Arkansan. 72560 to 72116. Thoughts and opinions expressed are my own. Except for pinned tweet, nothing stated, shared, or liked should be considered advice.
Good investing is about overcoming the belief in personal uniqueness that leads us to overlook probability-based approaches in favor of a vague belief that, โThe rules donโt apply to me.โ
Investors who own their mediocrity can rely on rules and systems โ they do what works and reap the rewards. Investors mired in a need to be better than average insist on flaunting the rules in favor of their own ideas and pay a steep price for their arrogance.
As investor and author @jposhaughnessy says, โThe key to successful investing is to recognize that we are just as susceptible to crippling behavioral biases as the next person.โ
Our tendency toward pride is rooted in cognitive errors, including overconfidence bias and the fundamental attribution error. Studies show that over 95% of people think they have a better-than-average sense of humor, and similar trends appear in self-assessments of interpersonal and athletic abilities.
American high school students, despite average mathematical proficiency, lead the world in confidence about their abilities, reflecting a dangerous combination of mediocrity and overconfidence in the investment world.
In life and markets, there is a great advantage to be had in realizing that you're not that great.
Excerpted from The Laws of Wealth - https://t.co/pyBfvK9FpF
@clarketucker This is a complex issue that isnโt nearly as cut and dry as Haidt suggests.
This phenomenon of phones impacting mental health seems to be specific to Westernized, English-speaking nations.
@clarketucker โIn 2019, an Oxford University study entitled The Association Between Adolescent Well-Being and Digital Technology Use found that the effect size of screen time on reduced mental health was roughly the same as the association with, quote, eating potatoes and mental health.โ
Do not speak negatively about yourself, even as a joke. Your body does not know the difference.
Words are energy and they cast spells, that's why it is called spelling.
Change the way you speak about yourself, and you can change your life. โ@brucelee
Get a coach or don't get a coach. That's up to you.
What's 1,000x more important is building the skills of knowing:
1. Who to ask for help
2. How to decide if the advice you're getting is good or bad
3. When to trust with your gut
4. When money is a mere triviality