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The history of fashion
The impact of fashion on society
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Risk is just the odds that something will prevent you from achieving your goals. Everyone has very different goals and aspirations and time horizons, so everyone thinks about risk differently.
If your goals lie 50 years in the future, you probably wouldn't care what will happen in the next three years. But if you're 90 years retired widow on a fixed income, you'd have a very different definition of risk.
When people argue with each other on risk, it's really people with different risk tolerances and different time horizons talking over each other.
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Most people want independence and autonomy. Having the money that you don’t have to spend becomes the most valuable thing in the world when it lets you gain control of your time.
But freedom and autonomy carry a lot of responsibility with them.
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Cope’s rule states that organisms get bigger over time. But there are huge downsides to being big. There’s always a sweet spot in evolution.
When something becomes too big to manage, it can cause you to fail.
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Morgan Housel is a partner at the Collaborative Fund and serves on the board of directors at Markel Corporation. He is also a former columnist at The Motley Fool and The Wall Street Journal and author of the award-winning book The Psychology of Money.
Tim Ferris a...
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“Financial Advice for My New Son”
“You might think you want an expensive car, a fancy watch, and a huge house. But I’m telling you, you don’t. What you want is respect and admiration from other people, and you thi...
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The way to become a great investor is to maximize the amount of dollars you accumulate over the course of your life. Most of the time, it is not earning the highest returns.
For example:
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There are many things in finance that look smart and sound smart, and the numbers add up, but it's completely opposed to how the real world works.
Then there are many things that investors do that are not rational but is perfectly reasonable and ali...
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Buffett has a great quote on wealth where he says he wants to leave his kids enough money that they can do anything, but not so much money that they could do nothing.
Give children a safety net, but not fuel. Parents shouldn't give their children money just to make their life better. Childr...
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