The definition of insanity is doing the same thing over and over and expecting different results.
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Hey friends! Just started my first online business as part of @AliAbdaal's #1kchallenge!
If youβd like to support my journey, Iβd love for you to become a Founding Supporter β hereβs the link: https://t.co/fmuIcTSYZi. Thanks so much :))
Understanding Risk is Key to successful investing.
Howard Marks has done a phenomenal job at explaining what risk actually is.
Spoiler: It's not Volatility!
I believe every investor should hear Marks' ideas on risk:
Jannik Sinner after winning the AO:
βI wish everyone could have my parents. They always let me choose whatever I wanted to. Even when I was younger, I played some other sports.. they never put pressure on me. I wish this freedom is possible for as many young kids as possible.β
I recently read Same as Ever by @MorganHousel.
It was a phenomenal read packed full of timeless wisdom.
Here are 25 of my favorite quotes from the book:
My favorite Charlie Munger story:
In 1953, Munger was 29 years old.
Recently divorced. Lost the house. Huge social stigma of divorce back then.
His 8-year-old son, Teddy, was diagnosed with cancer.
The leukemia was incurable.
No medical insurance - Munger paid for all his medical care.
Charlie would visit Teddy in the hospital every day -- and then walk the streets crying.
Teddy died at the age of 9.
Charlie was broke, divorced and just lost his child.
99.9% of people would've turned to alcohol, drugs, or suicide. (And you'd understand why)
Munger never did.
Fast forward to 52 years old, a failed surgery left him blind in one eye with the potential of going fully blind one day.
Charlie was an obsessive learner who read every book he could get his hands on.
When confronted with the possibility of going blind and no longer being able to read he said:
"It's time for me to learn braille!"
The only thing that might be more impressive than his intellect was his actions.
RIP.
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Munger on Self-Pity:
"Generally speaking, envy,Β resentment, revenge, and self-pity are disastrous modes of thought.
Self-pity gets pretty close to paranoiaβ¦
Every time you find your drifting into self-pity, I donβt care what the cause, your child could be dying from cancer, self-pity is not going to improve the situation. Itβs a ridiculous way to behave.
Life will haveΒ terrible blows, horrible blows, unfair blows, it doesnβt matter. Some people recover and others donβt.
There I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and that your duty was not to be immersed in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea."
Louis Armstrong said good music is anything you can tap your toe to. Good writing is similar: itβs anything you nod your head to, and there are a million different ways to get the reader to do that.