Updated: Nov 18, 2021
Something To Live By:
If you haven’t started, then taking action is more important than finding a better strategy.
If you’re already taking action, then ensuring you’re working on the right thing is more important than working harder.
Your effort sets your floor. Your strategy sets your ceiling.
Quote For The Week:
Widely respected investor Charlie Munger on how to avoid falling victim to intense ideology and unclear thinking:
"I have what I call an 'iron prescription' that helps me keep sane when I drift toward preferring one intense ideology over another. I feel that I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I'm qualified to speak only when I've reached that state…
"That is probably too tough for most people, although I hope it won't ever become too tough for me… This business of not drifting into extreme ideology is very, very important in life. If you want to end up wise, heavy ideology is very likely to prevent that outcome.”
Source: Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
Ask Yourself This:
Am I happy with the tradeoffs I am making in my life right now?