BC LIFE
Saved by @CodyyyGardner

My highlighted passages from The Psychology of Money by @morganhousel. Thread below

1. The 401k - the backbone savings vehicle of American retirement - did not exist until 1978. The Roth Ira was not born until 1998. If it were a person it would be barely old enough to drink

 2. NYU professor Scott Galloway has a related idea that is so important to remember when judging success - both your own and others': "Nothing is as good or as bad as it seems."
3. Margin of safety - you can call it room for error or redundancy
4. "Every job looks easy when you're not the one doing it because the challenges faced by someone in the arena are often invisible to those in the crowd."
5. "The average equity fund investor underperformed the funds they invested in by half a percent per year, according to Morningstar - the result of buying and selling when they should have just bought and held."
6. "The implosion of the dot-com bubble in the really 2000s reduced household wealth by $6.2 trillion. The end of the housing bubble cut away more than $8 trillion. It's hard to overstate how socially devastating financial bubbles can be. They ruin lives."
7. (Perhaps my favorite) "The formation of bubbles isn't so much about people irrationally participating in long term investing. They're about people somewhat rationally moving toward short-term trading to capture momentum that had been feeding on itself."
8. "Pessimism just sounds smarter and more plausible than optimism. Tell someone that everything will be great and they're likely to either shrug you off or offer a skeptical eye. Tell someone they're in danger and you have their undivided attention."
9. "Only 2.5% of Americans owned stocks on the eve of the great crash of 1929 that sparked the Great Depression."
10. "Progress happens too slowly to notice, but setbacks happen too quickly to ignore. There are lots of overnight tragedies. There are rarely overnight miracles."
11. "Growth is driven by compounding which always takes time. Destruction is driven by single points of failure, which can happen in seconds, and loss of confidence, which can happen in an instant."
12. "Expecting things to be bad is the best way to be pleasantly surprised when they're not. Which, ironically, is something to be optimistic about."
13. "It can't be overstated: there is no greater force in finance than room for error, and the higher the stakes, the wider it should be."
14. "Time is the most powerful force in investing."

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@levelsio
If you're feeling down lately, here's a quick test to figure out why:

👇

💖 Have you met up with your friends IRL this week?

🏋️‍♀️ Have you exercised today or yesterday?

🎨 Are you working on stuff that's meaningful to you?

🤝 Have you helped someone today with something you're good at?
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Nick Huber
Nick Huber
@sweatystartup
How to get smarter very fast:

Interact with smart people here on Twitter who have different world-views than you do.

And let them change your mind on something.

Here are the 30 people you should follow (along with my favorite tweet from each)👇👇

Twitter can be terrible if you follow negative people.

It can also be more valuable than a college degree if you follow (and network with) the right people.

You get to look right into their brain and read a daily narrative of HOW they think.

Ok lets go:

#1: @ShaanVP

You know he's all about venture capital based entrepreneurship. I'm about small (non-sexy) business. We disagree on a lot of stuff.

But he's done it and he's won. Bonus follow: @theSamParr (@myfirstmilpod podcast


#2: @fortworthchris

He is where I want to be in 15 years. Has built a massive real estate private equity firm from the ground up. Super grounded with what the way he does business and his podcast @theFORTpodcast is top


#3: @Julian

I'm a scattered thinker and procrastinator.

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If there is one thing I have learned it is that people love bullshit. They buy bullshit stories from professional bullshit artists, accept bullshit philosophies, purchase bullshit how-to-books, vote for bullshitting politicians.

At first, I resisted believing this because it is illogical and dumb and frankly, doesn't reflect well on the human race of which I am a member (and thus have long been hopeful that it is more of a distinction than it actually turns out to be.)

But if you actually are interested in facts you begin to notice how little most people care for them. Sometimes it is because they are heard to learn and bullshit is so much more widely and easily available. Sometimes it is because facts make them uncomfortable about themselves.

Sometimes it is because just one tiny fact will upset a whole worldview that has grown as comfortable as an overstuffed chair. (Settling into such worldviews is a lot like settling into chairs like that because the longer you're there and the deeper you sink...

...the harder it is to hoist yourself up and out of your fat-assed intellectual laziness.) But I actually think the reason people have such an appetite for bullshit goes deeper, goes to an aspect of ourselves we just can't accept.
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GREG ISENBERG
GREG ISENBERG
@gregisenberg
When I was 17, I was in a school shooting. It was traumatic

I'm convinced that overcoming fear is the secret to winning at startups, business and life:

Here's some tips and lessons on overcoming FEAR:

The greatest productivity tip of all time:

It isn't to drink coffee or get 8 hours of sleep or use Notion

It is conquering your fears. Period.

Life is too short for fears

"Adjusted for the subjective increase in how fast time passes, life is half over by 23 or 24. Don't waste time."
h/t @samaltman

Time is ticking

Beat your "amygdala"

Amygdala = the part of your brain that registers all your fear

When you have an experience that creates fear, it gets "coded" into your brain

For the rest of your life, your amygdala, is tainted with your past experience

Arm wrestle your amygdala and win

Rejection sucks. But it's one of the most useful ways to refine your craft

Mindset shift: use fear to learn & motivate, not run away & demotivate
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Michael A Osborne
Michael A Osborne
@maosbot
I have now been sick with #longcovid for almost a year—below, some reflections on my convalescence. (1/10)

While remaining mostly functional, in many ways, I'm more sick in 2021 than I was in 2020. Two weeks ago, when I last felt well enough to walk outside, I managed only 0.7km before the post-exertional malaise came on: brain fog, fatigue, pain in my neck and arm. (2/10)

I was formerly a (somewhat) competitive distance runner. It's not that I'm ignorant of how to push my body, nor the consequences. During my first marathon, I pushed through hypoglycaemia, black and white vision, before having a seizure just over the finish line. (3/10)

Post-exertional malaise is different, sustained, worse. And it comes just as surely from over-doing it at work, or in researching long covid, as from exercise. I used to have so much energy. Where is that man I was just last year? I miss him. (4/10)

The closest I've come to death was in a single-vehicle accident in the remote Pilbara. In the air, in the desert, upside-down, I remember a moment of stillness, of acceptance, of simple knowing that my agency, at that moment, was subordinate to basic physics and biology. (5/10)
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