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Alvin Foo

@alvinfoo

Dec 25, 2022

Warren Buffett calls him the smartest man he knows:

Charlie Munger.

Together they've built a $991 billion empire. And his speeches are a masterclass in decision making, rationality, and success.

Here're 10 of his best ideas to help you win at business and life:

1. “Knowing what you don’t know is more useful than being brilliant.”

Most people spend their lives wrestling with the consequences of poor decisions. But the truth is it’s much easier to avoid stupidity than try to be smart.

Admit you know nothing. Remove ego from the equation

2 “A majority of life’s errors are caused by forgetting what one is really trying to do.”

We set goals, pursue them, then get distracted.

To achieve something meaningful, you need to constantly correct course.

Set a north star and keep it front of mind.

Read 11 tweets

Alvin Foo

@alvinfoo

Dec 24, 2022

“Last year, I had a life-changing experience at 90 years old. I went to space, after decades of playing an iconic sci-fi character who was exploring the universe. I thought I would experience a deep connection with the immensity around us, a deep call for endless exploration.

"I was absolutely wrong. The strongest feeling, that dominated everything else by far, was the deepest grief that I had ever experienced.

"I understood, in the clearest possible way, that we were living on a tiny oasis of life, surrounded by an immensity of death. I didn’t see infinite possibilities of worlds to explore, of adventures to have, or living creatures to connect with.

Read 6 tweets

Alvin Foo

@alvinfoo

Dec 22, 2022

Have you ever wondered how a credit or debit card ends up in your wallet/digital wallet? The process of card issuing is actually quite complex and involves a number of different players.

First, there's the card issuer, which can be a bank, credit union, or other financial institution. (e.g. HSBC, Monzo Bank, Starling Bank or any other)

These organizations partner with card networks, such as Visa or Mastercard, to offer branded cards to consumers.

Next, there's the cardholder, which is you. You apply for a credit or debit card through the card issuer and, if approved, you receive a physical card in the mail or through a mobile wallet.

But how does the card issuer know whether or not to approve you for a card?

Read 7 tweets

Alvin Foo

@alvinfoo

Dec 21, 2022

Why is the credit card called “the most profitable product in banking history”?
How does Visa make money?

The diagram below shows the economics of the credit card payment flow.

1. The cardholder pays the merchant $100 to buy a product.

2. The merchant benefits from the use of the credit card with more sales volume, and needs to compensate the issuer and the card network for providing the payment services. The acquiring bank sets a fee with the merchant, called the “𝐦𝐞𝐫𝐜𝐡𝐚𝐧𝐭 𝐝𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐟𝐞𝐞.”

3. The acquiring bank keeps $0.25 as the 𝐚𝐜𝐪𝐮𝐢𝐫𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐮𝐩, and the rest of $1.75 is paid to the issuing bank as the 𝐢𝐧𝐭𝐞𝐫𝐜𝐡𝐚𝐧𝐠𝐞 𝐟𝐞𝐞. The merchant discount fee should cover the interchange fee.

Read 6 tweets

Alvin Foo

@alvinfoo

Dec 13, 2022

Keanu Reeves

He was abandoned by his father at 3 years old and grew up with 3 different stepfathers. He is dyslexic. His dream of becoming a hockey player was shattered by a serious accident. His daughter died at birth. His wife died in a car accident.

His best friend, River Phoenix, died of an overdose. His sister has leukemia.

And with everything that has happened, Keanu Reeves never misses an opportunity to help people in need.

When he was filming the movie "The Lake House," he overheard the conversation of two costume assistants; One cried because he would lose his house if he did not pay $ 20,000 and on the same day Keanu deposited the necessary amount in the woman's bank account;

Read 9 tweets

Alvin Foo

@alvinfoo

Dec 12, 2022

“The Small Team Advantage, or why small teams almost always win!

Small teams are typically more agile flexible & adaptable & hence able to make decisions & take action more quickly than larger teams. This can be important in fast-paced environments where rapid response is key.

But by far the most significant reason for the success of small teams has to do with Metcalfe's Law and the structure of the human mind.

Metcalfe's law says that every time you add a new user to a network, the number of connections increases proportionally to the square of the number of users. In other words, a network's value increases exponentially with size.

Read 9 tweets

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