Archives of “January 21, 2019” day
rssLaughing uncontrollably.
Thought For A Day
A much needed shop in India
Trading is a business
High Performance Habits -Brendon Burchard :Book Review
Most self-help books fail because they offer easy paths to success. Brendon Burchard’s High Performance Habits: How Extraordinary People Became That Way (Hay House, 2017) describes what it takes to become a person who creates ever-increasing levels of both well-being and external success over the long term. And it takes a lot.
Many factors can affect your long-term success—luck and timing, for instance. But Burchard sets out six things that “are under your controland improve your performance more than anything else we’ve measured.” First, seek clarity on who you want to be, how you want to interact with others, what you want, and what will bring you the greatest meaning. Second, generate energy so that you can maintain focus, effort, and well-being. Third, raise the necessity for exceptional performance, tapping into the reasons you absolutely must perform well. Fourth, increase productivity in your primary field of interest, focusing on prolific quality output. Fifth, develop influence with those around you. And sixth, demonstrate courage.
Burchard’s HP6 go beyond the usual nostrums: work hard, be passionate, focus on your strengths, practice a lot, stick to it, and be grateful. You can be a grateful hard worker and still be on the bottom of the pile. Or you can be passionate and practice a lot—and burn out.
Some of Burchard’s suggestions seem hokey, but for the most part they ring true. I, of course, haven’t tried the vast majority of them. I just finished reading the book, after all. But what’s the worst that can happen? That you do nothing, just keep going the way you always have. Unless, of course, you’re already a consistently high performer.
Thought For A DAY
Book Review: Super forecasting -Philip E Tetlock ,Dan Gardner
Just finished Superforecasting by Phil Tetlock. I feel that someone else on this site reviewed this book but can’t say for certain. As a cross asset class trader and speculator, this book is the right combo of intelligence and irreverence. It is very digestible and one can whip through it pretty quick and really helped me just remember the power of process and accountability. If you liked, Thinking, Fast and Slow by Daniel Kahneman, or The Wisdom of Crowds by James Surowiecki, then you will probably enjoy this as well.
A couple of key points as it applies to investing:
– Total lack of accountability that he cites in the mainstream media as it pertains to forecasting geopolitics is pervasive in the financial media as well.
– Certainty is an illusion and we are playing a game of probabilities
– It’s not our persona that is responsible for our profits but our process and our adherence to executing it and constantly looking to improve it.
– Be a fox and not a hedgehog (metaphors for one who is adaptable vis-a-vis one who is stuck in a position)
– understand our neurological makeup insofar as how it determines impulsive investing decisions and juxtapose that to your process to blend the two.
– devastating mistakes can be made over misinterpreting the smallest details.
8 Reversal Patterns -Which is your Favourite ? -This week Podcast Subject -Anirudh Sethi
China to increase budget deficit in 2016 -More Fiscal Stimulus ?
China Daily reports that fiscal policy in China will become ‘more forceful’ in 2016
An official statement (issued after a national fiscal work conference) from China says
- China will increase its budget deficit next year
- Will gradually raise its fiscal deficit ratio
- Increase government debt issuance and set a limit for newly increased local government debt
- Will continue to cut taxes
Expectations are that the budget deficit will rise to 3% of GDP
- Compared with 2.3% for 2015
- And 2.1% in 2014-
Note – the official statement the China Daily is reporting on was out on Monday, and its impact may well have already flowed through to the AUD, which was up during European and US trade overnight.