EGD News #196 — Annual Review 2023
I've done my annual review.
This year, for the annual review, I went down a rabbit hole of ideas. I used the templates of Sahil Bloom's annual review and Steve Schlafman's Ultimate Annual Review. The feeling I always get from doing an annual review is a fresh look into the year and insights that can help me better prepare and plan for the new year.
Here are my annual reviews from previous years.
I did a massive review this year, but I've distilled my annual review to nine questions to spare you from all the details. Here, I present to you my annual review for 2023.
What went well this year?
This year was a strong year for my self-actualization front. I worked hard to determine what I wanted in life, my core values, and my relationships. So much good work has started and will continue into 2024.
As I said in my 2022 annual review, I wanted to take my investor work to the next level. That was achieved, as I'm a general partner at a VC fund. In the process, I did start dialing down EGD work. I launched the year with a rebrand of Elite Game Developers but ended up stopping the podcast and moving EGD News into a Substack newsletter, which, a few years ago, I would have considered a downgrade.
But, I do feel I'll become stronger in writing in 2024 and will continue putting effort into that area of my life.
What did I change my mind about in 2023?
The biggest thing in my work was changing my mind about mobile game studios without KPIs being investable. I'm now more cautious than ever at investing in mobile game studios. The market headwinds are so immense that it doesn't make sense to place bets on companies with no control over their success.
What new skills and habits did I develop?
The best VCs act like angel investors. They need to, because not everyone can be a Sequoia and have a world-class brand.
Probably the most significant change on my personal side is that I've continued therapy and have had the longest therapy streak in my life. We mainly worked on my conflict-avoidant nature and difficulty dealing with conflict. So many enlightenments have happened this year in discovering myself.
I also started using ChatGPT as a therapist to probe for things:
If a 45-year-old male was bullied in school when they were a child, how does the bullying manifest in them being an adult and functioning in relationships with other people?
Finally, I worked a lot on my exercise habits and sleep. I had lots of sleep issues; I would only sleep 5 hours for long periods. To fix my sleep, I practiced meditation, cut back on supplements, and used an Apple Watch to measure my vitals. I finally realized that I was stressing too much. On top of that, I was overtraining. Fixing work habits, meditation, supplements, and rest between exercises has drastically improved my sleep. Getting seven to eight hours of sleep is more manageable now.
What didn't go so well this year?
The expansion of EGD turned into a scaling-down. EGD had been turning more into an actual company. I had ideas for an online community, more premium online courses, and live events. Then, when the VC fund project started to materialize, the realization was clear: building two new companies simultaneously was very hard. I didn't want to try out the Elon Musk approach of running several companies; it's personally not something I strive for. So, I picked to focus on F4 Fund.
Also, subscriber growth plateaued on EGD News. I hope to continue growing the newsletter in 2024 after moving to Substack.
Finally, I need to talk more about my sleep. It's been a real challenge this year, although I did start to understand that my stress levels are highly correlated with my sleep quality, more than ever in my entire life. I guess it's in my 40s when I realize I can't burn the candle at both ends as I used to. And I should stress less about sleep.
What goals didn't I accomplish, and what got in the way?
I had a goal to progress on my second book. My first book, The Long Term Game, came out in 2020, and I wanted to make significant progress on my second book in 2023. In the end, I spent zero time on the book. It just got deprioritized when I started working on the venture fund.
My other goal, to significantly improve my investor work, became priority number one, and everything else became secondary, with side projects like a new book becoming even less of a thing. Starting a venture fund is like starting a startup; it requires constant mental and physical labor. Especially in these market conditions, raising and starting a venture fund requires a lot more work.
What habits or interests held me back?
I've been suffering from being conflict-avoidant for my entire life, and it has been hard to get back into doing a company with someone. Since 2019, I was mainly working on EGD alone, and now I'm doing F4 Fund with David Kaye, and it requires me to have much more of a debate when it comes to decisions compared to the time I was doing angel investing, where I made the decisions on my own.
But I would never want to go back to making decisions on my own. Having a partner has helped me to make 100% better decisions, where another person with a long career in entrepreneurship and company building can see different perspectives on an investment. I've grown so much as an investor in 2023, and I think this betterment has happened because I chose not to do it alone.
If you want to go fast, go alone; if you want to go far, go together.
— African proverb
Top lessons learned in 2023?
I want to repeat my lesson from the previous question: two is better than one, especially in a venture fund.
I started prioritizing health and did many experiments around exercise, recovery, nutrients, stress, and sleep. Only a few experiments have been helpful, but I've taken reasonable steps towards a better and healthier life.
Finally, I did lots of self-exploration this year, in therapy and on my own. I made many changes to my personal life and formed new relationships that gave me energy. I figured that life is long and eventful. There is no need to hurry anywhere, and better friendships and communication are the ways to live a fuller life.
What is my purpose for 2024?
To get to a clearer understanding of my core values. It's probably going to be a lifetime effort to understand my inner compass. On the work side, as a VC, the playbook is to invest in and support great companies.
What 2-3 goals do I want to accomplish in 2024?
I want to invest in 10 outstanding companies. To do this well requires knowing what kind of investments can give VC returns and what characteristics make for the right investments. Learning VC is a significant area of development for 2024.
I'd also want to define at least three of my core values clearly. I need to name them and describe what behaviors show these values. Why are they important? I think they will guide me in all aspects of life, in work and relationships, to make the right decisions.
Finally, what do I need in 2024?
Happiness. It's that simple. I think I could be much happier.
(Photo by Engin Akyurt)
Hi Joakim, congrats on your growth in 2023. I appreciate your authenticity and generosity in sharing your insights with others. I resonate with your pursuit of deeper alignment within yourself and your work. I think you might find significant meaning in the book Consolations by David Whyte. Wishing you a happy 2024!