Surf towns are a magnet for my soul.
It’s the nourishing taste of salt in the air and the abundance of Vitamin D. It’s the fiery sunsets that radiate gratitude. And it’s the serene, yet violent ocean that makes me think anything is possible.
Best of all, everybody is just a little bit friendlier. Surf culture bleeds into daily interactions and you’ll often see greetings with the shaka symbol. Among surfers, the gesture represents friendship, solidarity, and understanding. It’s a simple way to communicate appreciation and respect for the ocean and to let each other know they have somebody they can rely on in the water.
An Ambitious Surf Town
Warren Buffett has advised students to approach investing like a punch card with only 20 slots to ensure diligence, conviction, and a long-term orientation.
Wilmington, North Carolina is one of my punch card investments.
You’ve got miles of sandy beaches, a vibrant downtown, and mild winters that are broken up by the random 75 degree day. Add in the convenience of a regional airport, an exploding economy, and a relatively low cost of living and Wilmington is the best kept secret in the southeast.
Nobody has generated more momentum in Wilmington over the past 15 years than Live Oak Bank founder and CEO Chip Mahan. His vision and leadership spearheaded over $4 billion of value creation and over 1,500 lucrative jobs in town.
Let’s lean on Chip to paint the vision:
“I think it’s maybe second pitch, first inning here…we have everything going for us, the rest is our fault if we can’t execute.” [Source]
“There are going to be massive winners and losers in financial services and I don’t know why we can’t create a tiny little Silicon Valley right here in Wilmington.” [Source]
“Do you want to commute from Greenwich, CT into New York City or do you want to write code in Wilmington?” [Source]
“We’re unlike any community in the United States of America. You alluded to the sale of the hospital — we live in a tiny little county and the $1.4 billion of proceeds will throw off about $40 million of cash each year that has to be spent inside of New Hanover County.” [Source]
The Saltwater Whisper
Just like companies, cities rise and fall. The pandemic forced us all to reconsider where we live and rewired powerful network effects as a result. If you want to enrich your environment, it’s worth thinking through Paul Graham’s framework below:
Wilmington whispers that you can be happy. You can pursue wild ambitions and catch the sunrise on a standup paddleboard.
Wilmington tells you to be like Kai Lenny: explore your passions, innovate, and never stop pushing boundaries.
Ride the Wave
I met my wife in Troncones, Mexico. Our love blossomed in Long Beach, California. We got married in Rincon, Puerto Rico. And now, with our two babies, we found home in Wilmington, North Carolina.
Yet neither of us surf. That’s the pull of the ocean.