📚 Roger's Highlights

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A batch of the best highlights from what roger's read, .

Now, not everyone will focus by hollering and pounding on a table, but Steve’s performance illustrates a key insight from the study of effective practice: You seldom improve much without giving the task your full attention.

Peak

Anders Ericsson, Robert Pool

Here’s the hang-up: Accounting earnings are not quite the same as economic cash flows, which may not quite equal the gain in present value, which doesn’t always match realized shareholder return. Basically, one has to believe that a dollar of reported earnings will translate into a dollar of total return for the investor. For this to be true, a firm’s reported earnings would need to reflect its underlying cash flows, and a dollar reinvested in a business would have to be worth a dollar to the company’s owner. A lurking assumption is that current income can be maintained indefinitely. Current earnings yield will be misleading for businesses at cyclical peaks and troughs or in terminal decline.

Big Money Thinks Small

Joel Tillinghast

looking back on it, I realize that resisting the temptation of “in this one extenuating circumstance, just this once, it’s okay” has proved to be one of the most important decisions of my life. Why? Because life is just one unending stream of extenuating circumstances. Had I crossed the line that one time, I would have done it over and over and over in the years that followed. And it turned out that my teammates didn’t need me. They won the game anyway. If you give in to “just this once,” based on a marginal-cost analysis, you’ll regret where you end up. That’s the lesson I learned: it’s easier to hold to your principles 100 percent of the time than it is to hold to them 98 percent of the time.

How Will You Measure Your Life?

Clayton M. Christensen, James Allworth, and Karen Dillon

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