Ashley's Q3 2024 Performance Report: A Letter
Roses are red, violets are blue, and this Q3 report is much ado
Important Note
I’ve officially been on sabbatical for 6 months, which is halfway through my expedition. As a reminder, my goal is to fear less and live more.
If you’re new, check out my About and Archive pages to learn more.
This issue was inspired by Warren Buffett’s annual letters to shareholders, so the structure is different from my Q2 report.
For the sake of this letter, I consider all subscribers of ‘Consultant on Expedition’ as shareholders in this experience. You each now have one share of Class A stock in the enterprise. This is my way of thanking you for the encouragement to take this journey in the first place and the support to keep going.
A Letter to My Shareholders
Dear Shareholders (aka subscribers) of Consultant on Expedition:
Our gain in net worth during the last quarter was $1,000, which did not increase overall book value of Class A stock (the only stock currently issued), but did increase per-share intrinsic value significantly (intrinsic value as well as other key terms and concepts are explained here). This quarter was largely spent in North America, which might seem odd to you given the ground covered in Q2, but I’ll explain more later.
We completed several significant experiences this quarter, and given the solid planning, we remain eager for new experiences during the remainder of this expedition. I will detail these Q3 experiences in the next section of this report. But, I will tell you now that we exceeded the goal of “living more” by returning to the classics and NOT using AI to hype things up or sound cool. Try to control your excitement.
Before diving into the exciting parts, I have a few negatives to share. The first is that I’m falling behind on my goal to eat and rate 2,000 slices of pizza from around the world by April 2025. I’m only at 41% when I should be at 50% to remain on target. This is largely driven by higher prices and lower food quality – I simply couldn’t keep the pace and feel good about it while in the States. Pizza was much more affordable, tasted better, and was easier to digest ex-US.
The second negative, I only visited 2 countries and read 9 books in Q3, significantly less than Q2, where I visited 7 countries and read 10 books. But I can promise you, this quarter has over-delivered in other ways.
The final negative, one that recurs annually – I’m a year older than when I last reported to you. While I struggle with accepting the aging process, I did have a lovely birthday and have more energy and eagerness than ever.
Now onto the more exciting parts of this expedition and your investment.
Experience 1: DJ School
Overview: This was a 6-week course where I engaged with music despite my inability to sing by learning how to arrange music and build sets. I learned a lot about manipulating beats, reading a crowd, and the importance of making quick decisions. For a more detailed overview of decision making please read this prior issue.
Outcomes: I own a Pioneer controller, enjoy creating themed sets, and have a Soundcloud account! My first few sets are below and here. I’ll consider opening my calendar for weddings and events associated with the 2026 and 2028 Olympic Games. If you know a good agent, send them my way.
Ashley's SoundCloud Experiment - these aren't perfect and are for fun, enjoy!Experience 2: Work and Life of William Shakespeare
Overview: In last quarter’s report I shared the desire to learn more about William Shakespeare and challenge my perception that his work is boring and a waste of time - as there is no additional value to gain from something so old.
In the fashion of going all-in, I attended the Stratford Festival in Stratford, Canada for three days, where I saw six performances and finally laughed during the last performance when I overcame the Elizabethan language. As I sat with what seemed like new information, and after a helpful session with my career coach, I began to see that there are timeless lessons about human nature in Shakespeare’s work that are worth digging into.
To further my appreciation, development, and growth, I’ve engaged with a Shakespearean expert who has studied and performed Shakespeare at the highest levels for 25 years. Together we are making our way through Shakespeare’s 38 plays and analyzing speeches, actors’ actions, perceptions, and words left unspoken.
Outcomes: I’m slowly becoming a fan of the bard. He never tells us what to think or feel. He lets us come to our own conclusions and thus remains timeless. Throughout the quarter I’ve seen 12 of the 38 plays, and currently focusing on the histories. It has been an unbelievable educational experience that doesn’t involve traveling to far-off countries or remote places. I look forward to updating you all next quarter on the progress.
Experience 3: Working at a NYC Pizzeria
Overview: Working at a pizzeria was the main reason I spent this quarter in NYC. Where else (besides Italy) could I put my pizza-making skills into action?! Through this experience, I learned valuable lessons about the hospitality industry and relearned important life lessons. Such as the importance of a strong team manager, clear communication, the benefits of a positive working environment despite unrealistic demands, and prioritizing the customer.
It feels special to have this time and space to dive into the pizza world, and I am surprised by the community and camaraderie I am experiencing along the way. I’m not Italian, but I can talk passionately with my hands with the best of them. Mamma Mia!
Outcomes: Made 1,000 pizza pies and earned money! Gained new friends and mentors. Experienced firsthand that a market-based economy doesn’t reward all efforts equally, even when the output is of equal or greater benefit to society.
Learnings While on Expedition – A Summary
While on expedition, I have an aggressive reading list that’s paired with the experiences each quarter. Through the readings and experiences, I document thoughts and learnings. The below list is simplified learnings I’ve experienced through a combination of books and real-life encounters during Q3 2024.
Music has the ability to bridge gaps and forge genuine connections
Shakespeare’s stories are still relevant today; people and social dynamics don’t change all that much
Everyone is persevering in their own way
We all have more in common than we initially think, and that shared experiences, challenges, and emotions often unite us despite our surface-level differences
Clear communication and teamwork make anything possible
The more compassion you have for yourself, the more compassion you’ll have for others, and the more the world around you will change
The Annual Meeting
In Q2 2025, I’ll throw a shareholder pizza party as a way to memorialize the end of this expedition (location TBD). Stay tuned for the upcoming shareholder event. Spoiler – it won’t be in Ohama, Nebraska, but the pizza will be free and made by me.
Please take the survey below to indicate which location you’d be more willing to visit. In future newsletters, I’ll provide information on how you can obtain the credentials needed for admission to the meeting.
If you’re interested in becoming a shareholder and attending this upcoming event, please consider subscribing via the button below.
Thanks, and thanks; and ever thanks,
Ashley M. James
Chair of the Board
Edited After Publication: Changed “Chairman of the Board” to “Chair of the Board” given my gender and personal preferences, while Warren Buffett consistently uses “Chairman”.