Today on Ezra’s Notes, I’m launching a new feature called Conversations: short interviews with investors, built around questions that lean more toward who they are than what they’ve achieved as investors.
The idea is to learn how their mind works, and what’s shaped how they approach investing in the first place.
For the first edition: a conversation with Mauricio Heck, aka Polymath Investor
Mauricio’s been a close friend for 7 years now, since my MOI Global days. We’ve talked about everything from investing and digital business models to music.
This first edition means a lot to me.
But before we get to the interview, a word from today's sponsor: Ezra's Notes.
Favorite band or artist, and what does it say about how you think?
I don’t know if I have a single favorite of all time. If I had to choose, I would probably say The Beatles or U2, along with the great classic rock bands.
These days, however, I listen to a lot of Hans Zimmer. His scores often begin with a simple theme and build into something vast, layered, and emotionally powerful. Interstellar is a great example, as are Inception and Christopher Nolan’s Batman trilogy.
That way of creating resonates with how I think: start from first principles, find the simple idea underneath everything, and keep iterating until it becomes something much richer.
Last book you read that had nothing to do with investing?
Almost everything I read these days eventually connects to investing or to themes I explore in my newsletter, especially the broader skills that help someone become a better investor.
The closest answer right now is Atlas Shrugged by Ayn Rand, which I am rereading after many years. I consider it a masterpiece, although it certainly demands a serious time commitment.
Coffee, tea, or something else, and where do you do your best thinking?
Definitely yerba mate. It’s the perfect middle ground between tea and coffee. It gives me more lift than tea without feeling as strong as coffee.
It’s a South American drink prepared in a gourd, and for me it’s the ideal companion for intellectual work.
I do my best thinking in the morning. I used to be a late night person, but having a child has a way of turning you into a morning person.
A daily habit you would never give up, no matter how busy you get?
My structured morning routine. It’s the foundation for everything else I do. I start with exercise, including stretching and push-ups, followed by meditation and a cold shower. I try to protect that routine every day because it sets the tone for everything that follows.
Where do your best ideas come from, a walk, a shower, or a specific chair?
Meditation, surprisingly. I meditate for 15 to 20 minutes before bed and again early in the morning, and those are often my most creative moments.
Reading also sparks many ideas, so I always keep a notebook nearby and write them down as they come. Most ideas begin as a small observation in the middle of something else.
A skill you are proud of that has nothing to do with your job?
Sailing. I grew up in a coastal town with easy access to the sea and sailboats. I started sailing Optimist dinghies as a child, moved through several classes, and eventually competed in sailboat races. I used to be quite good at it, and it remains something I love.
What is the most contrarian opinion you hold that has nothing to do with markets?
I don’t know whether it qualifies as contrarian, but I am a committed believer in Carol Dweck’s growth mindset. I know aspects of her work have been debated, but the underlying idea has guided me throughout my life: abilities are not fixed, and we can develop them through learning, better strategies, and sustained effort. That mindset has helped me enormously over the years, and I think it is one of the most useful principles a person can carry through life.
What is a completely non-financial skill that has made you a better investor?
Reading widely, guided by curiosity. Curiosity has driven my entire investing career. I want to understand how companies work, how the world works, why trends emerge, and what might happen next.
The habit of following questions wherever they lead, combined with a genuine love of reading, has probably done more than anything else to make me a better investor.
If you were not in investing, what would you be doing?
I would probably do something outdoors, perhaps work as a nature guide or make documentaries in remote places. I love being outside, especially in places far from crowds, and I seriously considered that kind of career many years ago.
If you could have dinner with anyone, alive or dead, who is not an investor?
Messi or Maradona would be tempting choices, especially as an Argentine. But if I had to choose one person, it would be Leonardo da Vinci, with Benjamin Franklin a close second.
I am fascinated by people whose curiosity crossed many disciplines. They wanted to understand the world around them and refused to confine themselves to a single field. That is the kind of mind I would love to spend an evening exploring.
One thing you are terrible at that everyone assumes you are good at?
Math. People often assume that investors are naturally gifted with numbers. I am comfortable with the math my work requires, but it’s not where my strongest edge lies.
I gravitate much more toward the qualitative side of investing: mental models, incentives, understanding people, and connecting ideas across different fields.
Love the Honesty on the Maths Aspect.