When you accept that tails drive everything in business,... - Deepstash

When you accept that tails drive everything in business, investing, and finance you realize that it’s normal for lots of things to go wrong, break, fail, and fall.

If you’re a good stock picker you’ll be right maybe half the time.

If you’re a good business leader maybe half of your product and strategy ideas will work.

If you’re a good investor most years will be just OK, and plenty will be bad.

If you’re a good worker you’ll find the right company in the right field after several attempts and trials.

And that’s if you’re good.

18

33 reads

CURATED FROM

IDEAS CURATED BY

juanrichard

personal note

Understanding Money

Similar ideasundefined

Tails, You Win

Tails, You Win

You can be wrong half the time and still make a fortune.

Anything that is huge, profitable, famous, or influential is the result of a tail event, an outlying one-in-thousands or millions event.

  • Most of our attention goes to things that are huge, profitable, famou...

Thriving in uncertainty

If you can accept uncertainty, you’ll be open to many more opportunities.

If you’re afraid of uncertainty, you’ll skip starting a business, for example. You can’t really know for sure how things will turn out, and so if you have this need to control the outcome, you’ll avoid great oppo...

I find that I agree with essentially all of Taleb’s important points.

• Investors are right (and wrong) all the time for the “wrong reason.” Someone buys a stock because he or she expects a certain development; it doesn’t occur; the market takes the stock up anyway; the investor looks good (and invariably accepts credit).

• The correctness of a decision can’t...

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Personalized microlearning

100+ Learning Journeys

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Supercharge your mind with one idea per day

Enter your email and spend 1 minute every day to learn something new.

Email

I agree to receive email updates