1) Have a firm stop-loss point for all activities: jobs, relationships, and personal involvements. Successful people are successful because they cut their losing experiences short and ride winning experiences.
2) Diversification works well in life and markets. Multiple, non-correlated sources of fulfillment make it easier to take risks in any one facet of life.
3) In life as in markets, chance truly favors those who are prepared to benefit. Failing to plan truly is planning to fail.
4) Success in trading and life comes from knowing your edge, pressing it when you have the opportunity, and sitting back when that edge is no longer present.
5) Risks and rewards are always proportional. The latter, in life as in markets, requires prudent management of the former. (more…)
Archives of “Life” category
rssBeer ad has solution to pestering girlfriends
This Andes beer spot, from Del Campo Nazca Saatchi & Saatchi in Argentina, shows guys at a bar using a high-tech contraption—a sound-proof “Teletransporter” with all manner of sound effects piped in—to convince their annoying girlfriends when they call that they’re not, in fact, at the bar. But it raises more questions than it answers. For starters, wouldn’t the girlfriends know about these machines already? Seems like something that would be all over the news! Also, what kind of person uses the hospital as an alibi for anything? That’s the easiest bluff in the world to call. And when she does call it, he’ll be in the hospital for sure. UPDATE: Here’s the Web site of the Teletransporter. And yes, the agency apparently installed these things around the city of Mendoza. Presumably the grainy footage of the guys is real footage, too.
Words of Wisdom
“When the wind changes direction, there are those who build walls and those who build windmills. We would like to build windmills.”
“On acquisitions: Don’t ask a barber whether you need a hair cut”
“Knowing our limitations is the key.”
“How does Warren balances between his heart, mind or pocket?”
“On philanthropy: We don’t intend to become the richest person in the cemetery.”
“90% of our assets go home in the night and hopefully return the next morning. People are our assets.”
“Be open to learning. Learning belongs to the future and knowledge belongs to the past.”
“If you sleep on the floor you are not going to fall off the bed. Stay with the basics.”
Thought For A Day
Guy Kawasaki :Play to win and win to play
“Play to win and win to play. Playing to win is one of the finest things you can do. It enables you to fulfill your potential. It enables you to improve the world and, conveniently, develop high expectations for everyone else too. And what if you lose? Just make sure you lose while trying something grand. Avinash Dixit, an economics professor at Princeton, and Barry Nalebuff, an economics and management professor at the Yale School of Organization and Management, say it this way: “If you are going to fail, you might as well fail at a difficult task. Failure causes others to downgrade their expectations of you in the future. The seriousness of this problem depends on what you attempt.” In its purest form, winning becomes a means, not an end, to improve yourself and your competition. Winning is also a means to play again. The unexamined life may not be worth living, but the unlived life is not worth examining. The rewards of winning – money, power, satisfaction, and self-confidence – should not be squandered. Thus, in addition to playing to win, you have a second, more important obligation: To compete again to the depth and breadth and height that your soul can reach. Ultimately, your greatest competition is yourself.” (more…)
This is Business
Progress Isn't Linear
Everything is about perspectives.
Famous Failures
The Inevitables of Success
