1+1= Success!
Everyone keeps coming across posts talking about the different formulas to success occasionally. But is there really a formula to be successful? Is it that simple? I don’t think so; everyone’s different but guiding principles are never a bad thing. Took some notes from an article sometime in 2017 (don’t have the title, don’t ask). Check them out.
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1. Be Reality-based: Ray Dalio writes this explicitly in Principles; just about every member of this group discussed discerning aspects of reality that others have either missed or misunderstood. Howard Marks explains why you need to not only understand reality, but take it to a second level. Failing to understand the world as it is will prevent you from achieving success.
2. Work Hard: No inherited wealth here – all of the billionaires were self-made. They all discussed working long and hard, especially in the early days of their careers. Many of them out-worked, out-hustled and out-smarted their competitors to achieve their success.
3. Focus on Process: None of this group were outcome focused – they are all process oriented investors. Understanding probabilistic outcomes, learning from errors, failing well – these were each repeated frequently by this group.
4. Read widely: Another trait all of the group shared. They all read widely. Not just finance related books, but a huge assortment of history, biography, and philosophy. The billionaires all wanted to get smarter, learn more, and have a deeper understanding of the world.
5. Be Lucky: Of all the sentiments widely shared by this crew, the consistent recognizing of the role of serendipity in their lives was perhaps the most surprising to me. Every person mentioned in various ways how much random good fortune had come their way. They also were prepared to capitalize on what providence provided.
6. Be humble: Success in the market requires humility. At times, it can be humbling. But the humility of this group — despite all their success — was another unexpected surprise.
Articles/ podcast/ book lists back tomorrow.
Remember folks: “Until the lion learns to write, every story will glorify the hunter.”
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