Join 📚 Roger's Highlights
A batch of the best highlights from what roger's read, .
Making the call is making progress When you put off decisions, they pile up. And piles end up ignored, dealt with in haste, or thrown out. As a result, the individual problems in those piles stay unresolved. Whenever you can, swap “Let’s think about it” for “Let’s decide on it.” Commit to making decisions. Don’t wait for the perfect solution. Decide and move forward. You want to get into the rhythm of making choices. When you get in that flow of making decision after decision, you build momentum and boost morale. Decisions are progress. Each one you make is a brick in your foundation. You can’t build on top of “We’ll decide later,” but you can build on top of “Done.” The problem comes when you postpone decisions in the hope that a perfect answer will come to you later. It won’t. You’re as likely to make a great call today as you are tomorrow. An example from our world: For a long time, we avoided creating an affiliate program for our products because the “perfect” solution seemed way too complicated: We’d have to automate payments, mail out checks, figure out foreign tax laws for overseas affiliates, etc. The breakthrough came when we asked, “What can we easily do right now that’s good enough?”
Rework
Jason Fried and David Heinemeier Hansson
“That was the moment I gave up on decision analysis,” said Danny. “No one ever made a decision because of a number. They need a story.”
The Undoing Project
Michael Lewis
basic checklist introduced earlier in this chapter: 1. Does the stock have a high earnings yield—that is, a low P/E? 2. Does the company do something unique that will allow it to earn super-profits on its growth opportunities? Does it have a moat? 3. Is the company built to last, or is it at risk from competition, fads, obsolescence, or excessive debt? 4. Are the company’s finances stable and predictable into the extended future, or are they cyclical, volatile, and uncertain? This checklist does not catch every undervalued stock, but it does cull out the most common sources of disappointment. It does not guarantee that bad things can’t happen, but it does improve your odds. When I can fill my portfolio with stocks with all four qualities, I see no need to consider those with defects. Most stocks will fail this screen, but that does not mean they are not undervalued.
Big Money Thinks Small
Joel Tillinghast
...catch up on these, and many more highlights
Readwise