Jawad Mian Profile picture
7 Feb, 12 tweets, 2 min read
1) Do you ever find yourself striving for perfection, and then being disappointed because it always eludes you?

2) As a young student in Hamburg, Peter Drucker went to see the opera every week.

He had very little money, but showing up an hour before the performance meant scoring any of the unsold cheap seats allocated to university students for free.
3) Upon one evening, he sat for Falstaff.

“I have never forgotten the impression that evening made on me,” he said, totally overwhelmed by Giuseppe Verdi’s comic opera.
4) Drucker was shocked to learn that Falstaff, with its incredible vitality and zest for life, was written when Verdi was eighty.
5) “To me, then just eighteen, eighty was an incredible age.”

This was a time when life expectancy, even among healthy people, was around fifty.
6) Then he read what Verdi himself had said, when asked why, at his age and famously considered as one of the nineteenth century’s foremost opera composers, he had taken on the hard work of writing one more—an exceedingly demanding one, no less.
7) “All my life as a musician,” Verdi said, “I have striven for perfection. It has always eluded me. I surely had an obligation to make one more try.”
8) Those words made an indelible impression on Drucker.

He resolved that, whatever his life’s work would be, Verdi’s words would be his lodestar.
9) If he reached old age, he would keep striving for perfection knowing full well it would surely elude him.
10) A year before Drucker passed away, at 95 years of age, having written 39 books and countless articles, he was asked if there was anything else in his long career that he wished he had done.
11) “Yes, quite a few things,” he said. “There are many books I could have written that are better than the ones I actually wrote. My best book would have been Managing Ignorance, and I’m very sorry I didn’t write it.”
12) I write more about Drucker and his importance to your next chapter—or maybe the one after that—here. stray-reflections.com/article/176/Ma…

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More from @jsmian

4 Feb
1) It is our lot to see things differently.

Bystanders look for a long time—free of constraints, unobscured by their own judgments, waiting patiently to grasp the essential truth.
2) What we see is that the ICT revolution is far from complete and that rather than a dystopian, divisive future, what lies ahead is a green socially sustainable golden age.
3) We also see through the mist of the pandemic. The outlook is uninspiring, even with the vaccine breakthroughs.
Read 5 tweets
28 Jan
1) If you're not reflecting on risk management after this week's events then what are you even doing?

Here's a thread on some basic thoughts on how to better manage risk and mistakes going forward:
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3) Slow down if you see a loss of money on any position. That should put you on high alert.

Keep looking for disconfirming evidence.
Read 10 tweets
2 Jan
"What important truth do very few people agree with you on?"

My heretical answer to Peter Thiel's favorite interview question. 🔥
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Read 8 tweets
27 Dec 20
1) This year has been difficult for many investors, whether you are a novice or an experienced risk taker.

It would be useful to revisit today's money masters and see how they dealt with gut-wrenching loss.

It always helps renew my ambition. THREAD 👇
2) Paul Tudor Jones lost $10,000 when he was 22, and when he was 25 he lost about $50,000, which was all he had to his name.
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“I am not cut out for this business," he said. "I don’t think I can hack it much longer.”
Read 18 tweets
24 Dec 20
1) Shortly after I graduated from university, I landed a job as a bank teller in Toronto.

It was, surprisingly enough, one of the best things that happened to me.
2) I was shy growing up. I was always the quiet one among friends.

But as a bank teller I was forced to interact with everyone. This helped me break out of my shell.
3) lt was a small neighbourhood branch with a sociable atmosphere.

The branch manager was Italian, the two personal bankers were Indian and Spanish, the financial advisor was Greek, and my two side-kicks at the till were Irish and Canadian.
Read 15 tweets
18 Dec 20
1) Working correctly, the brain represents highest form of “instinctual wisdom,” Alan Watts once said.

But just thinking rigorously or applying more knowledge isn’t what he meant.

2) The brain can only assume its proper function when the mind is in a state of harmony and our consciousness is not trying to control and grasp.
3) When we are completely engaged with what we are doing in the here and now—and instead of calling it work, we realize it is play.
Read 22 tweets

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