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"Long tails – the farthest ends of a distribution of outcomes – have tremendous influence in finance, where a small number of events can account for the majority of outcomes.”
The investment decisions you make on 99% of days don’t matter. It’s the decisions you make on a small number of days when something big is happening – a massive downturn, a frothy market, a speculative bubble, etc. – that make all the difference. Warren Buffet has owned 400 to 500 stocks during his life. He’s made the majority of his money on 10 of them.
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416 reads
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If you want to be in the game for the long run, you need to leave room for error. “Room for error lets you endure a range of potential outcomes, and endurance lets you stick around long enough to let the odds of benefiting from a low-probability outcome fall in your favor.”
A big g...
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336 reads
“The ability to do what you want, when you want, with who you want, for as long as you want, is priceless. It is the highest dividend money pays.”
Having more flexibility and control over your time is far more valuable than getting another 2% on your returns by working all-nighters...
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459 reads
As humans, we tend to underestimate how much our personality and goals will change with time. This makes long-term financial planning hard. We may think we’ll never have kids or a big house when we’re young, so we plan as if that’s the case, but then we find ourselves with a house and kids that t...
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321 reads
“Few things matter more with money than understanding your own time horizon and not being persuaded by the actions and behaviors of people playing different games than you are.”
If you have a buddy who’s making lots of money trading short-term options and you start getting FOMO and...
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296 reads
“Like everything else worthwhile, successful investing demands a price. But its currency is not dollars and cents. It’s volatility, fear, doubt, uncertainty, and regret – all of which are easy to overlook until you’re dealing with them in real time.”
If you choose to invest and...
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298 reads
People buy mansions and fancy cars because they want respect and admiration from others. What they don’t realize is that people don’t admire the person with the fancy house or car; they admire the object and think of themselves having that object. So buying impressive items to gain admiration and...
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445 reads
“Getting money requires taking risks, being optimistic, and putting yourself out there. But keeping money requires the opposite of taking risk. It requires humility, and fear that what you’ve made can be taken away from you just as fast. It requires frugality and an acceptance that at least s...
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603 reads
When we look back at the past, we create stories about why certain things happened. And those stories make us think that the world is understandable and makes sense in some way.
The problem is that these stories may be complete nonsense. What happened may have been completely random, yet ou...
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306 reads
- Theory isn’t reality
“The challenge for us is that no amount of studying or open-mindedness can genuinely recreate the power of fear and uncertainty.”
We are not spreadsheets. As much as reading can inform us about what has happened in the past, like stock ...
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1.24K reads
It’s easy to convince yourself that your financial outcomes are determined entirely by the quality of your decisions and actions, but that’s not always the case. You can make good decisions that lead to poor financial outcomes. And you can make bad decisions that lead to good financial outcomes. ...
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937 reads
Pessimism often sounds smarter and more persuasive than optimism. If something is not going well, it’s easy to think that it will continue not going well. And that sounds very plausible. But what this line of thinking misses is that problems often create demand for change and solutions. And this ...
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328 reads
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“There is no reason to risk what you have and need for what you don’t have and don’t need. – Warren Buffet
It’s easy to have a goalpost that keeps moving. Once you achieve your goals, you look toward the next goal. And the cycle never ends. This is often driven by comparing yoursel...
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647 reads
“A plan is only useful if it can survive reality. And a future filled with unknowns is everyone’s reality”
If you’re relatively young and earn more than you spend, the best way to optimize your long-term investment returns is to invest the majority of your money into a diversified ...
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505 reads
If you’re rich, you have a high current income. But being wealthy is something different – wealth is not visible. It’s the money that you have that’s not spent. It’s the optionality to buy or do something at a future time.
Being rich offers you opportunities in the short-term, but being wea...
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435 reads
The optimal portfolio is one that allows you to sleep at night. It allows you to generate reasonable returns, while also maximizing your quality of life and control over your life. It will stand the test of tough recessions and other blips in the road. Most academic understandings of the ideal po...
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376 reads
CURATED FROM
In the Psychology of Money, Morgan Housel teaches you how to have a better relationship with money and to make smarter financial decisions. Instead of pretending that humans are ROI-optimizing machines, he shows you how your psychology can work for and against you.
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Warren Buffett (CEO Of Berkshire Hathaway): He’s an American investment wizard and businessman who started investing in stocks at 11 years old and real estate investing at 14 years old. He’s had a few businesses and grew Berkshire Hathaway into one of the most valuable companies in the world base...
Every conflict creates an oppurtunity. Warren Buffet says, the best time to invest is when everyone sells out of fear & prices hit the floor, maximizing the value of your investment. So, as a leader continue to make strongly informed, rational decisions and n...
● F&O – Weapons of mass destruction - As Warren Buffet once observed, Futures and Options are financial weapons of mass destruction. These financial instruments played a pivotal role in the 2008 financial crisis. So, it is better for lay investors to stay away from these fina...
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