BC BOOKS
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20 Timeless Financial Lessons from the book:

"THE PSYCHOLOGY OF MONEY"

– Thread –

 1. Our current relationships with money are based on our past experiences & We should avoid living in that illusion.

2. One can be wealthy without superior intelligence of financial education. You just need right behavioral skills.
3. Both luck & risk are an integral part of finance.

You can make good decisions that lead to poor financial outcomes vice-versa.

4. Saying “enough” is realizing that an appetite for more will push you to the point of regret.
5. Financial success is less of a science & more of a soft skill.

6. Buying impressive items to gain admiration & respect from others is a fool’s pursuit~ These things can not be bought.
7. Don’t move your goalpost to suit your current needs.

Once you have more money & power. It's easy to get lost in ambition so stick to your goal.

8. There are certain things which are never worth taking a risk like Character, Family, Friends & Freedom, Happiness.
9. Good investing is about getting decent enough returns over decades.

That's when compounding turns wild.

10. Earning good money & keeping that money are two different areas of expertise.

Most people fail in one or the two skills.
11. Tails drive everything in life & especially in finance.

No one makes good decisions all the time.

You should always leave room for error when estimating your future returns.
12. Everything in life has a price.

You should market volatility as a fee rather than a fine.

If you can do this, you are more likely to stay in the game long enough for investment gains to work for you.
13. Doing something you love on a schedule you don't want is equivalent to doing something you hate.

14. Rich is the current income. Wealth is income not spent. Wealth is hard because it requires self-control.
15. World is full of people who look wealthy but are actually broke. Don’t imitate them.

16. The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today.
17. Risk Comes from unknown.

There will always be unprecedented events, for which we will never be prepared, and therefore, will have a massive impact on how the world operates.
18. No one is impressed with your possessions as much as you are.

Humility, kindness & empathy will bring you more respect than horsepower ever will.

19. Having more control over your time & options is one of the most valuable currencies in the world.
20. Finance has a gift for bringing out the pessimist in everyone.

Pessimists often extrapolate present trends without accounting for how markets adapt.

True financial optimism is expecting things to be bad & being surprised when they’re not.
To sum up~ What's important is to understand the difference between being rich & being wealthy.

People who are rich often make risky decisions based on historical data.

People who are wealthy realize that protecting their money by avoiding mistakes is the key to success.

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With the structural higher highs-higher lows and weekly closing above the pivot level, This front looks quite strong.

Might face supply pressure around 12015-12140 levels. Beyond that, Point D is the level to eye on.
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I think you & your followers might like this . 🙂

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🔸On How to Minimise Risk ?

* Look at long term volatility of Cash Flows ( assuming Financial Statements paint a fair picture )

* Check if business generates Free Cash Flow ( FCF). This ensures company is unlikely to be wiped out at the bottom of the cycle.

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You notice good governance only when it is gone !
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Cynical approach but helps save us from losses !

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🔸 Level of competitive intensity in the business matters. Risk is lower when there are fewer players.

More cut throat the industry , more finesse shall be required and growth shall depend on the ability to adapt and successfully execute.

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Here are some lessons I learned from reading this book:

Can't Hurt Me, by #DavidGoggins

Thread (1/10)


1. It doesn’t always go your way

Life won’t always go your way, so if you start thinking that it will, you’ll be disappointed and less effective

Instead of focusing on what you think you deserve, figure out what u want and be willing to pay the dues required to get it

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2. The 40% rule

When your mind is telling you that you’re done, completely exhausted and not able to go any further, you’re only at about 40% of your potential

Keep fighting when you feel like you’re done, and that’s when you unlock the remaining 60% of your potential

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3. No one is going to help you

Don’t wait for someone else to help you.

If it’s your dream, it’s on YOU. If you wait, you’ll be waiting until you’re on your deathbed if you don’t take action.

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4. Callous your mind

When you’re ready to quit, stay the course. See how far you can go.

This will help you when things get tough. You’ll learn to work hard even when you don’t want to. That will pay off on your path.

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2 weeks ago, I started reading "Fooled by Randomness" by Nassim Taleb.

WOW, It's been mindblowing!

Thanks to @dvassallo 's recommendation.

Inside, there's a part he talks about how to deal with volatility.

Here’s 6 big lessons that are useful in the current market crash:


Lesson #1:
Negative emotions of seeing your stocks drop > Positive emotion from seeing your stocks rise.

"A negative pang is not offset by a positive one...

Some psychologists estimate the negative effect for an average loss to be up to 2.5 the magnitude of a positive one)...

... At the end of every day the dentist will be emotionally drained.

If the unpleasurable minute is worse in reverse pleasure than the pleasurable minute is in pleasure terms, then the dentist incurs a large deficit when examining his performance at a high frequency."

Lesson #2:
When we zoom out and check the prices less frequently, we are less affected by negative emotions.

Because over a longer time horizon, the market tends to rise more than it goes down.
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