14 Books That Changed My Life 📘

(and what I learned from each of them)
1/

The *Ishmael* series by Daniel Quinn (@Read_Ishmael)

* We were optimized for hunting/gathering
* The way we live is evolutionarily odd
* Every culture has a story, but few identify the story they're enacting.

Also, *Story of B* and *My Ishmael*

amazon.com/Ishmael-Novel-…
2/

The Incerto by Nassim Taleb (@nntaleb)

* Randomness over power of stories (Fooled by Randomness)
* 1% of inputs = 99% of output (Black Swan)
* How to be thrive in uncertainty (Antifragile)
* No opinions without risk of loss (Skin in The Game)

amazon.com/Incerto-Fooled…
3/

Braving the Wilderness by @BreneBrown

* The most important job you'll ever have is to BELONG TO YOURSELF

Also, Daring Greatly & Rising Strong

amazon.com/Braving-Wilder…
4/

Tao of Pooh by Benjamin Hoff

"Scholars can be useful... in their own way. It's just that there's Something More. And that Something More is what life is all about"

&

"Inner Nature, when relied on, cannot be fooled."

amazon.com/Tao-ism-Wisdom…
5/

The Bible

* Here's the basis for most of Western civilization

Religious or not, it's so engrained that I don't think many are even aware of what life would look like if it never existed -- for better or worse.

amazon.com/Bible-Version-…
6/

The Snowball by Alice Schroeder

* Warren Buffett did most early work out of his bedroom office? Sign me up!

Had zero interest in investing before this. Was teaching middle school. Loved it, but had ZERO time for a life.

Led me to @themotleyfool

amazon.com/Snowball-Warre…
7/

The Four Hour Work Week by @tferriss

* There are other paths than school➡️work➡️retire.

Not his best work, but without this, @ali_b_ing and I would never have quit our jobs and moved to Costa Rica on a mini-retirement.

amazon.com/4-Hour-Workwee…
8/

Animal, Vegetable, Miracle & Poisonwood Bible by Barbara Kingsolver (@b_kingsolver)

* It isn't red vs blue, it's city vs rural (written in 2007, not 2016)

* If you try to "do good" by imposing your will on others, you're not doing good for anyone

amazon.com/Animal-Vegetab…
9/

Original Wisdom by Robert Wolff

* The daily life of hunter gatherers was fulfilling in ways difficult for us to compartmentalize today.

amazon.com/gp/product/B00…
10/

Untamed by @GlennonDoyle

* Being totally honest and belonging to yourself is scary as hell. It's also 100% necessary.

* The most powerful thing in your life = "The Knowing"

* Rebellion doesn't beat obedience. Two side of same coin

amazon.com/Untamed-Glenno…
11/

To Kill a Mockingbird by Harper Lee

* The reward for following your compass = self-respect. But nothing more

I get the pushback -- a white man trying to "save" a black man. But I could see a possible self in Atticus & it meant something to me

amazon.com/Kill-Mockingbi…
12/

Wild by @CherylStrayed

* Sometimes, you just have to walk to health

Nothing to say other than this was one of my favorite memoirs of the past decade.

amazon.com/Wild-Found-Pac…
13/

The Coddling of the American Mind by @JonHaidt and @glukianoff

3 GREAT UNTRUTHS
* What doesn't kill you makes you weaker
* Always trust your feelings
* Life = battle of good & evil

amazon.com/Coddling-Ameri…
14/

Up From Nothing by @johnhopebryant

There are two things under-served, minority populations don't have.

1) "The rules" (of financial/business success) aren't published

2) There isn't a level playing field

amazon.com/Up-Nothing-Unt…
You might notice that many of these were NOT investing / money related.

I actually have read *very* few investing books. I got almost all of my education from folks at @themotleyfool.

And as @morganhousel often says, lessons learned in one field can be transferred to others.
If you liked this, follow @Brian_Stoffel_

I write for The Motley Fool, and try to "publish the rules" with @BrianFeroldi on our YouTube channel

youtube.com/c/BrianFeroldi…
We have also published our investing frameworks in a YOU-NAME-THE-PRICE package.

It also includes @BrianFeroldi's favorite books, which have a much more investing-focused theme

gumroad.com/l/zWXye
1) Ishmael
2) Incerto
3) Braving Wilderness
4) Tao of Pooh
5) Bible
6) Snowball
7) 4 Hr Work Week
8) Animal, Vegetable, Miracle & Poisonwood Bible
9) Original Wisdom
10) Untamed
11) To Kill a Mockingbird
12) Wild
13) Coddling American Mind
14) Up From Nothing

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More from @Brian_Stoffel_

15 Jun
There are lots of ways to "win" as investor.

Focusing on valuation is one of them. But you have to be really:
* Smart
* Willing to put in lots of work
* Aware of what market is doing daily

My approach:

I PAY ZERO ATTENTION TO VALUATION.

It's worked. The proof & thinking 👇
What I look for are ANTIFRAGILE companies.

They all:

* Use the Barbell Method (Mission, Moat, Optionality)
* Have Financial Fortitude (Balance Sheet, no Concentration)
* Have Skin in the Game (Founder, Ownership, Glassdoor)

If they have these 3, I don't worry about valuation
The basic idea:

When chaos hits, ppl in real world don't care about valuation of a stock.

* Schools: $ZM will help us with COVID (no one cares about stock price)

* Citizens: Our police need to use $AXON (no one cares about stock price).

Some real examples from my port
Read 14 tweets
12 Jun
Last week, I talked about the Antifragile Framework for investing.

The biggest question, by far: What about VALUATION?

It's not in the framework.

But before I explain why, there are 6 things you need to know about ANTIFRAGILITY and PREDICTING the future. A 🧵
1/

We often take what's recently happened, and project that into the future without end.

That makes sense. 99.9% of the time, you'll be right.

The same was true for our ancestors. NOT doing this would have led to extinction as hunter-gatherers
2/
But 0.1% of the time, you'll be wrong. (Black Swans)

Imagine how WRONG your predictions would've been on:

* October 23, 1929 (Black Thursday)
* December 6, 1945 (Pearl Harbor)
* Summer 1990 (Fall of USSR)
* September 10, 2001 (9/11)
* New Year's Day 2020 (COVID)
Read 12 tweets
8 Jun
Six years ago, I read @nntaleb's *Antifragile*. The lessons invaded my brain and haven't left since.

I started taking the ideas and applying to investing.

I created a framework for stock picking from it. It has 8 parts

It has roughly 4X'd the market.

How it works, a 🧵⤵️
Before I tell you those eight, a quick note on what Antifragility is.

According to Taleb, the world can be broken into 3 parts:

*FRAGILE: breaks under pressure
*ROBUST: stays same under pressure
*ANTIFRAGILE: gets stronger under pressure (up to point)
1/

MISSION STATEMENT:

With a good one, a company can respond to chaos and become stronger.

The best ones are:

* Simple: Employees can ask: does this fulfill the mission?

* Optionable: Lots of ways to fulfill it

* Inspirational: Serving higher purpose

My fav: Axon $AAXN
Read 15 tweets
11 Apr 18
1/ This is a stretch, but it's something I keep coming back to when brilliant (@nntaleb) and popular (@sapinker) collide. The recent @WSJ piece does a brilliant job of highlighting the difference between *Skepticism* and *Enlightenment*.

Key passage wsj.com/articles/the-d…
2/ In the end, @yhazony isn't saying we should shun all "progress", but that we need to move slowly, and locally, to make sure that we don't cause *more* damage in our pursuit of *progress* because we don't fully understand the benefits of traditions.
3/ Reminds me of re-telling of Adam and Eve in @_Daniel_Quinn's Ishmael.

The context: Narrator believes agriculture ushered in a new way of living. It pitted Modern (Agricultural) humans against indigenous peoples.

In effect: The Bible = Story to justify agriculture
Read 8 tweets

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