James Clear summarizes @danbharris book, 10% Happier. My favorite parts from @JamesClear summary and my thoughts:
Many people assume they must be paranoid and worry if they want to stay at the top of their game.
VK: In biz you need to be paranoid. Identify risks. Address them. BUT should not have constant anxiety. Meditation helps to identify that anxiety.
People care a lot about the bio on an author's page.
VK: Very true. I think people actually care a lot about author's picture.
Meditation is like doing focused reps for your mind. Focus on the breath, lose your focus, bring it back to the breath, repeat. This is the whole game. Keep bringing your mind back to the breath.
VK: It is like taking your mind to the gym
How to meditate: sit somewhere comfortable, keep a straight spine, focus on a spot, and bring your focus back to your breath whenever you lose it.
VK: Most important - find a place that works for you. A place where you can do it every day. I have favorite benches in parks.
Meditation helps you shut down your monkey mind for a moment.
VK: To me meditation helps to observe the monkeyness of my mind.
We have 3 habitual responses to everything we experience: 1) We want it. 2) We reject it. 3) We zone out. Mindfulness is a fourth response. Viewing what happens in the world without an emotional response about it.
VK: Observing your mind as an outsider is key feature
“Mindfulness represents an alternative to living reactively.”
VK: It helps to bring conscious observing to subconscious action
Mindfulness seems to be about awareness of the self. You recognize and acknowledge the things going on around you and the emotions you are feeling. Rather than let the emotion drive everything, you step outside of it and see it from afar.
Being mindful doesn’t change the problems in your life. You still need to take action, but the key is that mindfulness allows you to respond rather than react to the problems in your life.
VK: allows you to see them more clearly
Hedonic adaptation: the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes.
VK: This is why buying things doesn't bring happiness - we get used to good things fast
Scientists have developed a term for the consequence of all our multitasking: continuous partial attention.
VK: We need to re-learn how to focus (NOT-multitask). Multitasking is a bad habit that can be de-trained by daily exercise of deliberate focus.
Make eye contact and smile at people. This simple habit that will make you feel more connected and much better each day.
VK: YES! Start with your relatives. Then go to the shopping mall and do this.
I realized over the years that our wants are unlimited and will always exceed our income.
No matter how much money you make, be it $100,000, or ten million, without a system your insatiable wants will always outpace out your income.
You think if you double or triple your income you’ll be happy, you’ll have enough? Unless you keep your expenses the same, which most us of will not do, then you won’t have enough.
As you can imagine, in the investing industry, where you rub shoulders with multi-multi-millionaires and billionaires, it is very easy to let your internal compass get out whack.
We tend to appreciate what we have only when it is taken away from us. In what I am about to say, I am going paper over the fact that people are sick and dying and that millions have (temporarily) lost their jobs.
But a supermajority of people have been impacted by COVID-19 in a more superficial way – we are locked down with our loved ones at home.
This is now how I choose to look at the situation. Let me tell you a story. Ten years ago or so, my family – my wife and I, the kids, and my aunt – were driving through a park. I was driving my wife’s minivan and didn’t notice that we were low on gas and … we ran out of gas.
Wonderful Wall Street Journal columnist @jasonzweigwsj wrote great column titled “What Benjamin Graham Would Tell You to Do Now: Look in the Mirror.” Here are some excerpts:
Forget about what the stock market is going to do. Instead, focus on what you, as an investor, ought to do….
First, determine whether you are an investor or a speculator. “The investor’s primary interest lies in acquiring and holding suitable securities at suitable prices,” Graham wrote.
Humans are tribal. Our tribalism goes back to the age of cavemen. Deep in the cave, armed with rocks and sticks, fending off predators, we found comfort that the people around us (our tribe) shared the same animosity toward the lion at the front door.
Fast-forward to Murmansk, Russia in the early 1980s. One day my apartment block started hating everyone from another apartment block across the street. Though the hate was mutual, to this day I have no idea why we suddenly hated them.
I remember it got to the point that we were going to go fight them. Thank god we did not.
As investors, we feel like a traveler preparing to drive across an unknown continent. The road behind us tells us we should drive a race car. If the road continues to be as it has been, our trip will be fast, easy, and uneventful.
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But what if the road (market) that lies ahead is rocky, full of holes and maybe even strewn with giant boulders? A sports car will not get past the first potholes. What we need is a four-wheel-drive, all-terrain vehicle.
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This all-terrain vehicle will not have the speed or the sex appeal of the shiny red convertible, but it will complete the journey. Its position at the finish line will depend entirely on one unknown — the road ahead.
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My business is to constantly look for new stocks by running stock screens, endlessly reading, looking at the holdings of respected investors, talking to a large network of investment professionals, attending conferences, scouring through ideas published on value investor networks