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So rationality is: Across a broad range of disciplines, you know what works and what doesn’t and why. Charlie Munger Source: https://www.wsj.com/articles/charlie-munger-unplugged-11556935195
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JAY-Z – Legacy
Generational wealth, that’s the keyMy parents ain’t have shit, so that shift started with me
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We’re never going to close the wealth gap by bringing down those at the top. We have to bring up everyone else, especially those at the bottom. Source: https://theirrelevantinvestor.com/2020/10/25/who-owns-the-stock-market/
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We progress at night when the politicians sleep. Brazilian saying
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“Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.” Smith, Adam.
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The true investment objective of growth is not just to make gains but to avoid loss. Fisher, Philip A.. Common Stocks and Uncommon Profits and Other Writings: 40 (Wiley Investment Classics) (p. 196). Wiley. Kindle Edition.
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hubris
Excessive pride or self-confidence, often entailing a loss of contact with reality and an overestimation of one’s own capabilities, especially on the part of those in positions of power. Webster’s dictionary, 8th Source: http://www.crossingwallstreet.com/archives/2012/08/how-to-spot-financial-fraud.html
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“The market is a pendulum that forever swings between unsustainable optimism and unjustified pessimism. The intelligent investor is a realist who sells to optimists and buys from pessimists.” Benjamin Graham
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Second-Order Thinking
It’s very easy to take bad decisions, thankfully there are mental models that can teach us how to think and how to take better decisions. Second-order thinking is a mental model that helps us find the long term consequences of our decisions and thus help us make better decisions leaving the immediate gratification behind. It’s […]