8 Powerful Quotes From The Book "Letters from a Stoic" by Seneca

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15 Must Read Books That Will Change Your Life :

1. Atomic Habits

2. Deep Work

3. The Power Of Habit

4. The Psychology Of Money

5. Mindset

7 Powerful Lessons from the Book "Skin in the Game"

By Nassim Nicholas Taleb

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1. "You will never fully convince someone that they are wrong; only reality can.

To be precise, reality doesn’t care about winning arguments; survival is what matters."

2. "Focusing on just words put us at a dangerous path since we are much better at doing than understanding. Doers win by doing and not by convincing."

3. "Don’t take advice from people who don’t have skin in the game, i.e., be aware of the person who gives advice, telling you that a particular action is good for you and while it’s also good for him or her. While the harm directly affects you and not him."

4. "You don’t want to win an argument; you want to win whatever you’re after money, goals, convertible car."

8 Powerful Lessons from the book "Antifragile"

1. The book is about decision-making under uncertainty/volatility.

- EVERYTHING either benefits or is harmed by volatility
- The FRAGILE is harmed (think a glass)
- The ROBUST is unchanged (think The Phoenix)
- The ANTIFRAGILE gets better (think The Hydra)

2. Via Negativa:

Removing is superior to Adding

- Less can be More
- Don't add, subtract
- Eliminate the Artificial
- Eliminate the Unnatural
- Eliminate the Unnecessary
Apply these in all areas of your life.
When in doubt, SUBTRACT

3. Absence of evidence is NOT evidence of absence"

Just because...
- you can't see something doesn't mean it's not there
- something is unintelligible doesn't mean it's unintelligent
- you can't explain something doesn't mean it's not important

-->Have HUMILITY

4. If you have more than one reason to do something, just don’t do it.

It does not mean that one reason is better than two, just that by invoking more than one reason you are trying to convince yourself to do something. Obvious decisions require no more than a single reason.

7 Powerful Lessons from the Book "Skin in the Game"

By Nassim Nicholas Taleb

| Thread

1. "You will never fully convince someone that they are wrong; only reality can.

To be precise, reality doesn’t care about winning arguments; survival is what matters."

2. "Focusing on just words put us at a dangerous path since we are much better at doing than understanding. Doers win by doing and not by convincing."

3. "Don’t take advice from people who don’t have skin in the game, i.e., be aware of the person who gives advice, telling you that a particular action is good for you and while it’s also good for him or her. While the harm directly affects you and not him."

4. "You don’t want to win an argument; you want to win whatever you’re after money, goals, convertible car."

8 Insightful Lessons From the Book "10% Happier"

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1. "When you have one foot in the future and the other in the past, you piss on the present."

2. "There’s no point in being unhappy about things you can’t change, and no point being unhappy about things you can."

3. "There’s no point in being unhappy about things you can’t change, and no point being unhappy about things you can."

4. "Pursuit of happiness becomes the source of our unhappiness."

If you're into entrepreneurship, you should read:

1. The Art of War, by Sun Tzu
2. Meditations, by Marcus Aurelius
3. The Autobiography of Benjamin Franklin
4. The Art of Money Getting, by P. T. Barnum

Read for 1-2 hours a day and you'll be in the top 1% of society

Here's how:

Start reading 100 mental models

With the help of books, cards, maps, quotes, audiobook,... it will internalize mental models in your head in a way that you will use them automatically

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10 MUST-READ Quotes From the Book: "Think and Grow Rich"

By Napoleon Hill

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1. “More gold had been mined from the mind of men than the earth it self”

2. “A quitter never wins-and-a winner never quits.”

3. “The starting point of all achievement is DESIRE. Keep this constantly in mind. Weak desire brings weak results, just as a small fire makes a small amount of heat.”

4. “Happiness is found in doing, not merely possessing.”

10 Top Lessons From "The Dip"
✍️A book by @ThisIsSethsBlog

📚Book Summary (THREAD)

1. Be the Best

🥇Anyone who is going to hire you, buy from you, or do what you want them to do is going to wonder if you’re the BEST choice.

BEST: Best for them, right now, based on what they believe and what they know

THE WORLD: Their world, the world they have access to

2 . Quitting Is Not Failure

If you are not going to be the best, then you should just QUIT.

Quitting, in some scenarios, is actually essential for freeing up resources to get through the dips that matter.

This means you only have two options in life:
Quit or be Exceptional.

To become the best, you must understand these three curves:

3. The Cul De Sac:

1️⃣This first curve is where you work and work and work… but nothing changes. It doesn’t get a lot better; it doesn’t get a lot worse… it just is what it is.

Whenever you find one of these...

...you need to get off it fast.

The opportunity cost of investing your life in something that’s not going to get better is just too high.

1/16
Was reading upon #Biases & learnt a lot. Thought of sharing a few pointers .
Simply put Bias is a disproportionate weight in favour of or against any idea/thing in all aspects of life.
Few types of Biases ( out of the many) with not so random images. :)
+

2/16
The #DunningKruger effect now is fairly well known , wherein people with limited knowledge overestimate their competence, whilst the actually knowledgeable question themselves often .
"Ignorance more frequently begets confidence than does knowledge".
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3/16
*#SelfServingBias*
A very interesting bias wherein we credit our successes to purely ourselves, but when things go awry we cite luck & external forces .
Rings any bells?
Basically a defence mechanism to protect our self esteem & eventually from personal responsibility.

4/16
* #ConfirmationBias *
We all favour ideas & beliefs that affirm to our existing ones' , rarely being open to contradictory opinions .
(Especially in markets !! 😬) Why?

Laziness? Mental block? Ego ?
No wonder, Birds of a feather flock together ... 😉

5/16
* #SunkCostBias *
As we know, sunk costs are irrecoverable , regardless of outcomes. (Eg Money expended towards R&D for a molecule which doesn't work out)
But this actually extends in any investment we make - Time,Money, Effort, Relationships ...😏
Interesting right?

Marathon Asset produced several iconic investors such as Nick Sleep and Jeremy Hosking.

Their letters from 2002 to 2015 provided a treasure trove of insights into their investment frameworks and how they look at the capital cycle.

Here are my main takeaways:

1/ Periods of high profitability leads to reckless investments.

When profits are high:

-Boost CAPEX with little regard for ROIC
-Competitors will follow suit to avoid losing market share
-CEO's incentives aren't aligned with shareholders

It's a race to the bottom.

2/ The capital cycle will swing down when investments are taken too far.

Forecasts that were reasonable will now look overly optimistic.

Profits collapse, management teams are changed, CAPEX is cut, and consolidation begins.

This will pave way for a recovery of profits.

3/ Asset growth matters

Consider both asset growth at the company and industry level.

Avoid industries where assets are growing rapidly.

4/ We tend to extrapolate

When overdone, investments that appear logical at first can become disastrous.

We have a tendency to forecast linearly when many things are cyclical.

Examples: trade cycles, credit cycles, etc