📚 Many influential business figures, including @JeffBezos, @ElonMusk, and @BillGates. say they learned some of their most important lessons from books.

Here are some that the tech giants recommended adding to your reading list this year. 👇

https://t.co/rhjcI1z3JC

Thread: Central Pivot Range (CPR)

CPR is another popular tool. Three lines are plotted on the chart when we plot CPR.

The three lines are: CPR, TC and BC.

Let’s understand the calculation.

You may recall that I explained the calculation of Pivot levels in an earlier thread. CPR stands for Central Pivot Range. It is always a center line of the three lines that gets plotted in the chart.

CPR is a Pivot price. Pivot is average of HLC as explained in the prev thread.

We also discussed about Mid-range of the session. Mid-range is average of High and low price of the session.

The mid-range of the bar is known as BC in the CPR calculation. BC stands for Bottom central pivot.

Pivot level captures the relationship of the closing price to the range of the session.

Pivot price above mid-price = bullish pivot
Pivot price below mid-price = bearish pivot

So, CPR line is Pivot and BC line is Mid-range.

What is the difference between both?
Mid-range is average of High and Low.

Pivot is average of High, Low and Close.
What will make the difference between the two?

Close.

Frameworks provide clarity in complex situations.

Here are 20 useful frameworks (on startups, investing, writing, & life):

The Feynman Technique

To learn anything:

Step 1: Identify a topic.
Step 2: Try to explain it to a 5-year-old.
Step 3: Study to fill in knowledge gaps.
Step 4: Organize, convey, and review.

True genius is the ability to simplify, not complicate.

Simple is beautiful.

Directional Arrow of Progress

"Study the undeniable arrows of progress." - @wolfejosh

The future is extremely difficult to predict—but there are clues.

Look at the trend line of progress and where it's pointing—directionally, not precisely.

Invest (or build) accordingly.

The Eisenhower Decision Matrix

Place all of your tasks on a 2x2 matrix of urgency and importance.

(1) Important & Urgent
(2) Important & Not Urgent
(3) Not Important & Urgent
(4) Not Important & Not Urgent

Prioritize, delegate, or delete accordingly.

The Regret Minimization Framework

The goal is to minimize the number of regrets in life.

When faced with a difficult decision:
(1) Project yourself into the future.
(2) Look back on the decision.
(3) Ask "Will I regret not doing this?"
(4) Take action.

10 must-read books in your 20s & 30s:

1.

2.

3.

4.

5.

Charlie Munger said that reading was the main reason for his success in life.

As a generalist, he reads about all kinds of topics.

I’m sure a List of Charlie Munger’s Book Recommendations is among the top 1% of lists you can get.

So here it is👇🏼

Influence - The Psychology of Persuasion by Robert Cialdini

Charlie Munger probably read enough on human psychology to become a professor himself.

His legendary talk at Harvard showcased this.

Robert Cialdini’s “Influence” was one of the books he learned from.

The Outsiders by William N. Thorndike Jr.

The Outsiders is about extraordinary CEOs who outperformed their peers by being radically different.

It’s an industry classic and recommended by Munger and many greats of the industry.

Man’s Search for Meaning by Viktor E. Frankl

Viktor Frankl was an Austrian psychologist and Auschwitz (concentration camp) survivor.

Man’s Search for Meaning is Frankl’s autobiography and deals with his theory of “Logotherapy.”

A theory about finding meaning and purpose.

The Autobiography of Benjamin Franklin

Benjamin Franklin was an inventor, scientist, writer and political philosopher.

Oh, he’s also kind of known for being one of the United States' founding fathers.

Franklin is one of the eminent dead teachers of Charlie Munger.