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I made a lot of money

Finding a good coach Letter to a friend who just made a lot of money These thoughts were prompted by a question from a friend who had just made a lot of money. Quieting your own ego to see clearly your own strengths and weaknesses, assessing what areas other people are highly credible on and then giving them the decision space to execute, designing your system to be anti-fragile — all are skills that improve your odds of success in any field or endeavor.

Dear John, Congratulations on your exit. You asked me how to think about it all, so here are some initial thoughts.

Translation of "made a lot of money" in Japanese

Sit on cash as a default. The stock market could be going vertical right now, it could be plunging. What the market is doing is irrelevant. What your friends are doing is irrelevant. Why would you want to get on that trolley?

While you do, read some good books. I find him highly credible on this set of topics.

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This barbell technique remedies the problem that risks of rare events are incomputable and fragile to estimation error; here the financial barbell has a maximum known loss. For antifragility is the combination of aggressiveness plus paranoia — clip your downside, protect yourself from extreme harm, and let the upside, the positive Black Swans, take care of itself.

Letter to a friend who just made a lot of money

I made a lot of money an anti-fragile system for you, your family, and your money. Taleb has a great quick test for anti-fragility: If you have more to lose than to benefit from events of fate, there is an asymmetry, and not a good one…You are fragile.

У меня есть предположение,-- раздался внезапно голос одного из советников. -- Вэйнамонд может оказаться потомком Пришельцев и в некотором отношении быть за пределами нашего сегодняшнего понимания.

In order to avoid binary options bnomo reviews the amateur or the dumb money, I would first try to establish what you and people who know you well believe you have a lot of credibility in doing. When you eventually become a father and are debating whether to let one of your kids have the money to invest, start them off with a small amount of decision space a small amount of capital and then see how they do objectively.

In a bind? Need some fast cash? Some are easier than others, but nearly all require very little to no capital.

Having relatives invest your capital without earning the credibility in the markets or private business arena first will only make for tense Thanksgiving meals and lousy returns. More generally, I have come to believe that any non-meritocratic allocations of capital dials up the fragility in the system.

What you need to do is assess your own credibility and that of potential partners, and then decide how to divide up the decision space over your capital. Warren Buffett gave his entire savings to the Bill and Melinda Gates Foundation to manage his charitable giving; he had a quiet ego and saw that they could do it better than he could ever realistically do himself.

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Bill Gates owns a ton of Berkshire Hathaway because he knows that Buffett is much more credible on making investments than Gates will ever be himself. Yet even as you divide up the decision space, you need to remember that no piece of it should ever be shared — one person owns each discrete decision space.

In the special operations community, the most effective leader sends an implicit but clear message to the forces operating under him: I understand the complexity of the environment.

I understand that you must move faster than our structures allow for and that you understand your problems better than I ever could.

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I will create spaces for you to organically communicate and share information. I will empower you to make decisions and execute.

I can help guide us on the path, but only you can win the war. I trust you to do that. We see you humbling yourself to the reality of the complex fight. We trust you to protect our ability to move with speed and adaptability.

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We will rise to the challenge and hold ourselves accountable to the outcome. This message is remarkably similar to what the best performing investment managers communicate to their sources of capital and what we hope our clients hear from us.

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The bottom line is that giving your team captains both autonomy and accountability is critical. Just like a start-up CEO, who has to hire an engineer or sales person without necessarily being good at that role themselves, you need to get a good hiring process in place.

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A rich person becomes trapped by belongings that take control of him, degrading his sleep at night, raising the serum concentration of his stress hormones, diminishing his sense of humor, perhaps even causing hair to grow on the tip of his nose and similar ailments. Seneca fathomed that possessions make us worry about downside, thus acting as a punishment as we depend on them. Even more: dependence on circumstances — rather, the emotions that arise from circumstances — induces a form of slavery.

I meet a lot of rich people and many of them are what Taleb and Seneca might describe as surprisingly fragile — the events of fate pose more downside I made a lot of money upside for them.