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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.

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15 Powerful Philosophy Quotes From "Epictetus"

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1. “Any person capable of angering you becomes your master."

- Epictetus

2. “Circumstances don't make the man, they only reveal him to himself."

- Epictetus

3. “Don't just say that you have read books. Show that through them you have learned to think better."

- Epictetus

4. “There is only one way to happiness and that is to cease worrying about things which are beyond the power of our will."

- Epictetus
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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 Deep Philosophy Quotes From “Soren Kierkegaard"

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1. "The function of prayer is not to influence God, but rather to change the nature of the one who prays."

- Soren Kierkegaard

2. "There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true."

- Soren Kierkegaard

3. "People settle for a level of despair they can tolerate and call it happiness."

- Soren Kierkegaard

4. "Life can only be understood backwards; but it must be lived forwards."

- Soren Kierkegaard
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15 Powerful Quotes From Plato

| 🧵Thread


1. “Be kind, for everyone you meet is fighting a harder battle.”

- Plato

2. "Never discourage anyone who continually makes progress, no matter how slow."

- Plato

3. “The price good men pay for indifference to public affairs is to be ruled by evil men.”

- Plato

4. "Love is a serious mental disease."

- Plato
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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 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

Accepting reality is easy when you like what you see, but you’ve got to accept it even when you don’t – especially when you don’t.
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1/ There are a ton of books about Financial & Fundamental Analysis, Scuttlebutt and Technical Analysis. But there aren't many books 'taking risk'.

Among the few that exist, 'Zurich Axioms', written in 1985, is the best. Here are my key takeaways from the book.


2/ A bit about Max Gunther's (The Author) background. He was an Anglo-American journalist and writer, who wrote 26 Books.

His father, Franz Heinrich, was the New York Head of Schweizerischer Bankverein, which later merged into the famous Union Bank of Switzerland (UBS).

3/ The 'Zurich Axioms' were a set of unwritten rules followed by a informal group of Swiss Bankers and Traders who used to socialize around Wall Street after World War II. Mr. Heinrich was one of the founding members.

Max Gunter formalied these 'Axioms' by writing about them.

4/ There are 12 'Major Axioms' and 16 'Minor Axioms' (Corollary to the Major Axioms) in the book.

But remember, this is MY key takeaways from the book and not an exact summary. So you might find quotes, phrases and links inserted here and there by me (Not from the Author).

5/ Axiom #1: In order to earn returns, you must take risk. Risk will make you worry.

Risk-taking and worrying go hand-in-hand. If you're not worried about an investment, you're not taking risk.

Spend half your energy towards earning an income and the rest towards speculation.
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Deep Develop \U0001f9ec
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"13 Things Mentally Strong People Don’t Do"
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1.Mentally Strong People Don’t Worry About Pleasing Everyone

Pleasing everyone can negatively impact mental strength.

When you accept you won’t please everyone, you become stronger and build courage when you anticipate displeasing others.


2.They Don’t Feel the World Owes Them Anything

Mentally strong people can shift their focus away from their debt. Hence, they can help people in need. Mentally strong people keep themselves busy doing good deeds.


3.They Don’t Waste Time Feeling Sorry for Themselves

No one is immune to hard times. However, it is how you react to these situations that is important. They replace self-pity with gratitude.


4.They Don’t Resent Other People’s Success

Overcome your envy of other people’s success and learn how to use their success to your benefit.

When people enjoy and celebrate success, they attract other successful people, creating opportunities for collaboration success.
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1. Atomic habits


2. Eat that frog


3. Unf#ck your brain


4. Declutter your mind


5. Hyperfocus
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...are going to be expecting a story about black people trying to safely navigate the country (real history) and instead will get a white savior film. Like folks went to see Detroit thinking it was about the riots...

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1/OK, data mystery time.

This New York Times feature shows China with a Gini Index of less than 30, which would make it more equal than Canada, France, or the Netherlands. https://t.co/g3Sv6DZTDE

That's weird. Income inequality in China is legendary.

Let's check this number.

2/The New York Times cites the World Bank's recent report, "Fair Progress? Economic Mobility across Generations Around the World".

The report is available here:

3/The World Bank report has a graph in which it appears to show the same value for China's Gini - under 0.3.

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4/The World Development Indicators are available at the World Bank's website.

Here's the Gini index: https://t.co/MvylQzpX6A

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