The Conviction that Inspires Us

Marie Curie was born Maria Skłodowska in 1867 in Warsaw, Poland. Her family valued education but struggled financially. Women faced barriers to higher education, so she joined the underground Flying University, an underground institution that provided education to women.  

In 1891, she moved to Paris to study at the Sorbonne. Life was difficult, but she earned degrees in physics (1893) and mathematics (1894). In 1895, she married physicist Pierre Curie. They formed a strong scientific partnership. Despite hardships, she persisted. Her early struggles shaped her path. She overcame obstacles and prepared for groundbreaking discoveries in radioactivity.

We find common elements in scientific discovery and stock discovery that provides a good framework for doubling down on our conviction, diligence and positions. 

Discovery of New Elements: In 1898, Curie discovered two new elements, polonium and radium. The scientific establishment was initially doubtful about her findings, as radioactivity was poorly understood, and the tools available for verification were limited. 

Similarly, if you are a microcap investor your job is to find small stocks that have big potential. You want to find it first so you can reap the financial reward and attach your name to the idea and be a catalyst for discovery. 

The longer I invest the more I realize only a fraction of stocks (a fraction of winning stocks) are meant for you. The select few where your experience, diligence, temperament, timing, and luck all collide into creating a situation where you can build real conviction before the world finds it. 

Ignoring Skepticism: Despite skepticism and significant physical challenges (e.g., manually processing tons of pitchblende ore to isolate tiny amounts of radium), Curie doubled down on her research because she recognized the unmistakable evidence of radioactivity and its potential.

The best stock ideas are hated or unknown in the beginning and loved in the end. Our ability to pursue undiscovered ideas that are non-traditional but led by extraordinary people is where multi-baggers emerge. Like Curie, it isn’t our hope that should drive our conviction, but the evidence we unearth. 

Validation of Her Findings: Over time, Curie’s results were confirmed as other scientists replicated her experiments. She persisted in her work, publishing groundbreaking papers and solidifying the science of radioactivity. 

In winning stocks other stock pickers will follow. They will replicate your diligence and come to similar conclusions. Others will find new supporting evidence that is additive to the thesis. As more people validate it adds credibility to the thesis and drives widespread discovery. 

Revolutionary Discoveries: Curie's insistence on the validity of her findings earned her the Nobel Prize in Physics in 1903, shared with Pierre Curie and Henri Becquerel. She later won a second Nobel Prize in Chemistry in 1911 for her work on radium and polonium, making her the first person to win Nobel Prizes in two different sciences.

Finding a multi-bagger stock before others and going ten miles deeper in research than others to discover the truth is what creates generational returns.  

A mentor of mine grew his six-figure 401k portfolio into a nine-figure portfolio in microcaps. He emailed me the other day and wrote, 

“I do a minimum of 2+ hours of research every day on [His Largest Position].” 

His maintenance due diligence is what keeps him in the stock. Your initial due diligence might get you into a position, but it is your maintenance due diligence that makes you the big money or saves you from the big losses.  

Big Ideas Lead to Big Ideas: Curie’s work laid the foundation for future research in nuclear physics and medicine, leading to innovations such as cancer treatments and nuclear energy.

When you find multi-bagger stocks it often leads to finding others. The company and industry research lead you to other unique companies in the same or adjacent industries.  

The new investors you meet and share due diligence with become life-long friends and part of your tribe. The bonds forged by going to war and winning against the naysayers turns you into comrades in arms and you find more winners and fight more battles together. 

The relationships you build with winning CEOs aka intelligent fanatics, leads them to trusting you and opening their rolodex to you. They start to introduce you to other high-quality individuals doing interesting things. Winners attract winners and big ideas start to find you. 

Inspiration: By trusting the signs she saw in her research, Marie Curie pushed forward against resistance, Curie became a role model for scientists worldwide, particularly women in a field dominated by men at the time.

When we see stock pickers finding, buying and holding great companies early it is inspires us to do the same. 

When you see a private investor like Jason Hirschman make nine figures on a single microcap stock it inspires us.

In hindsight most big discoveries look obvious because we are judging the beginning by the end. In reality they were not obvious in the beginning. Most big stocks started as ugly ducklings. They were imperfect and unloved. They had hair, warts, and walked with a limp. Most investors were running away, not running to invest. 

Jason doubled down on his independent research right when most other investors were fleeing for the exits. Another investor, a female microcap investor, who wishes to remain nameless, teamed up on the due diligence. Their independent research validated their conviction. 

They did the work others weren’t willing to do to form conviction others weren’t willing to build. They tripled down their positions when everyone else was selling. 

Then their independent research was proven right. Sentiment shifted, management executed, an ugly duckling turns into a beautiful swan, and the result was generational wealth. 

Innovation isn’t easy. Conviction isn’t easy. Nothing that inspires us is easy.

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