To grasp why people bury themselves in debt you don’t need to study interest rates; you need to study the history of greed, insecurity, and optimism.
Finished Psychology of Money by @morganhousel
Just phenomenal. Here’s some favorite highlights
To grasp why people bury themselves in debt you don’t need to study interest rates; you need to study the history of greed, insecurity, and optimism.
The challenge for us is that no amount of studying or open-mindedness can genuinely recreate the power of fear and uncertainty.
Risk and luck are doppelgangers.
The hardest financial skill is getting the goalpost to stop moving.
Modern capitalism is a pro at two things: generating wealth and generating envy.
“Enough” is not too little.
Reputation is invaluable. Freedom and independence are invaluable. Family and friends are invaluable. Being loved by those who you want to love you is invaluable. Happiness is invaluable.
Consider a little thought experiment. Buffett began serious investing when he was 10 years old.
From 1950 to 1990 we gained 296 megabytes. From 1990 through today we gained 100 million megabytes.
There are books on economic cycles, trading strategies, and sector bets. But the most powerful and important book should be called Shut Up And Wait.
Here’s how the U.S. economy performed over the last 170 years: But do you know what happened during this period? Where do we begin ...
The great art dealers operated like index funds. They bought everything they could.
Something I’ve learned from both investors and entrepreneurs is that no one makes good decisions all the time. The most impressive people are packed full of horrendous ideas that are often acted upon.
Wealth is what you don’t see.
Only saving for a specific goal makes sense in a predictable world.
Every bit of savings is like taking a point in the future that would have been owned by someone else and giving it back to yourself.
Realizing the future might not look anything like the past is a special kind of skill that is not generally looked highly upon by the financial forecasting community.
John Templeton’s view that “The four most dangerous words in investing are, ‘it’s different this time.’”
There is never a moment when you’re so right that you can bet every chip in front of you. The world isn’t that kind to anyone—not consistently, anyways.
Benjamin Graham is known for his concept of margin of safety. He wrote about it extensively and in mathematical detail.
Bill Gates understood this well. When Microsoft was a young company, he said he “came up with this incredibly
The ability to do what you want, when you want, for as long as you want, has an infinite ROI.
Most things are harder in practice than they are in theory.
Like most products, the bigger the returns, the higher the price.
The question is: Why do so many people who are willing to pay the price of cars, houses, food, and vacations try so hard to avoid paying the price of good investment returns?
Bubbles do their damage when long-term investors playing one game start taking their cues from those short-term traders playing another.
[History] cannot be interpreted without the aid of imagination and intuition. The sheer quantity of evidence is so overwhelming that selection is inevitable.
Daniel Kahneman once told me about the stories people tell themselves to make sense of the past.
Wanting to believe we are in control is an emotional itch that needs to be scratched, rather than an analytical problem to be calculated and solved.
We focus on what we know and neglect what we do not know, which makes us overly confident in our beliefs.
19. All Together Now
If you want to do better as an investor, the single most powerful thing you can do is increase your time horizon.
Be nicer and less flashy.
You should like risk because it pays off over time.
Define the game you’re playing, and make sure your actions are not being influenced by people playing a different game.
Respect the mess.
Most of what we get pleasure from—going for walks, reading, podcasts—costs little, so we rarely feel like we’re missing out.
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We had a conversation on the podcast about the racialization of dog breeds, where we talked to @BronwenDickey, the author of Pitbull: The Battle Over an American Icon.
In the 1930s, Pitbulls — which, as Bronwen pointed out to me over and over, don’t constitute a dog breed but a shape — used to be seen as the trusty sidekick of the proletariat, the Honda Civic of canines. (Think of “the Little Rascals” dog.)
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That began changing in the postwar years and the rise of the suburbs. A pedigreed dog became a status symbol for the burgeoning white middle class. And pitbulls got left behind in the cities.
Aside: USians have flitted between different “dangerous” breeds and media-fueled panics around specific dogs. (anti-German xenophobia in the late 1800s fueled extermination programs of the spitz, a little German dog that newspapers said was vicious and spread disease.)
Some previously “dangerous” dogs get rebranded over the years — German shepherds, Dobermans, Rottweilers. But the thing their respective periods of contempt and concern had to do is that they were associated with some contemporarily undesirable group.
Michael Tesler in @FiveThirtyEight bringing some data to bear on my tweets about @ReverendWarnock\u2019s dog ad. A piece worth reading, and a reminder: It\u2019s never \u201cjust a dog,\u201d y\u2019all.https://t.co/ijQvTDOdvj pic.twitter.com/sp05Bhueob
— Hakeem Jefferson (@hakeemjefferson) December 15, 2020
In the 1930s, Pitbulls — which, as Bronwen pointed out to me over and over, don’t constitute a dog breed but a shape — used to be seen as the trusty sidekick of the proletariat, the Honda Civic of canines. (Think of “the Little Rascals” dog.)
.
That began changing in the postwar years and the rise of the suburbs. A pedigreed dog became a status symbol for the burgeoning white middle class. And pitbulls got left behind in the cities.
Aside: USians have flitted between different “dangerous” breeds and media-fueled panics around specific dogs. (anti-German xenophobia in the late 1800s fueled extermination programs of the spitz, a little German dog that newspapers said was vicious and spread disease.)
Some previously “dangerous” dogs get rebranded over the years — German shepherds, Dobermans, Rottweilers. But the thing their respective periods of contempt and concern had to do is that they were associated with some contemporarily undesirable group.
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THE MEANING, SIGNIFICANCE AND HISTORY OF SWASTIK
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
The Swastik is a geometrical figure and an ancient religious icon. Swastik has been Sanatan Dharma’s symbol of auspiciousness – mangalya since time immemorial.
The name swastika comes from Sanskrit (Devanagari: स्वस्तिक, pronounced: swastik) &denotes “conducive to wellbeing or auspicious”.
The word Swastik has a definite etymological origin in Sanskrit. It is derived from the roots su – meaning “well or auspicious” & as meaning “being”.
"सु अस्ति येन तत स्वस्तिकं"
Swastik is de symbol through which everything auspicios occurs
Scholars believe word’s origin in Vedas,known as Swasti mantra;
"🕉स्वस्ति ना इन्द्रो वृधश्रवाहा
स्वस्ति ना पूषा विश्ववेदाहा
स्वस्तिनास्तरक्ष्यो अरिश्तनेमिही
स्वस्तिनो बृहस्पतिर्दधातु"
It translates to," O famed Indra, redeem us. O Pusha, the beholder of all knowledge, redeem us. Redeem us O Garudji, of limitless speed and O Bruhaspati, redeem us".
SWASTIK’s COSMIC ORIGIN
The Swastika represents the living creation in the whole Cosmos.
Hindu astronomers divide the ecliptic circle of cosmos in 27 divisions called https://t.co/sLeuV1R2eQ this manner a cross forms in 4 directions in the celestial sky. At centre of this cross is Dhruva(Polestar). In a line from Dhruva, the stars known as Saptarishi can be observed.
Joe Rogan's podcast is now is listened to 1.5+ billion times per year at around $50-100M/year revenue.
Independent and 100% owned by Joe, no networks, no middle men and a 100M+ people audience.
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https://t.co/RywAiBxA3s
Joe is the #1 / #2 podcast (depends per week) of all podcasts
120 million plays per month source https://t.co/k7L1LfDdcM
https://t.co/aGcYnVDpMu
Independent and 100% owned by Joe, no networks, no middle men and a 100M+ people audience.
👏
https://t.co/RywAiBxA3s
Joe is the #1 / #2 podcast (depends per week) of all podcasts
120 million plays per month source https://t.co/k7L1LfDdcM
https://t.co/aGcYnVDpMu
The entire discussion around Facebook’s disclosures of what happened in 2016 is very frustrating. No exec stopped any investigations, but there were a lot of heated discussions about what to publish and when.
In the spring and summer of 2016, as reported by the Times, activity we traced to GRU was reported to the FBI. This was the standard model of interaction companies used for nation-state attacks against likely US targeted.
In the Spring of 2017, after a deep dive into the Fake News phenomena, the security team wanted to publish an update that covered what we had learned. At this point, we didn’t have any advertising content or the big IRA cluster, but we did know about the GRU model.
This report when through dozens of edits as different equities were represented. I did not have any meetings with Sheryl on the paper, but I can’t speak to whether she was in the loop with my higher-ups.
In the end, the difficult question of attribution was settled by us pointing to the DNI report instead of saying Russia or GRU directly. In my pre-briefs with members of Congress, I made it clear that we believed this action was GRU.
The story doesn\u2019t say you were told not to... it says you did so without approval and they tried to obfuscate what you found. Is that true?
— Sarah Frier (@sarahfrier) November 15, 2018
In the spring and summer of 2016, as reported by the Times, activity we traced to GRU was reported to the FBI. This was the standard model of interaction companies used for nation-state attacks against likely US targeted.
In the Spring of 2017, after a deep dive into the Fake News phenomena, the security team wanted to publish an update that covered what we had learned. At this point, we didn’t have any advertising content or the big IRA cluster, but we did know about the GRU model.
This report when through dozens of edits as different equities were represented. I did not have any meetings with Sheryl on the paper, but I can’t speak to whether she was in the loop with my higher-ups.
In the end, the difficult question of attribution was settled by us pointing to the DNI report instead of saying Russia or GRU directly. In my pre-briefs with members of Congress, I made it clear that we believed this action was GRU.
The first area to focus on is diversity. This has become a dogma in the tech world, and despite the fact that tech is one of the most meritocratic industries in the world, there are constant efforts to promote diversity at the expense of fairness, merit and competency. Examples:
USC's Interactive Media & Games Division cancels all-star panel that included top-tier game developers who were invited to share their experiences with students. Why? Because there were no women on the
ElectronConf is a conf which chooses presenters based on blind auditions; the identity, gender, and race of the speaker is not known to the selection team. The results of that merit-based approach was an all-male panel. So they cancelled the conference.
Apple's head of diversity (a black woman) got in trouble for promoting a vision of diversity that is at odds with contemporary progressive dogma. (She left the company shortly after this
Also in the name of diversity, there is unabashed discrimination against men (especially white men) in tech, in both hiring policies and in other arenas. One such example is this, a developer workshop that specifically excluded men: https://t.co/N0SkH4hR35
USC's Interactive Media & Games Division cancels all-star panel that included top-tier game developers who were invited to share their experiences with students. Why? Because there were no women on the
ElectronConf is a conf which chooses presenters based on blind auditions; the identity, gender, and race of the speaker is not known to the selection team. The results of that merit-based approach was an all-male panel. So they cancelled the conference.
Apple's head of diversity (a black woman) got in trouble for promoting a vision of diversity that is at odds with contemporary progressive dogma. (She left the company shortly after this
Also in the name of diversity, there is unabashed discrimination against men (especially white men) in tech, in both hiring policies and in other arenas. One such example is this, a developer workshop that specifically excluded men: https://t.co/N0SkH4hR35