An unexpected event in life can force you to pause, reflect, and map out a new plan, something truly difficult to understand for anyone who hasn't experienced it firsthand. Always be prepared for a black swan event.
If you are an engineer or scientist or doctor turning to business, the first thing I would suggest is "Please go on a lot of sales calls, face rejection if necessary, but persist".
You will develop better communication skills as you realise that explaining your ideas is not so easy.
You will develop respect for sales people.
You may even become good at business!
There is no such thing as a business without selling something. Sometimes the most obvious thing has to be said!
Charlie Munger and Warren Buffett on Ethanol blending in Petrol:
“Ethanol blending is a very stupid way to try and solve an energy problem.”
“It takes more fossil fuel energy to create ethanol than you can get out of ethanol you’ve created.”
- Charlie Munger. 2006.
The Indian workers training AI robots to take their jobs.
Paid to have a camera strapped to their foreheads, a growing army of thousands of AI system trainers in the world's most populous country are teaching machines how to move like humans in the real world – from folding towels to factory work
https://t.co/QrPvODw5ou
Before the official whistle blows on the global stage, Malappuram transforms into a vibrant canvas of rivalries and deep-rooted loyalties, where massive flex battles, towering cutouts, and colorful banners bring the magic of international stadiums right to our doorsteps.
Nassim Taleb sat down with Daniel Kahneman - two of the sharpest minds on risk ever - and the takeaway was blunt: stop trying to be smart
Kahneman's prospect theory explains why almost nobody can do what Taleb does
We're wired to hate the steady trickle of small losses his strategy needs - even when one huge win more than pays for all of them
So you structure it the other way: tiny safe bets plus a few wild ones, never the comfortable middle.
"You'd rather be antifragile than intelligent - any time."
"Trial and error is really just trial with small error."
"Make your gains in small bites. Take your losses all at once."
~1 hr, free. two legends on risk, prediction, and how to win without forecasting ↓
Reading about the harsh realities of everyday people can become emotionally exhausting, making you want to retreat into a different genre just to catch your breath.
I was completely stunned when a financial consultant asked me which mutual fund could provide assured returns over a horizon of two years to fund his child's education abroad.
This paragraph by Haruki Murakami hits very hard:
“Once the storm is over, you won’t remember how you made it through, how you managed to survive. You won’t even be sure, whether the storm is really over. But one thing is certain. When you come out of the storm, you won’t be the same person who walked in. That’s what this storm’s all about.”