"Life is a mixture of Chance & Choice" raw notes from: A Man For All Markets
- Having an Edge requires survival.
- The dosage controls your discovery of the edge.
- How to deal with the intricacies of probabilities?
- Love to learn.
- Learn how the world works through experimentation and exploration.
- Use your mind to overcome intellectual obstacles.
- Values = fair play, level playing fields and treat others how you would like to be treated.
- Complete concentration.
- Value Books.
- Have a sense of justice and fair play.
- Thorp's Method:
- 1) Cut to the chase in identifying the Edge
- 2) Edge = something that in the Long Run puts the odds in your favor
- 3) The Edge has to be obvious and uncomplicated
- 4) It is the DOSAGE of the betting, not too little, not too much, that matters at the end.
- Favor learning by doing, with SKIN IN THE GAME.
- Think: If you do this, what do you want to happen? and If you do this, what do you THINK will happen?
- Understanding and dealing correctly with the trade-off between risk and return is the fundamental.
- To get Rich -- only make the investments where You have an Edge!
- Bet more when the odds are in your favor.
- Life is a mixture of chance and choice. Chance is the cards you are dealt. Choice is how you play them.
- Be calm and disciplined.
- Character is Destiny.
- Most stock picking stories, recommendations and advice are completely Worthless.
- Avoid anchoring to the price you paid. It's irrational.
- Mistake = to think you can wait to get out, until you get even from a losing position.
- Anchoring to a price that has meaning to you, but not to the market....
- Don't focus on the price of the stock. Focus on the economic fundamentals of the company.
- Evaluate the risks of leverage.
- Margin of Safety.
- Buy when others are fearful.
- Buy and hold is better than trading.
- A Man For All Markets
B2B Lead Generation and #1 Lead Generation Platform
3 年Sounds good! Tell me more. I think we can use this as an inspiration today ”You’re only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich. You’ve done something.” -Robert T. Kiyosaki. How did you learn to be so great?.
President at TruSource Marketing (#Inc5000) / Health1nsurance
3 年looking fwd to reading this one. thanks for sharing Jose
Venture Capital | Medical Outcomes Research | Internal Medicine | Free Market Healthcare Enthusiast
3 年Great points! Thank you for sharing ????