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7 Powerful Lessons from the Book "Skin in the Game"

By Nassim Nicholas Taleb

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 1. "You will never fully convince someone that they are wrong; only reality can.

To be precise, reality doesn’t care about winning arguments; survival is what matters."
2. "Focusing on just words put us at a dangerous path since we are much better at doing than understanding. Doers win by doing and not by convincing."
3. "Don’t take advice from people who don’t have skin in the game, i.e., be aware of the person who gives advice, telling you that a particular action is good for you and while it’s also good for him or her. While the harm directly affects you and not him."
4. "You don’t want to win an argument; you want to win whatever you’re after money, goals, convertible car."
5. "People hate uncertainty over mediocrity. For instance, you know what kind of food you will get at McDonald’s at a transit station compared to that Italian place that you have never heard of."
6. "Loss aversion: What matters isn’t what the person has or what he or she doesn’t have. What matters is what he is she is afraid of losing. More you have to lose, more fragile you are."
7. "Society doesn’t evolve by consensus, voting, committees, majority, conferences or polling; only a few people suffice to disproportionally move the needle.

All one need is an asymmetric rule somewhere, and someone with skin in the game."
Control your MIND.
Control your life.
Work on Mental Models:

- learn big ideas
- study bug disciplines
- practice critical thinking
- strengthen your vision and leverage

Think in a multidisciplinary way. Think differently.
Grab your copy here:

https://t.co/QrIrAvRFwk
Thanks for reading. If you find this thread valuable follow me (@Strong_Mindd ) for more content like this. And retweet the first tweet to share with others:

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@Strong_Mindd
7 Powerful Lessons from the Book "Skin in the Game"

By Nassim Nicholas Taleb

| Thread


1. "You will never fully convince someone that they are wrong; only reality can.

To be precise, reality doesn’t care about winning arguments; survival is what matters."

2. "Focusing on just words put us at a dangerous path since we are much better at doing than understanding. Doers win by doing and not by convincing."

3. "Don’t take advice from people who don’t have skin in the game, i.e., be aware of the person who gives advice, telling you that a particular action is good for you and while it’s also good for him or her. While the harm directly affects you and not him."

4. "You don’t want to win an argument; you want to win whatever you’re after money, goals, convertible car."
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@Strong_Mindd
15 Must Read Books That Will Change Your Life :

1. Atomic Habits


2. Deep Work


3. The Power Of Habit


4. The Psychology Of Money


5. Mindset
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8 Powerful Lessons from the book "Antifragile"


1. The book is about decision-making under uncertainty/volatility.

- EVERYTHING either benefits or is harmed by volatility
- The FRAGILE is harmed (think a glass)
- The ROBUST is unchanged (think The Phoenix)
- The ANTIFRAGILE gets better (think The Hydra)

2. Via Negativa:

Removing is superior to Adding

- Less can be More
- Don't add, subtract
- Eliminate the Artificial
- Eliminate the Unnatural
- Eliminate the Unnecessary
Apply these in all areas of your life.
When in doubt, SUBTRACT

3. Absence of evidence is NOT evidence of absence"

Just because...
- you can't see something doesn't mean it's not there
- something is unintelligible doesn't mean it's unintelligent
- you can't explain something doesn't mean it's not important

-->Have HUMILITY

4. If you have more than one reason to do something, just don’t do it.

It does not mean that one reason is better than two, just that by invoking more than one reason you are trying to convince yourself to do something. Obvious decisions require no more than a single reason.
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8 Insightful Lessons From the Book "10% Happier"

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1. "When you have one foot in the future and the other in the past, you piss on the present."

2. "There’s no point in being unhappy about things you can’t change, and no point being unhappy about things you can."

3. "There’s no point in being unhappy about things you can’t change, and no point being unhappy about things you can."

4. "Pursuit of happiness becomes the source of our unhappiness."
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8 Powerful Quotes From The Book "Letters from a Stoic" by Seneca

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1. "If you live in harmony with nature you will never be poor; if you live according what others think, you will never be rich."

2. "Enjoy present pleasures in such a way as not to injure future ones."

3. "It is not the man who has too little that is poor, but the one who hankers after more."

4. "Associate with those who will make a better man of you."
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Thomas Chua
Thomas Chua
@SteadyCompound
Marathon Asset produced several iconic investors such as Nick Sleep and Jeremy Hosking.

Their letters from 2002 to 2015 provided a treasure trove of insights into their investment frameworks and how they look at the capital cycle.

Here are my main takeaways:


1/ Periods of high profitability leads to reckless investments.

When profits are high:

-Boost CAPEX with little regard for ROIC
-Competitors will follow suit to avoid losing market share
-CEO's incentives aren't aligned with shareholders

It's a race to the bottom.


2/ The capital cycle will swing down when investments are taken too far.

Forecasts that were reasonable will now look overly optimistic.

Profits collapse, management teams are changed, CAPEX is cut, and consolidation begins.

This will pave way for a recovery of profits.


3/ Asset growth matters

Consider both asset growth at the company and industry level.

Avoid industries where assets are growing rapidly.


4/ We tend to extrapolate

When overdone, investments that appear logical at first can become disastrous.

We have a tendency to forecast linearly when many things are cyclical.

Examples: trade cycles, credit cycles, etc
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10 Insightful Lessons From the Book ”Man’s Search For Meaning”

(Over 12 Million Copies Sold)

⚡️Book Review⚡️


1. He who has a why to live for can bear almost any how.

✅You will be able to face hard times way much easier if you manage to find meaning for your life.

2. You can adapt and get used to literally any condition.

It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change.

🔴 Stepping out of our comfort zone will make us understand how further we can actually push our limits.

3. Have courage to accept the things you can’t control.

While being high in self-control is important in achieving our goals, we must not waste our time with things we can’t control.

👉What matters is how we react to situations that are beyond our control.

4. Avoid thinking about success

If you focus on making success your target, you are more likely to miss it.

✅Dedicate your time and effort to a vision that is more significant than yourself, and let success becomes a by-product of this dedication!
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Max Koh
Max Koh
@heymaxkoh
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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Alex and Books \U0001f4da
Alex and Books 📚...
@AlexAndBooks_
I asked, "What book created the biggest mental shift in your life?"

I received 275+ responses.

Here are 20 books that might just change your life forever:

1/

The Almanack of Naval Ravikant

by @naval

2/

The Choice

by @DrEdithEger1

3/

Atomic Habits

by @JamesClear

4/

The 48 Laws of Power

@RobertGreene
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Chris M. Walker \U0001f468\u200d\U0001f4bb\U0001f4e9\U0001f4b8
Chris M. Walker 👨‍💻📩💸...
@cmwalker
9 Best Lessons From "48 Laws of Power" by Robert Green

- 𝙏𝙝𝙧𝙚𝙖𝙙-


1. Always Say Less Than Necessary

The more you talk the more likely you will say something foolish.

- Ask questions and listen more
- Control what you reveal about yourself
- Avoid revealing your weaknesses to others

2. So Much Depends on Reputation – Guard It With Your Life

You can use it to intimidate and win.

But it can also kill you and the opportunities that present themselves to you.

Being unpopular and going against what's popular might seem cool, but it can harm you too.

3. Win Through Your Actions, Never Through Argument

Any triumph you gain through argument doesn't have much value, won't last long and is a waste of time.

The more you think about this, you realize how true it is.

Focuso on your actions.

4. Avoid the Unhappy and the Unlucky

Emotions can be as infectious as a pandemic.

Avoid people who portray themselves as victims. You won't be able to cure them, so don't sink trying to save them.

Surround yourself with happy and ambitious people.
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what would u look for?
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Yoruba History - by NNP
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@YorubaHistory
The Ife Primary Education Research Project (1970-1983).

aka

The Ife 6-Year Primary Project.


In 1970, as the Director of the Institute of Education of the then University of Ife (now Obafemi Awolowo University, Ile-Ife), later Dean Faculty of Education, Prof. Babs Fafunwa & his team embarked on one of the most groundbreaking research projects in education for Yorubaland.


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