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Sunday, April 1, 2018

Investment and Life Lessons - Part 12

Here's the PART 12 of our Investment and Life Lessons series. 

These are the ideas we've gathered from our various readings on business, stocks, economy, money, war, love and life. Our list is getting too long again hence we're sharing it with the Filipino Investors out there for them to learn a thing or two. 

1. You can get in a whole lot more trouble in investing with a sound premise than with a false premise. - Benjamin Graham quoted by Warren Buffett
2. In individuals, insanity is rare; but in groups, parties, nations, and epochs it is the rule. - Beyond Good and Evil, Friedrich Nietzsche
3. I would bet on people still being people - Cliff Asness
4. Warren Buffett, he made it from investing, that’s how he built the wealth - Kaplan CFA professor
5. What is the definition of an analyst? - often wrong, never in doubt. What’s the definition of portfolio manager? - somebody who keeps listening to analysts - Kaplan CFA professor
6. The chains of habit are too light to be felt until they are too heavy to be broken
7. Socratic prudence: drinking enough for pleasure but not too much to cause hangovers
8. Soon you will have forgotten all things, and soon all things would have forgotten you - Marcus Aurelius
9. The weakest link in a chain is the strongest because it can break it - Bloomberg Quote
10. It is man who conceives himself, who propels himself towards existence.

11. A calm and humble life will bring more happiness than the pursuit of success and the constant restlessness that comes with it. - Einstein's Theory of Happiness
12. Decision Theory is focused on making ideal decision when the decision maker is fully informed, mathematically able and rational.
13. The most puzzling thing about unhappy people is the "false sense of urgency" They appear panicked when there is nothing to be worried about. - WSO
14. The things that are easy to do are also easy not to do - Jim Rohn
15. Individuals are rational within limits - Prospect Theory
16. I’d be a bum on the street with a tin cup if the markets are always efficient - Warren Buffett
17. Science and mathematics have essential truths that stands alone, irrespective of their inventors and irrespective of their motives
18. A worst case scenario for many clients is to abandon an investment strategy during adverse periods. The outcome can be very detrimental because the change is likely to occur at a low point, right before a recovery for the strategy begins. - Kaplan CFA Prof
19. If a girl cannot experience the money you have, it does not exist in her mind - WSP
20. Not everybody can be famous but everybody can be great because greatness is determined by service - Martin Luther King
21. You become a leader because others choose to follow - Lau Tzu
22. It is the follower that defines a leader, not the leader defining himself - Nestor V. Tan
23. Integrity is non negotiable - NVT
24. Dishonesty can damage your career and you may never recover from them
25. One cannot be honest today, dishonest tomorrow and honest again the next day - so pay particular attention to that - NVT
26. What is success if it comes at a huge personal cost? Strike a balance between your work and personal lives
27. You can’t make a good deal with a bad person – Warren Buffett
28. I really like my life. I’ve arranged my life so that I can do what I want – Warren Buffett
29. More than a hundred studies have shown that people display illusory superiority. We judge ourselves as better than others to a degree that violates the laws of math - Dunning-Kruger Effect
30. The law applies to all or none at all
31. A winning strategy must include losing. – Rich Dad
32. -459.67 °F or  -273.15 °C
33. If you torture the data long enough, it will confess to anything
34. What if I were to tell you that as ice cream consumption increases so does the murder rate? Would you conclude that butter pecan was prompting people to go out and kill others? Probably not. Anyone who has taken an introductory statistics course probably recognizes this illustration. It is a common tool for explaining the basic principle that correlation is not a measure of causation. Ice cream doesn't drive people to kill. Warm weather is the factor that binds the two phenomena. People eat more ice cream when it’s warm. They also interact more with each other, which sometimes (though rarely) ends in murder. - Aaron N. Taylor
35. If the promise is clear and powerful, the price is easy to pay - Jim Rohn
36. One major reason for setting goals is what they make of you in achieving it - Jim Rohn
37. A life spent making mistakes is not only more honorable, but more useful than a life spent doing nothing. - George Bernard Shaw
38. The burden of proof is on you
39. A limiting belief disguised as a social standard - Illacertus
40. You are the best one of the best ones
41. Can you tell me? You say you can, but you don’t know 
42. Do what you love and do it a lot
43. He who lives by the crystal ball will eat shattered glass
44. There is more fictional storytelling typed into EXCEL than WORD
45. The argument would be pointless since time is relative
46. Observers in different frames will perceive different versions of the same reality and every observer's frame is equally valid
47. Hardships often prepare ordinary people for an extraordinary destiny. – C.S. Lewis
48. If it’s worth anything, it won’t come easy.
49. A man’s character is formed before he is 30. – Napoleon
50. Almost always the men who achieve fundamental inventions of a new paradigm have been either very young or very new to the field whose paradigm they change. This is because young people are less cognitively blocked by outdated information from previous paradigms, and they have a higher degree of raw creativity. - WSPB
51. Simple in concept but complex in application
52. The ocean is so massive, but so is the potential of a speculator who has perfected his craft - Tony Herbosa
53. Man lives by time. Inventing the future has been his favorite game of escape. We think that changes in ourselves can come about in time, that order in ourselves can be built up little by little, added to day by day. But time doesn’t bring order or peace, so we must stop thinking in terms of gradualness. This means that there is no tomorrow for us to be peaceful in. We have to be orderly on the instant. - Jiddu Krishnamurti
54. Market forecasters will fill your ear but will never fill your wallet - Warren Buffett
55. Markets go up and down every day, but that doesn't necessarily mean there's significance to every move. As an investor, it helps to be patient and to accept a certain level of uncertainty. Remember, you should be in it for the long term. - Warren Buffett
56. My laziness, he claims, means I only work on questions that are intriguing enough to overcome this default tendency of avoiding work - Thaler
57. You are hardworking or you’re smart. You cannot be both - WSPB
58. I watch you spin around in your highest heels you are the best one of the best ones. We all look like we feel - Stolen, Dashboard Confessional
59. And from the ballroom floor we are in celebration, one good stretch before our hibernation. Our dreams assured, and we all, we’ll sleep well - Stolen, Dashboard Confessional
60. Don’t mistake movement for achievement - Jim Rohn
61. On the way to work enjoy the way, in the shower enjoy the shower, then go to work when you get to work - Jim Rohn
62. The ultimate passion is the passion for incredible success in every department of my life - Jim Rohn
63. Ex post may understate Ex ante risk - Kaplan CFA Prof
64. Question: Why do you invest in stocks?
Answer: Because I believe that human ingenuity tends to win in the long run.
65. We will not learn to be good pilots if someone keeps flying the plane for us - Tony Herbosa
66. Only on the basis of a sound real economy can finance prosper - ICBC
67. As I desire, so shall it be
68. Markets charge you for returns, and they bill you with confusion and noise that make eventual rewards feel amazing.
69. They wanted food to keep them alive, but they nearly killed themselves trying to get it
70. A combination of letting time do its work, and humility in how much you can and can’t control, is vital in almost all investing styles
71. Science is a willingness to accept facts even when they are opposed to our wishes
72. Doing nothing most of the time is what makes doing something big some of the time possible
73. It’s mental torture to match hands-off patience with decisive action. They are opposite skills, even if they rely on one another. It’s why the Mungers of the world are rare. His not-investing has been as important as his investing.
74. Do not waste the rest of your life speculating about others in ways that are not to your mutual advantage. Think of all that might be accomplished in the time you throw away-distracted from the voice of your own true and reasonable self - wondering what the next man is up to and why, what he’s saying, or thinking, or plotting. - Marcus Aurelius
75. Study your advantage carefully. If it’s to the advantage of your reasonable self, seize hold of it. If it’s merely to the advantage of your animal self, admit it and dont try to pretend its more than that. Only be sure of your judgement. - Marcus Aurelius
76. You are constrained by the speed of light
77. We are painfully, shockingly free - Jean-Paul Sartre
78. You might think that there’s some authority you could look to for answers, but all of the authorities you can think of are fake - Sartre
79. Those authorities are really just like you - people who don’t have any answers, people who had to figure out for themselves how to live - Sartre
80. You have to accept the full wait of your freedom in light of the absurd - Sartre
81. There was no answer until the man choose one for himself
82. So his choice - no matter what it was - was the only true choice, provided that he made it authentically, because it was determined by the values he choose to accept - Sartre
83. If I’m not truly free to make my own decisions, or choose my own actions, then how can I be held accountable for them?
84. You should be critical of your own life. Don’t wait for someone to come along and save you. Save yourself
85. We have strong social ties but weak institutions - Victor Paterno
86. At the end of the day, grown men make grown-men decisions and do what they feel like is right for their life
87. What is interesting about being alive is that you are all in. No matter what you do, you are all in. This is gonna kill you. So you might as well play the most magnificent game you can. Do you have anything better to do?
88. Life is too short to be anything but happy. So kiss slowly. Love deeply. Forgive quickly. Take chances and never have regrets. Forget the past but remember what it taught you.
89. Roll the dice
90. How you do one thing is how you do everything
91. Listen, smile, agree and do whatever the fuck you were going to do anyway
92. If they throw up barriers or use force to stop you, remain calm and welcome their opposition as an opportunity to practice the virtues of patience and self-control
93. No one can stop you from obeying the laws of your being, and nothing will happen to you that nature does not approve
94. We focus on the rich and their luxuries, and take for granted our warm beds
95. My family and I are alive, safe and fed. The rest is luxury.
96. The difference that makes the difference is indifference
97. Rome wasn't built in a day
98. All good men and women must take responsibility to create legacies that will take the next generation to a level we could only imagine
99. The successes in life come second to the importance of relationships. We're very little, if not nothing, without each other - Gabe Bondoc
100. Time is your friend; impulse is your enemy. - John Bogle

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