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10 Powerful Lessons of the book “The Art of Thinking Clearly”

| Thread 🧵

 1. Never underestimate the hard work and lower probability of success, just because we are shown more successful people than many more actual failures.
It does not mean, in any way, that you should not dream big. It just says that dont get overawed by the number of success stories you read and assume that success would be easy. No one prints the failure stories.
2. Confirmation bias is the mother of all misconceptions.

It is a tendency to interpret new information so that it becomes compatible with our existing theories.
Warren Buffet has seen people losing money with this because they ignore facts which contradict the theory in the mind of the investor.

Dis-confirming evidence must be seeked out to beat this theory.
3. If you ever find yourself in a tight unanimous group, you must speak your mind, even if your team does not like it, and even if it means risking expulsion from the warm nest.
And if you lead a group, appoint someone as devil's advocate.

He or she will not be the most popular member of the team, but definitely the most important.
4. Induction

Send an email to 10,000 people with stock market prediction by dividing them into 2 groups - telling reverse prediction to each group. Prediction for one of the groups will come true.
Send a new prediction to the 5,000 whom you predicted correctly earlier - again after dividing them into 2 groups...carry on like this, and the last 100 would consider you as a genius. People get inducted into a decision based on history without thinking logically.
5. Loss Aversion

The fear of losing something motivates people more than the prospect of gaining something of equal value.
6. Compounding

When it comes to compounding, dont trust your intuition - you have no idea how powerful it is.
7. It is not what you say, but how you say, that's important.

99% Fat Free product seems more healthy than a product with 1% Fat.
8. If you are not a part of the solution, you are definitely a part of the problem.

There is no 3rd category of passive onlookers.
9. Follow your passion even if you have to do away with part of your income for that
10. Whenever you are dealing with averages, be careful of the distribution behind it.

A Bill Gates monthly income in a group of 50 ordinary citizens can give an extremely misleading average.
Thanks for reading. If you find this thread valuable follow me ( @ajdduggan ) for more content like this.

And retweet the first tweet to share with others:

https://t.co/QYlZjIAGMD

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10 Powerful Lessons From the Book “The Art of the Good Life”

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1. Peak-end Rule:

You remember the high point and the end point of your holiday, but the rest is forgotten.

Remind to make them as sweet as possible.

2. Plans are nothing. Planning is everything.

A good life is not a stable state or condition.

The good life is only achieved through constant readjustment.

3. Inflexibility as a Stratagem

When it comes to important issues, flexibility isn’t an advantage – it’s a trap.

Use radical inflexibility to reach long-term goals that would be unrealizable if their behavior were more flexible.

4. Reality Doesn’t Care About Your Feelings

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15 Life Changing Insights from Swami Vivekananda

| Thread 🧵


1. We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far.

- Swami Vivekananda

2. Take up one idea. Make that one idea your life - think of it, dream of it, live on that idea.

Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone.

This is the way to success.

- Swami Vivekananda

3. You have to grow from the inside out. None can teach you, none can make you spiritual. There is no other teacher but your own soul.

- Swami Vivekananda

4. You cannot believe in God until you believe in yourself.

- Swami Vivekananda
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10 Powerful Lessons from Marcus Aurelius

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1. "The more we value things outside our control, the less control we have."

- Marcus Aurelius

2. "Receive without conceit, release without struggle."

- Marcus Aurelius

3. "To love only what happens, what was destined. No greater harmony."

- Marcus Aurelius

4. "Be tolerant with others and strict with yourself. "

- Marcus Aurelius
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15 Philosophy Quotes From "Cicero"

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1. “A room without books is like a body without a soul.”

- Marcus Tullius Cicero

2. "Never was a government that was not composed of liars, malefactors, and thieves."

- Marcus Tullius Cicero

3. "More is lost by indecision than wrong decision.

Indecision is the thief of opportunity.

It will steal you blind."

- Marcus Tullius Cicero

4. "The wise are instructed by reason,
average minds by experience,
the stupid by necessity and the brute by instinct."

- Marcus Tullius Cicero
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15 of the most powerful and timeless insights from @Naval Ravikant

Naval risked his reputation and fortune to bring life lessons to us all. And he's impacted the life of millions around the world.

Enjoy this thread 🙏

| Thread 🧵


1. “I, and I alone, am responsible for everything I think and feel."

@naval

2. “Pain is a fact.

Suffering is a choice."

@naval

3. “No one can compete with you on being you.

Most of life is a search for who and what needs you the most."

@naval

4. “The more seriously you take yourself, the unhappier you’re going to be."

@naval
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CHAPTER 1

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However we tend to include our unique experiences of how the world works (albeit with incomplete information) which might seem crazy to others .

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This we ought to remember when judging others' financial success.

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It's never AS GOOD or AS BAD as it seems !!
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1. We think we are experiencing reality but what we are really experiencing is our thinking.

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3. If we really want something, there is always a way.

4. What we decide is less important then how we respond to life.

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I first read this book in 2009 after losing 80% of my monies on Penny stocks as a student when the 2008 drawdown happened.

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Investing means different things to different people - Be it health/ career/external assets with an intent to reap benefits in future.

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When people do different things with even same investment products we give it a different name.
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One needs to have a clear picture of one's financials BEFORE making an investment plan.

Investment products comprise of items with distinct characteristics DESIGNED to satisfy a particular need.
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Nothing is permanent except CHANGE.
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Many folks acquire Speculative habits mistakenly thinking they are Investing. ☠️

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