Punch Card Investing

Biological Parallel

Semelparous species like Pacific salmon reproduce once, then die. This 'one-shot' reproductive strategy forces extreme selectivity—salmon navigate thousands of miles to spawn in optimal streams, because they get no second chances. Their entire life history optimizes for one perfect reproductive event. Buffett's punch card investing mirrors semelparous strategy: act as if you have 20 lifetime investment decisions, and selectivity becomes clarity—only perfect opportunities justify action.