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Many people have a tendency to solve problems by adding things rather than removing them, driven by a belief that addition signifies progress. For example, companies like Starbucks suffer from overcomplicating offerings, while Chipotle thrives by keeping its menu simple. This principle is further exemplified in software development, where adding more people to projects often slows progress. In finance, investors are prone to adding complexity to their portfolios, thinking it will improve returns. However, simplifying portfolios (focusing on high-conviction positions and reducing unnecessary complexity) can help lead to better results.

Key takeaways: Ask yourself – What distractions or excess can you remove not only within your investment portfolio, but your life, so that you can put more focus toward what brings you meaning and happiness?