. I got see Luca in person a few times since, and we recorded by now three episodes of Talking Billions. Given the kind of long-term, patient, disciplined investing that I practice, Luca’s thoughts on long-term games and reproducible success resonate with me and have had a big impact on me. Luca expanded my vocabulary to explain something that I and my clients intuitively understand.I greatly enjoy every episode of Talking Billions as I’m sure you can easily tell, and I can’t have favorites, but this conversation is up there in my book, so if you can, don’t miss it.Luca Dellanna is a management advisor focused on increasing revenue through better people and operations management.After a master’s degree in automotive engineering, Luca spent the first part of his career working for DuPont’s consulting unit in Frankfurt, Germany. There, he focused on managerial excellence projects in a variety of manufacturing industries all across Europe.He has also published books about management, human behavior, and economics that earned him appearances on the most important conferences and podcasts in his field, Nudgestock and EconTalk, respectively.Luca writes regularly on Twitter (@DellAnnaLuca).His personal website is www.luca-dellanna.comToday, we talk about the different mindsets of short-term versus long-term players.We talk about how short-term players focus on immediate gains, while long-term players prioritize sustainable growth over time. We discuss the importance of considering the time horizon in investing and life decisions.We talk about understanding the impact of time horizon on risk management and the pursuit of wealth.Luca shares the value of delaying comparison and enjoying the journey in achieving long-term objectives.We discuss how risk management is not about impeding growth but rather about enabling faster growth by protecting against major risks.We talk about how long-term strategies should be sustainable, constructive, and inevitable, ensuring a 100% success rate over the long term. Luca shares that participating in a 'race to the bottom' can lead to sacrificing too much and ultimately losing, even for the winner.05:00 Short-Term vs. Long-Term Players: A Distinctive Contrast 08:26 Factors Influencing Time Preference: Genetics, Experiences, and Environment 16:13 The Importance of Experiencing Long-Term Benefits for Emotional Solidification 34:16 Navigating Parallel Universes of Success 42:22 The Significance of Delaying Comparison and Enjoying the Journey 53:44 The Relationship Between Risk Management and Growth 01:04:14 Understanding Long-Term Strategies

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