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Long ago, Buffett said that an investment lifetime scorecard should include just twenty punches. My funds have never, ever held so few stocks. Even when I see nothing on offer that Buffett would completely approve of, my mandate is to act. I don’t see the world in black and white, only in shades of gray. Plus, I’m curious and interested in learning, and so I often test the boundaries of my circle of competence. I try to see things from others’ perspective and uncover the good in people before I judge them. In the process, I’ve met a few bad guys. Permanence and resilience intrigue me, but experimentation and adaptability fascinate me. While I’m more patient than many, I’m not immune to the exhilaration of a sudden windfall. Still, I do want to invest safely. I won’t buy an asset unless it is:       1.    Safe from rash decisions       2.    Safe from misunderstanding of facts       3.    Safe from foreseeable fiduciary misuse       4.    Safe from obsolescence, commoditization, and overleverage       5.    Safe when the future doesn’t turn out as imagined

Big Money Thinks Small

Joel Tillinghast

Is your current success the result of highly focused goals or a side optimization? Curious whether your current path was always the goal or became the goal. 1 11 Paul Graham @paulg · Jun 6 It's the result of alternating periods of not having goals, and then having very specific ones. Sort of like a soccer player during a game. Sometimes you're just drifting in the right general direction, other times you're going all out for a 50-50 ball.

(21) Paul Graham on Twitter: "One Thing I've Learned as an Adult That I Didn't Realize as a Kid Is How Precisely You Have to Aim at a Goal to Hit It. If You Choose to Optimize Something Even Slightly Off to the Side, You'll Sometimes Achieve Almost Nothing Toward Your Intended Goal." / Twitter

twitter.com

Fueling up is much more important than last-minute cramming—and at a higher level, the ability to recover will be pivotal. In long chess tournaments that may last for over two weeks, one of the most decisive factors is a competitor’s ability to sleep at night. Even the strongest Grandmasters need their energy to come through in the homestretch.

The Art of Learning

Josh Waitzkin

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