Business sucks a lot of the time. And I wish I could say you get used to it. But you don’t. You just unlock new levels of suck.
The only thing that makes the hardship of business worse is the expectation that it should be easy.
In 2023, Argentina was dying:
• Central Bank $12B in debt
• 50% poverty rate
• 7,500% inflation
Then Javier Milei became President.
11 months in, he's pulling off the greatest economic turnaround ever.
In a 2-hour pod with Lex Fridman, he revealed exactly how he did it🧵
A significant % of people don’t even know that there is such a thing as a national debt!
Those that do often don’t know how big it is or that our interest payments now exceed what we spend on our military.
Only a small % understand that government overspending causes inflation.
2021 was my first bull run. If I knew then what I know now... I would have made 10x as much.
Here a five mistakes you need to avoid 👇
1️⃣ BTC won't make you rich. It will at most do a 3x from here and even that's unlikely. Focus on alts.
2️⃣ Focus on new alts. Old cryptos are decent for safe bets with 10x to 20x potential but for those 100x gains you need to focus on new low cap gems.
3️⃣ Don't go all in. A lot of those new cryptos that will 100x aren't even out yet. Don't go all in right now, keep capital ready for new cryptos.
4️⃣ If you want to get rich, scale in, don't ape in. Especially on dips. I see a lot of people waiting for specific targets to buy dips... And those targets are never hit. Instead of waiting for a target price just scale in on the way down.
5️⃣ Control your risk. If you put more than 20% of your capital in a single crypto, you are asking to get to rekt. I see so many people go all in on one crypto. Like last run with LUNA... Reduce risk by splitting your capital between multiple diverse bags.
I hope this helps 😘
Mohnish Pabrai is a successful investor and an avid reader.
He taught himself how to invest by reading books instead of going to business school.
Here are 6 books he studied to learn Investing👇🏼
After I bought, $IBM went down, down, down….
Why? Its core business was being disrupted by the cloud
I ended up losing a bundle WITH LEVERAGE
Lesson: A "cheap” stock can get cheaper if the company’s moat is disappearing
Jason Zweig has been a columnist for The WSJ since 2008.
Many people recommended me his book Your Money & Your Brain.
Using scientific research, this book explains why smart people make stupid financial decisions
And how we can avoid these mistakes.
Here are my notes:
It takes 280 gallons of water to make a pound of beef.
That goes down to 50-100 gallons when grass-fed.
It takes 339 gallons to produce a pound of walnuts, and 503 gallons for a pound of almonds!
But which one does the media tell you to stop eating?
Finally got around to reading the letters of Nick Sleep and Zak Zakaria's Nomad Partnership. These guys crushed the market and left behind a legacy of insights and worldly wisdom.
Going to share some favorite lessons and quotes:
@MenMoneyMindset Wealth does not make a man happy aside from physical and mental health. The only thing of true value both to men and women is relationships.