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I try my best to improve myself all the time, but why...? Our performance is consistently as good as that of those who seem average. Better than someone who isn't flashy or hardworking. From dawn till dusk, year after year he [sang the song]. Still standing there, slowly moving up little by little. While we gave it our all, we fell and got back up.
And then another truth is revealed, one that may sound unpleasant. The good news is that many people are playing the wrong game. The type of game we try to play is the winner's game. To hit the ball accurately like a professional, you have to choose only the best equipment. The best ones are those who seize the biggest opportunities [in music].
Ultimately, this is not the case in the real lives of most people. That's what I wanted, Harvard [song] Marks. An investor who co-founded an investment management company. The name Oak 3 describes the approach that led to the fund. The debt of his financially troubled company. [The song] generates an average return of around 23% per year.
Because this figure is 28 years old, it's the figure before deductions. The fees are reasonable, and the results weren't accelerated by using borrowed money. In return, the heart of that approach is not about giving back [the song]. Do something brilliant, but don't do something stupid. And eliminate mistakes that are irreversible.
I've gone out and listened to as many [songs] as possible. Maybe... It seems like a story about people in the stock market, but if you look closely... Let's bring this same topic a little closer to home. This happens in our work lives every day. [Song] One image we often see is the person who makes the choice.
The job is because the company name will look good on your resume. Summary of our work history [in music]. When I applied for the job, they didn't like the job. I've appreciated what I do, but I keep telling myself that... I'll be patient for another 5 years, until my resume is clean enough, then I'll do it.
What I really want to do: A story that is being claimed. It is widely rumored that Warren Buffett once spoke... With a master's student in business administration. One person is about to start working at a company that... I consulted a famous person because I thought it would help me. The history of [the song] looks good.
Buffet responded in a similar vein. Doing something you dislike just to... A great resume is like saving money [song]. Bedroom secrets for when you're old. Words may not be exactly the same from one source, but the meaning is the same. The consensus is that they don't see it that way. That's a great idea.
This statement might sound funny, but... If you listen carefully, it's a warning about our prices. I'm paying with the most valuable thing in [the song]. This period of life is a time of energy and moment. A life with the strength to strive for what one hopes for. I hope to use it someday, when no one else is.
I can guarantee that the [song] will arrive in good condition. We want you to get something from this. It's a way of looking at important decisions in music. This new lifestyle and career isn't a quick fix for getting rich. And it's not a promise that your life will change after you finish listening.
It's not an immediate change, but a mindset that will help you. We can see where most of the damage is coming from and how... How do I distance myself from that [song]? And the best place to start is with the origin. I myself made mistakes right from the beginning of my working life. The story goes that he had just started working in 1968.
In the stock analysis department of the bank... In New York at that time, there were many large banks. Companies in America tend to invest in top-tier companies. Bringing together about 50 [songs] that people in the industry call [the place/songs/etc.]. Nifty 50 simply means 50 cool stuff. These groups included names like IBM, Coca-Cola, and Zerox.
Everyone agrees that this is a good company. The thinking at that time, which was the best in the country, was simple. It would be great if such a good company were to buy the land. The price doesn't matter; the result is the share price. These companies have been driven up to the point where their PE ratios are high.
A PE ratio of 80-90 times indicates that... We paid more for the shares than the company's annual earnings. How much does the company multiply if its PE ratio is 80? [Song] means... It means that even if the profit doesn't change, we have to wait. It would take about 80 years to make a profit equal to the money...
Mar explained that the person who bought shares in this group paid for it. During that period, I held onto it for about 5 years and ended up losing money. Almost all, or about 90%, of the money... [Song] The question is, are those companies getting worse? Is it true that things haven't mostly gotten that bad?
Yes, many companies are still doing well in their businesses. Ten years later, the problem isn't with the company's quality. The problem lies in the price people are willing to pay. Possessing it right here is the heart of the whole story. Running out of good things and buying even better things isn't a good thing.
Similarly, good things are those of quality, while others are not. A good purchase is getting something at a reasonable price. The [song] is worth it when compared to its true value. Very good, but paying too much might make it a bad purchase. The worst part is that I got something that looked ordinary but was delivered in a very poor condition.
A low enough price [for a song] might turn it into a purchase. A good picture that helps to clarify the purchase process is helpful. Used car [song] A car in very good condition, but if... The seller is pricing it higher than a brand new car you'd expect. Don't buy it. On the other hand, the other car has scratches.
[song] There are some scratches and faded paint, but the engine is still in good condition. The price is much lower than it should be; the car behind might... It's a smarter purchase than the important question is. It's not that this car is the best, but this car is worth the money. Is that the price to pay 10 years after the lesson?
[Song] Nifty 50: MarK's Working Life Turning the tables, in 1978 he was assigned to... Start a fund investing in bonds [song] that provide High-interest bonds are a form of lending to companies. Money and receive interest [in return]. The high-interest bonds referred to here are: Bonds of a reputable company.
Having low financial resources means having to pay higher interest rates. Typically, it's used to attract lenders to hire employees. This side, during the time Mike Milken was pushing. Driving growth in this market and the bond sector... What interested him was the groups that had high credit ratings.
This [song] is rated SLE B, which is a level that... Low reliability rating guide. Moodies describes this level of bond as follows: Generally lacks the characteristics of a desirable investment. To put it simply, what is desired in the eyes of the general public is... The person who threw away [the song]'s money was careless, but that thing...
The reality that Mas discovered was the opposite of what everyone else thought. That's bad, so the price of these bonds is low and... The interest earned is high enough to compensate for the risk. If you could choose which companies are more likely to survive... And paying off the debt yielded a very good return.
You have to be very careful here; this lesson isn't something you should miss. They say that bad products are always more appealing than good ones. Two crucial conditions [for the song] that you must not overlook. Firstly, everything depends on the price you pay. Even though it's expensive, it's still the second worst purchase.
The company must survive if it goes bankrupt. Before interest rates went high, [the song] no matter how much, there was nothing. The real goal, therefore, is not to find a good company. Ultimately, it's about selecting companies that are at risk of failure. Try to get out as much as possible when putting two things aside.
This pair, the Nifty 50, is the best. The most expensive [song] resulted in a heavy loss. Single B bonds are considered by many to be bad. At a low price, and by weeding out the ones that don't survive, the results are positive. The profits are good, and the lessons from these two events are clear. The outcome doesn't depend on what...
No matter how good our choice is, it only depends on... It depends on how much we pay to get it. Here we go again, back to the buffet. Sometimes, working at a well-known company might actually be a good thing. Good pay, good reputation, and the opportunity to learn from talented people. But the question is, what price do you pay for it?
What is it [the song] if the price is the work? You didn't appreciate it at all for years. It wasn't enough; my health started to deteriorate, and I hardly ever got to hear . While your children still want you to be with them. Keep postponing what you want to do, hoping... That one day I might start that job.
Nifty F50: Your life's best purchase. Too expensive, on the other hand, the work looks more ordinary. A company that isn't very well-known, but has done something. You can learn from people you respect and excel at what you're good at. There's still time for personal life, perhaps for shopping. It would be much better to be clear here that...
Not everyone gets to choose their job as they please. [Song] Many people I have responsibilities, debts, and a family to take care of. Staying in a job you dislike for the sake of stability in some cases. The timing isn't wrong; what you should be careful about is not. Yes, it's patience, but it's patience without knowing...
What are you paying for, and what are you getting in return? The question I want you to ask yourself right now is... Whatever choices you are making in your life right now, no matter what... Is this [a song] for any further studies or investment? You chose it because it's genuinely good value for money.
Did you choose it because everyone said it was good? I willingly paid an exorbitant price for the song without calculating. The secret to making good decisions doesn't lie in... Good things are seen because everyone can see them. The secret lies in seeing the price [of the song]. Hiding behind the good things and the courage to say no.
When the price is too high compared to its value, even if those around you say so. That we're missing an opportunity [for the song] until morning. On Monday, the executive announced at the meeting that: The company will launch a new project, which is... Everyone knows that adults place great importance on who gets what they want.
If you go in and do it, you'll have a chance to be noticed and a chance to get something. Promotion Before noon, half the department was already walking [to music]. Go and ask your boss if you can join their cause. He sounded absolutely right; the project was good and the adults approved. Having a positive mindset is an opportunity for advancement; there's nothing wrong with that, but there is...
Another employee sat and thought further, if a person... Half the department is vying for the position, and the results will be split. How many people, and who will get the credit for the expectations of others? How big and tall will it be, and if the project fails, who will? He's the one taking the blame while everyone else has abandoned him.
Who will take care of it, and how valuable will that work be? A day when no one cares about the [song] in either way. It doesn't mean one person is smarter than the other; the difference lies within. At that level of thinking, Harvard Marks calls it... The initial thought was that [the song] was a first-level thought and...
The latter is called second-level thinking, or tiered thinking. The first step is to see what is in front of you. In short, this company is good, buy into this project. This profession is really trending, so go for it! Thinking like this is quick, easy, and natural; everyone does it. Yes, and that's the problem because when everyone thinks...
It's the same, everyone does the same thing, and when everything is... People who do the same thing often get similar results. On average, or sometimes even worse [the songs]. Because everyone was scrambling for the same item, the price drove up. Exaggeration, level 2 thinking, doesn't stop at words.
The first answer asks further: what are the possible outcomes? What are the most likely scenarios and probabilities of happening? To what extent do most people think about...? Our perspective on this [song] is different from others. Where is the majority located, and what is the price to pay now? It already reflects the expectations of most people to a great extent.
How many examples can be used to explain this? It's very clear that the first person in the audience will say this company is good. People who buy a lot of shares at the level of second-level thinking would say... This company is really good, but everyone knows it's good. And they perceive the price as far exceeding its true value.
The stock is overvalued [in the song], should be sold. Both of them agreed that the company was good, but only in one aspect. To summarize, [the song] is completely different; there's no difference. It's not about the information, it's about asking more questions. Another point is, what do other people think and what are their opinions?
Are the things that others have already included in the price? This is the same reason why the Nifty 50 was made. Those who suffered heavy losses were right to think that... Those companies are good, but they don't stop to think right there. The question then was whether the price paid reflected that quality.
Is this going too far? But there's a trap here. Many people immediately fall for it upon hearing the concept of thinking. Level 2: They understand that thinking like everyone else leads to... The results were only average, which is what many people concluded. We have to think differently; everyone buys from us, everyone sells to us, everyone goes their own way.
To the left, we went to the right to say that simply having a different opinion isn't enough. When you have to think differently and more correctly [with music]. If we categorize them into four types, it becomes clear they all think like people. Others and correct results only get the average [song] cost.
Like everyone else, and when I make mistakes, I make mistakes along with everyone else. Still close to the average; thinking differently but incorrectly yields worse results. Others and those who think differently are not necessarily right; this is the only way. That's what makes performance go above average.
Thinking differently just to appear unique. Therefore, it's not second-level thinking; it's tertiary thinking. First, another type of [song] where you just turn your head to the other side. Returning to the topic of this imagery happens frequently. More than expected, certain skills were talked about for a while.
Even though everywhere it's said that the future salary market is high. Someone who thinks first will immediately conclude [the song] that... I need to hurry and go to the second-level thinking class to ask more questions. If everyone hears the same thing and rushes there... After another 3 years of studying together, there will be people with this skill.
How much of a high salary is still acceptable now? We are tall, and we have something that sets us apart from many others. Among a thousand people studying the same thing, the answer might be... We should study it because the skills suit us. That's true, but right now we're learning with understanding, not with a deep understanding.
Yes, because it's due to following the crowd and possibly combining it with existing skills. What others lack becomes a competitive advantage. It's difficult, especially with resumes; it's the first step in the creative process. [The song] says that this famous company has gotten involved. "That's a great resume, the person who came up with the second-highest ranking asked." Everyone who wants a good resume thinks like this.
This company name is on the resume [of the song], so someone holds onto it. There are a thousand other things that we need to do as well. The price to pay for this name is the years of doing what I've done. Not loving the name on the paper is worth [the song]. Is that price realistic for people running small businesses?
This image might be more familiar to you than a hypothetical one. There's a new type of dessert shop in one neighborhood. [The song] is playing, people are lining up every day, the owner... The shops in the area saw it and thought it was selling really well. This is good to be open sometimes. This is first-level thinking; second-level thinking will ask...
If we see someone else, we'll see them again in 6 months. How many shops of the same type are there in this area? [song] Is the long queue here due to genuine popularity? It comes from a novelty that will fade [in terms of music] and value. The rental fee, decoration fee, and equipment fee that need to be installed will be refunded.
The funds are needed if the hype dies down faster than expected [song]. Many people in situations like this don't break down because they did it. The dessert wasn't tasty, but it was ruined because I went in on the day every day. People go in and pay the costs on the day everything is done. The most expensive, conversely, is if the shop owner...
The same person continued thinking and realized that there was a shortage of customers in the area. Something that nobody cares about [like music], for example. A shop that opens early in the morning for people who work night shifts. The decision may not seem flashy, but it has... There are few competitors, and costs aren't being driven up.
The message is reiterating that this does not mean... Don't follow trends; sometimes trends are right, and even... There's enough space; the point is to go in knowing that. What are you paying for and are you prepared to accept the consequences if the trend changes? One aspect of this change reflects a way of thinking.
How well has the [song] been accepted? - Waren Buffet I once wrote in admiration when I saw your journal entries. Mas was in that pile of letters; that was the first thing he saw. Open for viewing by investors who have received the document. These compliments are numerous and carry considerable weight, but...
To be honest, level 2 thinking has limitations. Importantly, there's no [song], no formula, no table, nothing. A fixed procedure that, when followed, will lead to the correct answer. Mark always emphasizes that it requires good judgment. More than most people, this is achieved through experience. Reading, reflecting, and accepting when one is alone.
If you're wrong, that means level 2 thinking is tiring. The [song] is slower and sometimes makes us look... It's like someone who is afraid to make a decision on a day when others are not. Everyone's rushing forward, no matter how well-thought-out they are. Even we can make mistakes, especially those who use second-level thinking.
Even the best in the world make mistakes in judgment. [Song] The difference is that he knows himself. Where did I go wrong and why didn't I bet everything? Keep that in mind; there's another issue that should be separated. Getting out is level 2 thinking, not endless looping of thoughts. Some things in life are small enough to be considered at first glance.
So, which restaurant should I eat at, and what color shirt should I wear? That level of thinking is too deep; secondary thinking should be kept aside. Use it for making big decisions that are difficult to reverse. And many people already think the same way. What are some practical steps to take before making a decision?
The next big thing, no matter what it is... Changing jobs, taking on a new position, or needing a lump sum of money. Big, write three questions on a piece of paper and answer them. First, how do most people view this? Point 2. Most people's expectations are [song]. How much of that is included in the price you have to pay?
This could be money, , time, or something else. We must abandon point 3; if our thinking is wrong, we will... What can you lose and what can you accept? These three questions can help. It takes less than 10 minutes, but it helps us to stop and think. Before jumping in, follow the majority of people first.
Before we move on, there's one question I'd like you to review. Tell yourself what you're most confident about this week. Are you only thinking about the initial outcome, or are you also considering the long-term results? On the second level, ask yourself: what if everyone... Do you think things will still turn out well for you, and this...?
What I want you to remember is to think another layer of depth. The music helps us see what most people see. Overlooking something doesn't mean we see everything. [Song] The person who thinks at level 2 best is... Knowing that one's own thoughts have limits and... Always be prepared for the possibility that reality may not always be the case.
Follow the path we analyzed at the end of the year. A company announced a list of sales staff. The first person to get promoted to the top of the group was [Song]. The highlight of the year; everyone applauded, but only the team members knew. It's fortunate that that customer switched to buying from a competitor.
The usual supplier had a problem delivering on time, so they weren't available. I didn't plan anything special, I just happened to be in the right place. At the right time, the other person did everything according to established principles. Detailed customers prepare their offers carefully and take their time.
[Song] Almost a year of building a relationship, but only 2 The week before signing the contract, the client company was sold. Let another investment group and a new management team cancel it. All the pending projects suddenly lost AL. The first person in the entire group at the end-of-year performance chart looks impressive.
Clearly, the second person is better, but if you ask... The answer to who made the better decision might be the other way around. This kind of thing doesn't only happen to salespeople. It happens to everyone who has to make decisions in this world. There are many factors beyond our control, and this...
That's why even the most thoughtful people... The result was not as as expected. Nicholas wrote a book called Fooled. "By randomness" literally translates to "by chance." This book deceives you by pointing out the world of investing. And the world of decision-making involves many types of randomness.
Higher than we thought, those who received good returns... At one point, it may have been largely due to luck. Talented, but the result [of the song] was good. He himself, and those around him, often conclude that... Because Howard Marks placed great importance on the skill of the trade. This concept is very much in line with and also connected to...
The first textbook he read back when he was a student. It's a book about making decisions under pressure. The uncertainty of C [Song] Jackson Gron Published in 1963. The main point from that textbook is that we don't... The song can decide whether that decision was made. One can be good or bad based solely on the outcome.
Because even good decisions can fail. Even a bad decision can succeed due to luck. It sounds like an ordinary matter, but compared to... Some professions are quite unusual. The engineers who designed the bridge...if the bridge collapses, what will we do? I can say with pretty much certainty that something is wrong.
Failures in design or construction are due to the world. Engineering has relatively definite rules and results. The result therefore reflects the quality of the decision. It's quite [relatable] in the world of investing. Doing business and choosing a life path has... Many factors are beyond our control.
The economy changes, competitors change, and so do the people. It involves changing one's mind about an event that no one expected. Unexpected outcomes can happen at any time in the world. This, therefore, is a mixture of decision-making processes. is related to luck, and in the short term, the proportion of luck.
It might be higher than we accept; there are some thought-provoking examples. What people remember most is that he asked them to imagine the person receiving it. A large sum of money to play Russian lottery is... Take the revolver with only one bullet out of six. The channel is now right at the top of its own [song] chart, if...
He survived, he got the money, and so did the people who saw it. The result might just be [the song] applauding his decision. Talented, but everyone knows that decision was terrible. A positive outcome doesn't change the decision. It's good, it just means he was lucky this time. To refer to something that hasn't happened but might happen.
That alternative history means all paths. The outcome might be different if we judge people based on... The only real path we take. It's impossible to see just how much risk he's taking. Another path, one that was not on our side, led us back to... Regarding work and resumes. More than we think, we often hear stories about...
People who are successful are those who choose their careers wisely. The famous singer endured it for many years, and one day... Getting a high position makes us... We believe that path will yield results for things we don't. What we hear less about is the story of many other people who... We traveled the same path, endured the same hardships, but I didn't get to go.
At that point, some people lose their passion along the way. Some people's health deteriorated, and the company restructured. The position they were waiting for [the song] has disappeared; this group of people doesn't. We got to go up on stage and tell our own stories, so... Seeing only survivors, I mistakenly thought...
That path is safer [than the song]. That's true, and sometimes even the most successful people are. I'm just honestly admitting to luck. [song] Warren Buffett often refers to himself as lucky. Born in America during a period of economic growth. And there's a chance that many people in the world will never get one.
Compare this to winning the lottery. Even before successful people were born. That level also acknowledges the role of [the song] of our luck. You don't need to explain every success. Or are all failures attributed entirely to one's own incompetence? This needs to be clearly distinguished because the dividing line is between...
Understanding luck and throwing everything at it. Luck is very thin; ability is real and exists. The real result [of the song] is that those who prepare well and work hard... Making careful decisions increases the chances of a better outcome. The point is, people who do nothing in the long run aren't the issue.
It means that effort is meaningless, but only in the short term. In short, a single result can be deceiving. It both deceives you into being overly confident when you're lucky and... It tricks [the song] into giving up too much when misfortune strikes. The second salesperson I just mentioned... He made the wrong decision; he only encountered bad results.
This time, if he continues using the same method for many more years... The opportunity for ability to be reflected in the work. The price goes up for the first person if they believe it's a big deal. That came from skill, using the same old methods that didn't work. There's nothing special next; he might be disappointed on the day.
Luck doesn't strike twice if you arrange things in an easily memorable image. There are four possible outcomes for making a decision based on the chosen result. The first option was a good decision and the result was good; that's what it is. Everyone wants it, and it's the same kind we often mention.
Let me tell you about the second scenario: a good decision, but a bad outcome. This is unfortunate; it's the kind of thing that happens to many talented people. People stop doing the right thing because they misunderstand that... My own method didn't work; I made a third decision. Bad luck turned out well, that's the kind of thing [the song] is all about.
It's most dangerous because it rewards habits. That's bad, and it makes us dare to repeat the same mistake. The larger, type 4 breed made a bad decision. Even if it turned out badly, at least it's honest and teaches a lesson. These four images provide the clearest lesson for us. It can be applied to very everyday things, such as people who drive cars.
Go home quickly after drinking and arrive home safely. It doesn't mean the decision was good or that the person was good. I saved enough money for six months but never had to use it. So that doesn't mean saving money is a bad idea. No, because its value lies in its protection. We crossed a path that was not blessed with good fortune.
It depends on whether that path actually exists. The same goes for work-related matters. A person who quits their regular job without any savings. Then, by chance, the business went well, perhaps. My own experience is that taking risks leads to success. But if we measure it by the decision, not the result...
He might be in the third category, and the person listening to the story... Then follow the instructions in the song. Perhaps we can replace it, and then how would we apply this concept? One easy way to do this [with a song] is to split it up. The quality of the decision is separate from the outcome.
Taking notes before making important decisions. I decided to write something short, just three lines. Why choose this path? What are the possible outcomes? What are some of the possible outcomes, and what do we think each outcome has? How much after that? 3 months or 6 months? The month later, she reread it and asked about the results.
It's within what we expected [of the song], if the result isn't... Is it because our reasons were wrong, or because of something else? Out-of-control situations occur if the outcome is positive. Is it because of the reasons we've written, or because there is? Other things came to the rescue by chance in this record.
It helps us avoid blaming ourselves excessively when we encounter problems. Bad luck and not overly self-praise. When you encounter good fortune, which includes both of these things... Another equally dangerous method is assessment time. Other people, whether subordinates or colleagues. Or even [the song] itself, to be viewed from multiple perspectives.
Make your decision after a sufficiently long period of time, not based on the outcome. A person's skill is judged by the results of a single task. Maybe it was just luck, and some people missed out this time. A person might be able to make a better decision than if they see all the questions. One thing I'd like to suggest is considering a recent achievement.
Yours resulted from a good decision or part of it. [The song] comes from luck in a world of randomness. And your latest mistake was because of the cut. Was the decision truly wrong, or was it due to an unfortunate incident? Anyone could have predicted this, and this is what I want you to remember. When randomness is constantly at work, we measure it.
The risk stems solely from actual events. It's not just that, because of what happened. In reality, it's just one of many possible paths. The person who makes good long-term decisions is someone who... Thinking about the paths that didn't happen. I'm not just happy with the path that luck [in music] has taken me.
The word "risk" sounds like it's all about numbers. Graphs and calculation formulas [song] used by financiers. However, if we listen to the definition from Professor Elroy... Dimson from London Business School. This is something that Harvard Marks likes to cite. Taking risks has become something simple and close at hand.
Much larger than that, Dimon explained in a similar way. Risk refers to the presence of various things. It is more likely to happen than it is likely to happen. This sentence is short but very profound, encompassing every decision. Our hearts have many possible paths. But in the end, only one line will emerge.
Actually, we didn't know in advance which route it would be. The risk, therefore, is not in the numbers in the table. But it lies in the lack of knowledge about the various paths. Which of those lines will lead to [our] song? What makes it dangerous isn't the line itself. The path we expected, but it is the path we took.
[The song] I wasn't prepared for this at all, and then this line came up. One thing he emphasized so often that it became one of his priorities. My motto is: Don't forget the 6-foot-tall man who drowned. People drowned while crossing a stream that was on average only... [Song] 5 feet... Imagine this: a man...
About 180 cm tall, he stood by the stream and heard it. This stream is approximately 150 cm deep on average. He thought to himself that we were above average depth. There's plenty of space to easily walk across; the number is correct. The average of a stream [of music] might be like that. That's true, but the average doesn't indicate whether it's in the middle of the stream.
A pool [of music] that is too deep for his head, and he has to... Passing through every point isn't just passing through the average. He drowned not because of a miscalculation, but because... This image uses a greater belief in averages than is appropriate. It applies to almost every aspect of life [song], financial planning.
They think their average monthly income is enough to pay off their debts. I forgot that there were some months when income was almost completely lost. We've run out of business plans that use average sales figures for calculations. I forgot that there were some quarters where we lost half our customers.
One and the rent still have to be paid in full [song]. The number and life plan that indicate a desire to persevere at work... If you don't like it, wait another 5 years and then go live the life you're looking for. I want [the song]. This plan is based on the assumption that 5 years from now... The person's health is likely to be on average.
The family is still together, the fire within me hasn't burned out yet. The ants and the opportunities that lie ahead are still open, waiting for [our song]. This is why Waren's comparison is relevant. The topic of Buffet and Resume caught my attention. Saving up for old age is a good idea. I wonder if we will still be in the same situation in the future.
It can be used as a gamble against the overall average. In real life, there are many hidden deep pools [of music]. Here, there's another idea that helps to illustrate this. To clarify, the concept of expected value is... The expected result is calculated by [the song]. On average, if we do the same thing repeatedly...
By multiplying each possible outcome by... The chances of it happening and coming together are high. Many analyses use expected [song] values. It is a primary tool for making choices. Choose the option with higher expectations and listen to it. That makes perfect sense, but the problem is, in real life, we don't.
I've done the same thing thousands of times. We decided we could only do it once, and if only once. That was a big mistake; we might not have had the chance to make the song. Next time, let's give some comparative examples. Images of activities like skydiving may appear. The chances of a serious accident happening are very low, but if...
The result was a fatality related to cycling. It might fall more often, but mostly [the song] is the result. It came as scrapes and bruises, and then it healed, that's not the point. Which activity is more dangerous, in terms of numbers? We always need to ask ourselves, "What if we encounter a bad outcome?" Will we still survive if we say it's plan 1?
[The song] has a 98% chance of success. Many people will feel that way. It's very safe, but what about the remaining 2%? [The song] is about losing everything that was built. It's a lifelong loss, or an irreversible consequence. Going beyond 98% doesn't make the plan good enough. A familiar example is someone who wants to quit their job and do something else.
Then, for the business, take all your savings plus the money... If I take out a loan using my house as collateral to invest in a single business... Thinking in terms of expected business values, there might be a chance. It's reasonably good, but if the results are bad, he won't be. He only lost his business, but he also lost his house and his savings.
And it might drag the family down with it, conversely. They started the same business by investing money. Only a portion is kept as a reserve to cover expenses. Many months have passed, and he has retained the skills that would allow him to return. He can find a job [in music] if needed, given his expectations.
It might be slightly lower because less money was invested. But even on the worst days, he's still there. Yes, and there's also a chance to start over; that's the difference between the two. This person isn't brave, but thinks. Arrive at the deep pool in the middle of the stream before stepping in to the buffet.
There is also a principle that is recognized worldwide; he said it's a rule. The first rule of investing is to not lose your money. And the second rule is, don't forget the first rule, many people. Hearing it, I thought it was a joke because the poster... Everyone experiences losses at some point, even Buffett himself.
I have, but only if I listened from the perspective of a 6-foot-tall man. To be clearer, this principle doesn't say it's forbidden. It was a mistake, but it's a warning not to put yourself in that position. One single mistake can end everything. [Song] descends from recovery after losing half. One needs to receive double the return to get back.
Coming back to the same point, this same principle applies to the route. Many people's careers are very direct and shape their working lives. All on one single pole [song] I have worked for the same employer for 10 years without... I once realized how valuable I was in the freelance market. Which derives almost all of its revenue from individual customers.
A single [song] or a person with a single skill that binds together. It's a proprietary system used exclusively by a single company. Other [songs] are not available on normal days, just one pole. That's stable, the income flows steadily, no problems. What's worrying about on the day that pillar [of the song]...
The company may collapse due to restructuring or subsidiary restructuring. Large businesses are switching to other companies or our system. Experts are being phased out; we don't just lose our jobs. But they lost both income and confidence at the same time. Adding a second pole is unnecessary. It's a big deal, it might involve talking to people in the industry.
The same applies outside of the company; regular learning is also important. Versatile skills or client acquisition. Secondly, although much smaller, these are not... It didn't make a normal day much better, but it did make the day... The worst part is that it's not too deep, let me emphasize that. That means this idea doesn't mean you should stop taking risks.
Everything in life is about not taking any risks. Another type of risk is the risk that... Stuck in a rut, not growing, and missing out on opportunities. It's not coming back; that's what this concept says. Choose a risk where you can still survive if you fail. And avoid options that hide certain outcomes.
Keep what you can't accept inside, even if there's a chance it will. Even though it may seem like a very small occurrence, that's another matter. What should be acknowledged is that some deep pits in life are not. It comes from our own decision [to be sick]. Sudden break Being terminated for reasons unrelated to the job.
A project or crisis that affects the entire country. These are nobody's fault and the preparations were not. It doesn't make it disappear, but it helps us avoid it. It will sink completely when it arrives, then it will begin. Where should we start with the next big plan? Whether it's changing jobs or taking out a large loan.
Or, taking on a new task, write just one question. Write it on the paper at the deepest point of this stream. What is it, and explain it in a structured way, if revenue is lost? Can we survive for 6 months even if our health deteriorates? Who will take the burden if this plan fails completely? What's left to start anew if the answer is that we're drowning?
It doesn't necessarily mean the plan has to be canceled, but it does mean that... We need to adjust the plan until we're high enough for that point. The deepest level of investment is, for example, investing less and saving more. Start by doing this alongside your current work, or find a new one. Those sharing the risk may make such adjustments.
Let's slow down the plan a bit and make it seem less daring. [Song] The Story of Someone Who Bet Everything. Then it succeeded, but it was a slower plan and it also took us further. Reaching the other side is always better than a plan that's quick but has drawbacks. There's one question I'd like to ask about the chances of getting stuck [in a song] midway.
Ask yourself, is this your life plan or your career plan? Right now we're relying on averages and forgetting to prepare. Is the device dealing with the deepest point located there? No, and this is what I want you to remember: we don't. We live our lives according to the average person. We go through every day, both good and bad days.
Therefore, long-term success does not depend on... How good our normal day is depends on... As long as we can still stand on our own two feet on the worst days. Or perhaps Saturday evening at the village tennis court. Two friends arranged to fight at their houses, like they do every week. The first person regularly watched professional tennis on television.
He memorized the hitting techniques of world-class athletes perfectly. When the ball came flying towards him, he tried to hit it as hard as he could, to strike it. It was a very close call, hoping for a nice point like... Seen on the screen. The other person wasn't hitting anything particularly well; he was just trying to send it.
The ball returns to the opposite side of the field, sometimes slowly, sometimes quickly. Some shots aren't flashy, but they always go over the net every game. It ends the same way almost every week: the same person gets the normal score. The [song] side won not because he could play the tune. He scored a lot of points, but it was because his friend hit the ball into the net.
And hit it out of bounds again and again [song]. This image tells the story of the essence of the titled article. A popular figure in the investment world is called The Losers. Game or the loser's game [song]. Written by Charlie, Investment Advisor. Americans and Harvard [Song] Mar This idea came from the work of Dr.
Myon Ramonak. A scientist interested in tennis and who writes books. This is about playing tennis for ordinary people, by Ramo. Notice that tennis can be divided into two different games. Completely different, even when using the same type of wood and court. Similarly, the first game was professional tennis, which was...
The game is dominated by athletes of this caliber; they rarely miss a shot. Most of the points I scored were from hitting the ball. The one who is so good that the other side can't accept it, the winner is the one who... Hitting the ball better in the second game is better than in the second game; that's tennis for the second-tier player.
Amateur, which is a game for losers. Most of the points in this game didn't come from good hits. The side that scored points did so due to a mistake by... The losing side [in the song] hit the net or the ball went out. The serve was a mistake caused by the server's own actions. No one forces anyone; the winner is the one who makes mistakes.
[Song] Less than this difference is very important because... The strategies used to win these two games are opposite. It's a winning game if you play carefully. If you go too far, you'll lose because the other side will hit good shots. You're too poor to keep up. But in a loser's game, if you try to hit a hard shot...
If it's beyond your capabilities, you'll lose because you'll make mistakes first. What the other party has to do is solve their problem. Much of us play the loser's game, but use it. The winning strategy [song] of the game is like a friend. The first place was the village playground where they tried to play similarly.
World-class athletes, both in skill and on the field. He wanted something different. Mar connected. This concept is similar to that in another classic textbook. One is Benjamin's Security Analysis. Graham and David D., 1940 edition, textbook. This book explains how to invest in bonds. It is a negative art, meaning the art of cutting off.
Good results don't come from our choices. We only buy from places we refuse to buy from. The result is very simple: bonds provide a guaranteed return. And there is a ceiling, which is the interest rate agreed upon with the money. The principal is repaid regardless of whether the borrowing company grows.
We'll get what we can get, but if the company goes bankrupt, we... You might lose almost all of your principal; imagine the stamp. 100 debt instruments that pay the same interest. If everyone who bought something pays in full, then that's it. With equal compensation, those who perform better will be the ones to gain advantages.
Therefore, others are not the ones who choose the best person. Because the best one will give the same results as the others. Others, but those who are selected are likely to default on payments. Getting the debt out first is where the term "paying off the debt" comes from. Focus on not missing out, instead of chasing after the winner of the event.
This might not seem exciting, [the song] has no beat. The moment when we can shout that we've found the best thing ever. Then all you do is sit and read the details and ask questions. Boring, and saying "no" over and over again. [Song] But it is that boredom that protects. The principal can be retained until the day other companies start.
They're falling one after another, so we have to be careful not to generalize too much. I'm not saying all investments are a game. The [song] loser is 100% sure that the market still has... There are some imperfections and people who have them. Judgment may indeed be superior, but opportunities will arise.
For most people, in most situations, Focusing on avoiding mistakes often yields better results. Waren Buffett always attempts to hit difficult shots. I've written about a similar concept in a letter. To the shareholders, it was something along the lines of: In life, we don't always... There are many things that need to be done right.
Just don't make too many mistakes, if... Looking at work through this lens, you'll see that work... For most ordinary people, life is a loser's game. Many people do not achieve career advancement. It failed because it lacked legendary achievements, but it failed because it was unlistenable. Because of a mistake that no one forced [the song] to make.
Please send an emotional email response at 8 PM. N. Accepting a job knowing full well that it cannot be completed on time. The work, without double-checking, mentions the former boss in a certain way. Damage can occur in conversations that were considered safe. Signed the contract without reading each of the terms and conditions.
Small things can accumulate and make someone skilled. Many people fail to reach their destination, while those who do... It looks more ordinary, but they deliver on time and keep their word. And don't create unnecessary enemies; move gradually. Taking it one step at a time, like with a resume... The same applies to running for famous jobs.
The history of [beautiful] songs is about trying to hit the ball. A winning shot that was hoped to change the game. Once, but only if the price of the child is their health. A fragile relationship crumbles, and the flame dies out. If you hit it every day, it might become a shot that goes wide. This image makes it even clearer for business owners.
Many small businesses didn't close down because... The product was defective but the sale was cancelled due to an error. Avoid expanding branches too quickly while draining your cash flow. They'll catch up if they borrow more money to renovate the shop than they earn. Do not separate your personal account from the store account.
Or entrust everything to a major client. There isn't a single point that requires any degree of truthfulness. The genius to avoid it only requires a little... Consistency [in music] and pausing to think before making a decision. Health and family are all intertwined in the same game. Many people don't need a health plan.
[A] complex song, but one that wants to stop making mistakes. The usual routine, like staying up late for several nights in a row, is to... Rushing to complete tasks that aren't really urgent or have been postponed. The health check-up appointments kept getting postponed until one day... [Song] The body sends signals that cannot be ignored.
At this point, many may wonder if we focus only on... If we don't hurry, we'll become cowardly people who lack courage. Did you do anything at all? The answer is no, if... Understanding this concept correctly is key to winning the game. The loser doesn't just stand still at the back of the court; he still hits the ball.
In every [song], the kids are still running around and playing games to their fullest. What he chose not to do was hit a difficult shot. Overexerting oneself at the wrong moment; unnecessary emphasis. Missing out isn't about doing nothing, but about the choices you make. It's best to decide what you won't do in your working life.
It means we are still open to challenging work and seeking new opportunities. We still change jobs when the time comes, but we do it by cutting ties. Avoidable mistakes have already happened to us. We're not afraid of hitting our children; we're afraid of hitting our children without reason. See where the net is and where to start.
Sometimes, you might sit down for 10 minutes and reflect on the past. One month ago, there was a work-related error. Or a life that originates from within ourselves, without anyone else. List three mandatory requirements. Then, for each point, set simple rules. Leave one point [like a song], for example, if you often reply to emails.
Wait until the next morning before pressing the button. Submit a report if you tend to accept tasks that are beyond your capabilities before taking on the job. Add to that: ask about the deadline and tell your supervisor about the task. Which piece of work needs to be postponed if there's a tendency to submit incorrect work?
Even a minor mistake can be addressed with these 5 checklist items. Always check these rules before submitting. It made you a genius, but it ruined you. Fewer points for yourself, and in a loser's game, that is... What determines the outcome of a [song] victory or defeat? There's one question. Here's something I'd like you to think about in your work or life right now.
You're trying to hit a winner that's too difficult. What is truly necessary or what you really need is... Hit the ball back consistently over the net. And this is what I want you to remember: ordinary people don't. You need to play like a pro to win. You need to know what kind of game you're playing and then choose accordingly.
The strategy that is suitable for that game, especially in a game with points. Most of it comes from [the song] mistakes. The person who makes the fewest mistakes is usually the one who is standing. The game ended when we adopted the "don't do anything" strategy. If used continuously for many years, the results are often not as good.
It may seem exciting in the short term, but looking back... Going back, the mistakes I saw might have been too many. Harvard Marks [the song] tells the story of the fund. The pension of one of his clients. In terms of stock investments, we've been in contact for 14 years. If we rank the performance of all funds using the same method...
The country is among the top 100 funds, but this fund has never been on the list. The top group always comes around every year, year after year. Ranked between 27th and 47th is... Slightly better than the median, but no year achieved it. The news [reported as] an excellent fund. Has there ever been a year when a manager proudly received an award, but...
When the achievements of all 14 years are combined, the team... This scholarship has climbed back up to around 4th place. 100 or the top 4% of the country. It might sound confusing and wonder how this is possible, and in what year? Never outstanding, but overall almost the best. The answer lies in what happened to other people and the fund.
Reaching the top spot in a year is usually achievable because... [Song] Playing hard, taking big risks, investing heavily in something. It's becoming a trend this year, with favorable market conditions for them. Very skilled, but what if the market reverses direction that year? When the crisis occurred, some of those funds plummeted.
The pile was damaged, and years of accumulated work were lost. In just one year, the fund only managed to get a small return in a good year. The [song] is okay, but in a bad year it's not bad either. I lost a lot of weight because I never put myself in that position. One single mistake [in a song] can destroy everything.
For example, as time passes and consistency develops. This way, it compounds and keeps accumulating until it surpasses who it once was. Let me give you a simple, hypothetical number first. These figures do not represent the true return on investment. Which fund helps to understand the mechanism [of the song]?
Let's assume each person starts with 100,000 baht. The first person received a consistent 10% annual return every year. After 10 years, the money will grow to approximately 259,000 baht per person. Second place is better than in a regular year. Received 20% annually for 9 consecutive years [of music].
That year, he clearly seemed superior to the first one, but... In his tenth year, he encountered only one crisis. And he lost 60% of his money at the end of 10 years. That leaves approximately 26,000 baht, less than someone who has never received any. This number stands out as a bad year. In the end, just one year was enough to erase the past.
They've been talented for many years, and that's why... It's more important to cut out the major damage [to the song]. Trying to make a good year even better, a picture that... To help understand, it's the distribution of the results if... Arrange all possible outcomes in the following order: The worst on the left is the best on the right.
The bell-shaped image is mostly in the center. A small portion is located at both ends. On the left is the worst possible result [for the song]. It's a place where many people are broken beyond repair. What we're here to do isn't to try and pull the whole bell. To go to the right, however, is to cut off the left end.
Go as far as possible, allowing the right end to be shorter. Lower the price slightly in exchange for the left end not being affected. This concept is so deeply ingrained that it's not just a baseless theory. [The song] was written as a company principle. Mark recounted that when he and his partner worked together...
AK3 was founded on April 10, 1995. They wrote down six investment philosophies and... At least 20 years later, the statement has never been corrected. Even a single core word contains its heart. Regarding the few issues of controlling... Risk taking should come before consistency; consistency is more important.
Flashiness and impulsive decisions should not rely on... [Song] Predicting the economy or timing the market. To summarize this way of thinking, if we avoid... Avoid the losing side [in the song], get the winning side. "Take care of yourself" sounds easy, but it's very difficult to do. Because it goes against the instinct of those who want to see it.
The desire for quick results, a clear desire to win, and a desire for recognition. Now, we need to talk about the uncomfortable side of... This approach emphasizes risk control. It means that during a time when everyone was in a frenzy over the market. Prices are rising every day; those who take the most risks will reap the rewards.
Our might seem so ordinary it's embarrassing, customers might ask. Why did he/she earn less than other colleagues in the same industry? [Song] They might think we're old-fashioned, and we ourselves are. You might start to doubt yourself, because nobody knew in advance. [Song] How long will this crazy period last?
It's been many years, and that's the price people are focusing on. Consistency is key; it's about being seen as a good person. It's normal on a day when others seem like stars in this era. Everyone saw each other's success [in music]. The more you spend on your phone screen every day, the more you pay.
It's getting harder seeing classmates get positions. I recently saw an acquaintance open a business and it's doing well. Younger people report that their investments have grown. It has increased many times over; what we don't see is the person. It fell silently [like a song] and wasn't announced. Who feels that they are slower than others?
Often [clears throat] exaggerates more than it really is. We view life, music, and work through the same lens. I've seen many things from people who are chasing positions and... Company names [and songs] are often included to make a resume look good. The period when he stood out was when he quickly gained a high position.
Salaries jump, but some people also experience periods of decline. I was so burned out that I had to take a long break from work after arguing with someone. So important that it could disrupt the entire network or lead to a crucial decision. I changed jobs because the position was great, only to find I didn't like it.
Perfect, the other one was never a star of her generation. But it has performed slightly above the average every year. Build trust with the people around you little by little. They once burned down a bridge. I never take on projects beyond my capabilities to the point of ruining [the music]. Ten years later, people like this often find themselves in various positions.
People need to take another look; even buffets have them. This is a story that reflects on this topic after graduation. He wanted to work with Benjamin Graham, a professor at... He respected her so much that he even offered to take the job. The offer was made without a salary, but Graham refused. Buffett therefore returned to work in his hometown for a while.
It wasn't until a few years later that Graham invited him in. What's interesting about the event is that it's not a buffet. Choose a job from those that will enhance your history. They look good, but choose someone who is willing to learn from. The advice he often gives to young people goes into... The same principle applies to working with people you respect.
And we do the work we choose to do, even if we don't want to. Money, of course, doesn't give everyone a wide range of choices. Despite its size, the underlying principle still applies. It means choosing something you can do continuously for a longer period of time. What looks good in the short term, consistency doesn't matter.
It means remaining still, someone doing the same job. [Song] Using the same old method without learning anything. Brand new, not consistent for 10 years [in music]. But it's slowly and unknowingly receding. The consistency we're talking about is moving forward. Continue doing so without putting yourself at risk.
That's a big step back, and we have to accept it. That the figures for the [song] fund are a matter. The performance of a fund over a period of time does not translate. It means that everyone who is in the middle will move to the front. What this example consistently illustrates is power. The fact that the [song] didn't fall hard isn't an affirmation.
It's guaranteed that staying in the middle will get you to the top. To use it, start by writing on the end. On the left side of your life are a few events. As the [song] says, if it happens, it will change life. Your career or finances have fallen behind significantly. Years like those filled with credit card debt that becomes unpayable.
Deteriorating health to the point of being unable to work, or A relationship with a key figure in the industry that was broken and couldn't be mended. No turning back. Choose one option and set a goal within three. What will I do this month to cut off the left end of my wrist? A shorter solution might be to save money gradually.
Reserve a few [songs] a month for a check-up. A long-delayed health issue or a call to someone... They used to work together to maintain the relationship. These things [the song] won't make anyone applaud. It's for you and won't appear in your burp. To see the results of consistency, there is one question: I'd like you to take a moment to think.
Are you ready? It will seem ordinary on a day when other people's songs are soaring. The effort required to remain standing firm. Probably after 10 years, and this is what... Remember this is the best path in the long run. It's not necessary for a song to have its best year. In it, I just hope there isn't a year where everything falls apart and can't get back up.
Raise your skill level slightly above the average. Even a small amount, when done consistently for a long enough period, can generate a lot of power. Beyond the brilliance that comes with ruin. During lunchtime, one of my colleagues said something. With a voice full of confidence regarding the economy next year.
This industry is definitely going to recover and boom; those who are still in the industry, stay tuned. The original job will be missed. He presented the supporting information fluently, including the numbers. There are many reasons that sound very convincing [in the song], so much so that many people in...
The band started thinking they should quickly change their course. The following week, another person said the exact opposite. The confidence level is equally high, and the numbers are substantial as well. We're losing, and we're surrounded by these kinds of prophecies every day. The song is played at work, during meals, and in the news.
And on mobile phones, the question is, what are these predictions? Does this really help us make better decisions? There is a quote that Howard Marks likes to quote. It is attributed, and is often cited, to John [Song] K. NetG, an American economist, stated the following: There are two groups of fortune tellers; the first group is...
Another group of people who don't know [the song] are those who don't know. Saying that you don't know might sound harsh. It's a bit of a rant, but the point isn't meant to insult anyone; it just points out... What is the future of a complex system like the economy? No one can know for sure the difference between two people.
The group's [song] is therefore about accepting limitations. Whether this is true or not is not about who knows more. The comment on this [song] is very clear. The view is that forecasting the big picture of the economy, regardless... It is the interest rate on economic growth. Or perhaps the general market direction doesn't help.
It's important to emphasize that this is just my opinion regarding the actual income received. experience His rule isn't proven in every case, but... His reasoning is very thought-provoking, and the first reason is the word... The most accurate predictions are [in the song]. I predict that tomorrow will be similar to today, and next year will be similar as well.
The economy is likely to grow at a rate similar to this year. This type of prediction is often correct. [song] But everyone expected the same thing—what everyone expected. It's already been factored in and reflected in the price. People who make such accurate predictions therefore have no advantage over anyone.
Reason #2: Predictions that can actually make you money. It is a prophecy that foretells a change. A huge surprise that most people didn't expect. It actually happened. The problem is, this kind of prediction was correct. Very few, and almost no one, can get the [song] right repeatedly. Consistently, people who have predicted crises...
One might become famous, but if you look closely... His other predictions [in songs] many times. It was a mistake to have previously checked the results of opinion polls among students. Economics at the Wall Street Journal. The journal is regularly published and raises questions. It's worth noting that most of the predictions are merely continuations.
A line extending outwards from what just happened. Page [of the song] and when a turning point occurs. Importantly, most prophecies are unforeseen. The area in front of Waren Buffet also offers a similar view. He once wrote about the prophecy in a similar vein. [The song] says that prophecies can tell us a lot.
The story is about the prophet, but hardly anything. It says nothing about the future, so there's another saying. One that is often cited as belonging to Mark T. Americans wrote this, even though there is no clear evidence. [Song] What he said was true, the truth is... What's causing us trouble isn't something we don't know.
But it's something we're sure we know. [Song] The truth is, that's not the case. The problem isn't that it explains the traps of prediction well. It's not about thinking about the future, it's about having confidence. We were too gullible, to the point where we placed our entire lives on words. [Song] Only one prediction here, must be made separately.
The statement wasn't meant to say that opinions are forbidden. Everyone has the right and should think about the future. To the future [the song] with what he warned was: Don't act as if that opinion is correct. It's true, this difference may seem small, but it has a big impact on people. I think the economy will likely be better next year.
Prepare to seize opportunities while still keeping some savings. [The song] is about people who think the same way and borrow money. We invested heavily because we were confident it would be a good thing. If the economy is really good, the second person might get even more. But if things don't turn out as expected, the first person is still standing.
The second person might be completely devastated by the question. What's more interesting is if the prediction is only of this little help. Why do we still enjoy listening to it? Partly because of the... The uncertainty makes us uncomfortable hearing someone. People who speak confidently about what the future will be like...
It can calm the mind temporarily [like music]. A map in a dark forest, even if that map is drawn. It comes down to guessing [the song], but that's another part of it. Because we are social beings, we are close to the people around us. Believing the same thing, and following along, leads to knowledge.
It's safer this way; if something goes wrong, the whole group gets in trouble together. Nobody's pointing out that we're the only ones who are stupid, but... It is this feeling of security that attracts many people. Many people flocked in the same direction at the same time. Pay the highest price at the point where everyone is confident.
Ultimately, we often make predictions based on the lines drawn in our lives. Unbeknownst to them, this year the store is doing well, and next year it will too. Sales must be good, so they're expanding branches immediately. This year's salaries... Prices will go up again next year, so I'll be paying for a new car.
They are willing to pay the maximum amount they can afford for every decision. This is based on the prediction that tomorrow will be the same. Today, it might be right, but it could be wrong just once. The burdens that have been created are still all there if... Without predicting the future, what Mark does serves as his answer.
Instead of trying to figure out what the future will be like... Try to know where you are right now. Is the market currently driven by greed or fear of prices? Expensive or cheap when compared to its value and status. Ours at this point is strong enough to cope with... Are there multiple futures, or is it that we don't have them?
Knowing which way to go is important, but we should also know what we are doing now. Where are you? [Song] Imagine someone who doesn't know where you are. I know when the storm will come, but I know the roof of my house is damaged. Where exactly is the leak? With someone like this, there's no need to guess when it will rain.
Falling down a hill only means needing to repair the roof on a clear day. When the storm really comes, whether it's next month or not... Or in another 3 years, his house will be ready when he brings it. This image can be very helpful in applying to work life. Many people plan their careers based on prophecies.
This profession will disappear in 5 years; that profession will be... What was most needed was a big decision. According to the prophecy, abandon your skills and throw money at it. Sometimes, predictions are associated with expensive courses. Sometimes it's right, sometimes it's wrong, and sometimes it's right but wrong.
When planning a resume [song] at the buffet, it's comparable. Leaving something painfully painful is also a form of prophecy. It predicts that [the song] will endure doing things it dislikes. Five years will lead us to a life that we wish to predict. That the job market in the next 5 years will still value the name.
The company predicts that we will still have the strength and Still enthusiastic and predicting what will happen. We really want to do it, and we're still waiting for everything you've listed. Betting on a future with unknown options. Another approach is to build strength in the present. Skills that are useful no matter what the future holds.
Applicable in many places, good relationships. With people in the financial industry, we have a reserve fund that saves us from having to... We accept all offers because of health necessities. Be ready to take on tough challenges when the opportunity arises and... Knowing yourself and what you truly like are the things you should know.
It doesn't depend on whether the economy will be good next year. Whether a profession booms or disappears, it matters. Almost every possible future must be accepted. This approach has limitations; sometimes people... Making a prediction and putting in a full effort yielded very good results, and the person...
Those who focused on strength missed out on big opportunities. Here's the price of not betting on predictions. But when you look at it over several decades and include the people... It gets damaged when you invest heavily; however, strengthening it is often the best approach. It's a safer path now [in the music industry].
What can we start with next time? I heard a prophecy that made me want to change my plans. Life asks three questions [song] Ask the person who once predicted it. How accurate was it in the past, not just on one occasion? It's correct, but it also includes times when the [song] is wrong if the words...
If this prediction is wrong, what will we lose, and what are the alternatives? We benefited from this opportunity [with the song] without I have to bet everything that it's the right one. For example, if you hear that a certain skill [in music] will... It's in high demand instead of quitting to go back to school.
A full-time position might involve studying while continuing one's current job. Then, use that skill in your current job first, if necessary. If our prediction is correct, we're ready; if it's wrong, we gain skills. Adding something without losing much, there's one question: I'd like to invite you to think about the decision you're making.
Is our current situation based on speculation about the future? It's based on current strengths, and this is it. That's what I want you to remember: humility. The future is not a weakness, but an understanding. The world as it truly is, people accept that. I don't know what tomorrow will be like. People are often better prepared than those who are confident they know the subject.
Because he wasn't just preparing for one type of future. But prepare yourself to stand on your own two feet in many futures. Perhaps the [song] will arrive when everything is put aside. Arranged in order from the price paid to the deeper thinking process. The role of luck in the deep pool of the middle of the stream of the game.
The loser is the power of consistency and the traps of... [Song] The prediction, we will see that it is not a prediction. Knowing many things that are separate but represent different ways of looking at the world. The same [song] from many angles, Howard Marks has a catchphrase that he always emphasizes.
Work life, and if you had to choose just 3... The sentence is enough to summarize this way of looking at the world. The first sentence refers to what wise people do in the beginning, while fools do not. "To be done at the end" means a single action. They might be smart or [the song] foolish, it depends.
With the right timing and prices, people bought good items on that day. Nobody cares about getting things at a low price; those who do... Buying the same item on the day everyone else is buying it. You can buy the same item again at a price many times higher. The product purchased is the same, but the results are different.
That's just how work is, for those who join. I went into a certain field before anyone noticed. [Song] You have time to accumulate expertise before anyone else. As for those who rushed in on the day they were late for the job... To get to the top of the [song] charts, every label has to compete with...
Many other people think the same way (second sentence). Don't forget the 6-foot-tall man who drowned in the stream. At an average depth of 5 feet [of music], we don't use it. In average life, we have to go through all of these points. The stream includes its deepest points, so a good plan is needed.
It's not the map that gives the highest average [song] results. But it's a plan that still gets us through bad days. The third sentence ends with: being too far ahead in time. It's no different than disregarding this warning. Even though we are right, we see things the way others see them. We won't see it, but what if the world takes longer than we do?
Waiting patiently for the results is no different from making a mistake. No one can say when prices will recover. Does it truly reflect values, and when will the world see it? From what we see, those who see the opportunity are correct. But the entire savings field had no reserves. He might go bankrupt before his idea is realized.
Proving that people with good business ideas but who fail... Going too fast might mean closing down before the market recovers. Along with the [song], accuracy must also be present. The ability to wait for these three sentences leads to a trend. One thought that connects everything together is... As a precaution [for the sake of safety], this concept came about...
From Benjamin Graham, Warren Buffett's mentor. The main point is to buy at a price below its value. It's real enough that even if we misjudge [the song]. Some are not yet badly damaged. Buffet used to be. It's like building a bridge. It can support more weight than the actual weight of vehicles passing through.
Many times over, because we have no way of knowing in advance. One day a truck that's unexpectedly heavy will drive by [the song]. My own work reflects this idea, as I'd like to share. Investment in the debt of troubled companies The financial performance of OK3 generated an average return of approximately...
23% per year over 28 years is the figure before deductions. The fees and the loan were not used. speed This business is about buying things that most people don't have. I want to tap into the price at a low enough level by analyzing what would happen if... What will the lenders get back if the company goes bankrupt?
It's not about... Guess which company will make a comeback and be great again, but... Please note that these figures are the work of a team of experts. Specializing in a particular field for a certain period of time is not something that... People can replicate this by listening to this genre of music.
This is a thought, not a promise that following it will make you rich. What is applicable is the underlying principle, not the numbers. In the workplace, a safety margin is necessary. There are many forms, and the money aspect is... A reserve fund that allows us to avoid having to accept every requirement.
Suggested because of necessity and because it doesn't require being in a specific location. What hurts us [the song] is that there's nowhere to go. Allowing for time constraints means not committing to work that exceeds your schedule. Make sure to leave room for other things every minute. [Song] Unexpectedly, the skill aspect is...
Versatile and non-binding capabilities. Stay with one company and have some buffer. Health and relationships involve both the body and the people around you. The ones who stay with us when work isn't going well. All of this requires something that I always emphasize: Humility, the acceptance that we [the song] don't know.
The future may be wrong, and luck may not be on the side of those who... Humility creates a buffer for those who are confident. Being too generous often means spending everything you have until you're completely broke. Going back to the very first question, why are we trying our best? But the work remains consistently good [the song] is fighting against those who watch.
Normally, you wouldn't get the answer to all of this. We may not be trying too little, but perhaps we are. Trying the wrong game, we're running around looking for the best. Don't look at the price, trust the result after a single try. The planning skills are based on an average shot that is too difficult to hit.
It is necessary and one should bet on the prediction while others... Looking ordinary might simply be avoiding a big mistake. They got more than us and went back to the buffet. The song compares it to working a job you don't like. Making your resume look good is like organizing your information properly.
We now see that beds are for use in old age. [Song] Why is this comparison so spot-on? That comes at a high price: the best years of your life. Based on the average, it is assumed that the future of [the song] will follow that. Expect and bet on the prediction that the long-awaited day will arrive. [The song] is coming, let me give you a hypothetical example.
The image shows an employee receiving an offer from the company. Famous people get much higher salaries, but they have to work hard. I was working late almost every night, and that job wasn't something I wanted. He'd be interested in the song if he thought like the first time. Get hired immediately because the company name is good and the pay is good [song].
Everyone says opportunities like this don't come often. Thinking through this blueprint, he would then ask the following questions: What is the real price to pay when sacrificing time with your children? How many years are you growing up if your health deteriorates along the way [of the song]? How likely is this plan to fail, and the belief that it will last 5 years?
Looking ahead, I will be able to do what I want to do, based on... What might be the final answer? Accepting the offer. However, he might accept by negotiating the time frame. The work outlines a clear timeframe for evaluation. Start a new project when the first year of [the song] is complete and save up some money.
The increase is in the form of reserves and is also being maintained. What he loves most in life, even though he has limited time left. This isn't about denying the opportunity, but... It means seizing opportunities knowing the price and not letting them go. That price will last a lifetime, but you have to know how to talk about it.
It is true that not everyone has a choice, and that patience is necessary. Enduring a job you dislike for a while in order to take care of someone. Family is not something to be ashamed of; it is something that should be. Change isn't about enduring, but about enduring without. Knowing what you've paid for but not creating any alternatives.
[Song] This concept might not be suitable for everyone. Do you want a quick way to get rich, or are you someone who can't stand to see others suffer? You can't be ahead in the short term because it requires... Time, patience, and acceptance seem ordinary in Where should we start this week? Let's pick...
Write the name of the event or the main plan on a single sheet of paper. Write what you're doing at the top and answer with 4 words. First, a short question: What was the actual price I paid? All the money, time, , health, and things that are needed. Scroll down to option 2. I chose this because... Did you come up with the idea yourself, or because everyone said it was good?
(Point 3) Even on my worst days, I can still stand on my own two feet. Isn't it true that point 4 of this plan is based on a prophecy? Or based on the strength I have right now. That selects only one adjustment that will affect that part. For your safety, [the song] is broader. You don't have to change your whole life at once.
If this helps you visualize your decision... If you want a clearer picture, feel free to like it. And if... I want to understand their way of thinking and dealing with problems. Life unfolds through other stories on the "Think Like a Person" channel. Successfully pressed follow. I want to know what you're up to now.
What kind of game are you playing? A game that requires hitting difficult shots? Get a beautiful [song] score or win the game by... Minimize mistakes and tell me briefly. Feel free to comment, and if someone you know is... Hesitating between a major career or life decision. This might be a useful perspective.
He can forward it as he sees fit. Changing your mindset doesn't happen in a day. Some things may take time, some things may require... Seek advice from a financial expert. Or health, but every change begins with... Clearly seeing the price we are paying. A good life doesn't come from winning every game, but from...
By not losing important games and remaining in... The field has been open long enough for consistency to start working for us. Start with a single sheet of paper and those four questions. This week, gradually expand the allowance. Life, one step at a time. Yeah.
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