The best way to create an impact, in an otherwise ordinary statement!
By using Superlative degree - the most, the only, the biggest, the biggest, the smartest, the stupidest etc
Ordinary Statement:
Patience (or risk management, or process, or second order thinking, or passion etc) is an important characteristic of a good investor. It, along with many other characteristics, contribute to the emergence of a successful investor.
Impactful Statement:
The trait that separates great investor from an ordinary is patience.
Success in investing is possible only through patience
The most difficult but extremely rewarding trait in long term investing is patience.
What separate you from Buffett...patience!
😃
P.S. 1) On some other occasion, you can happily sneak in some other trait in place of patience (patience can wait😉) and make any equally impactful statement. 2) There are other ways to create impactful statements. I used a Superlative statement in the title of this thread!😇
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Layer 1 - Losing fat by "burning calories" is a fallacy.
A cup of ice cream gives you more calories that a few days of morning walk can't burn!
You lose fat at the entry gate, not the exit window - by calorie restriction, not burning.
Layer 2 - Calorie restriction by restricting your diet size is again a fallacy. Your physiology has evolved by billions of iterations, into a insatiable eating machines. We're designed to eat as much as we can. Curbing the natural, atavistic instincts is undesirable.
Calorie restriction is achieved by two thing - 1) Cutting the eating window, through Intermittent Fasting. Rather than restricting meal size, restrict the hours when you encounter food. Eat as much as you can, during that window only.
Evolution - random variations, most of which average out, while some advantageous ones self-reinforce in a nondeterministic, unpredictable and path dependent manner.
Somewhere down the line, a minor difference separated us from our closest cousin, Chimpanzee.
"We are, to a 98% approximation,
chimpanzees...chimpanzees are only 97% gorillas
[but are 98% human.
Chimpanzees are closer to humans than they are to gorillas." Matt Ridley, Genome
"If you took two plastacene amoebae and turned one into a chimpanzee and the other into a human being, almost all the changes you would make would be the same. Both would need thirty-two teeth, five fingers, two eyes, four limbs and a liver...
Extreme Success in any domain calls for extreme sacrifices!
(1/7)
Extremely successful people in any domain - sports, cinema, singing, dancing, technology etc are our icons. We follow them and wish we could be like them.
However, a closer look at their lives will tell you that it took a life long dedication for a single goal. The toil typically started at a very tender age and involved hours & hours of hard & monotonous work; so much so that the person sacrificed almost everything else.
The ugly lean poor, works hard physically in the Sun, eats plain, boring, freshly cooked, home food.
The sophisticated good looking rich sits on the couch in the air conditioned home, eats junk food all the time.
The poor doesn't even show #COVID__19 symptoms; it came & went!
The rich is checking the Oxymeter readings!
After all the day's hard work, the poor sleeps for 8 hours, gets up early to start all over again.
The rich is busy completing the web series, waking up in teh afternoon, with dreary eyes
Any significant decision making has to break through an iterative three layered P-conundrum: 1) Possibilities 2) Probabilities 3) Pay-offs
A decision maker needs to analyse various scenarios that can play out, what are the probabilities of each of these scenarios playing out and what are the payoffs or outcomes if any of these possibilities play out.
Decision Makers tend to falter at each of these stages.
Possibilities - A chess player, while analysing next moves, can simply miss a scenario that can cost her the match.
You will hear even the best proponents long term investing and compounding say that, "the problem with compounding is that most of the gains are back ended.”
(1/13)
Often the example of Warren Buffet is quoted saying that most of wealth got generated after he crossed 70 years (even though he started at the tender age of 11!).
This statement is specious.
It gives you an impression that it is a slow way of gaining & it needs patience...
...and possibly there is a faster way of gaining other than compounding. Let me clarify here...with the exception of sub-atomic world, a lottery, or adoption by a wealthy person or any such plain luck, there is no quantum leap in real life.