Entropy, Compound and Game Theory

20211107 - The wake-up call "Unscripted" says that building business needs put most of the attention into work, for a few years. What does this "a few years" mean exactly? For this famous lawyer Julian, what's the best solution to solve the problem? He needs more partners. He loved his job, but in the end, he hated it. His job ruined his life. Balance is still important. No one can work long time for too many years. Even to Elon Musk. 20211107 - The mysterious visitor So it's about balance inside instead of balance outside? When pay attention to the full picture all the time, it's easier to remain balance inside. 20211107 - The miraculous transformation of Julian Mantle It needs at least 3 years? Anything great takes time, knowledge and practice. 20211108 - A magical meeting with the sages of Sivana This book is like mixture of "The Power of Now" and "The best salesman of the world". But, because it mentioned the importance of diet, I...

 I: DISCIPLINE 20211105 - Problems and Pain 1 Life is difficult. We need to admit this, then we can face it bravely, then embrace our lives. Problem will get solved only when we have the courage to face it. If we don't want to face it, then we will fall into the delusion our brain build for us. Our brain always can find a way to explain the external environment and our situation. Our spirital growth comes from problem solving. This is the reason that we should not stay in comfort zone: there is no enough problems waiting for us to solve. The tool to solve problem is discipline. 20211105 - Delaying Gratification 18 The ending is much more important than the procedure. - "Thinking, fast and slow" If we can go through the painful work first, then we can enjoy the happy ending, which will stay in our memory. And painful work or study is critical to happy ending. So, deplaying gratification is critical. Is this decided by gene or parenting or external environment? 20211106 - T...

20211004 - Preface (Has Life Regressed?) So I am not the only one who thought about time travel back to the young me, and then teach him about how to live a life. 20211004 - Introduction M. J. DeMarco is the same author of "The Millionaire Fastlane". Surprise! PART ONE: THE DISSONANCE... IS SOMETHING WRONG? 20211005 - CH-1: Tales from the SCRIPT: A Monday Story The controling of time usage is critical. The meaning of life relies on it. The rights to say no, the rights to change as per our willingness, keep us in peace. To this extent, I am very, very lucky. 20211005 - CH-2: Careless Whispers: Guilty Souls Have No Rhythm This chapter reminds me of "Focusing". The voice is our subconscious. It noticed something which is ignored by our mind. Again, we need plenty of time to think. It's terrible to be too busy. Then how about Elon Musk and the employees in SpaceX and Telsa? Many of them work 60+ hours per week, and it seems they are happy. The difference is whether ...

20210924 - Introduction Wealth management is quite different from other professional skills. It has three special features. 1. It's more about psychology than skill; 2. It's more about time than position; (compound effects) 3. There are a lot of traps from other people/companies. 20210925 - 1. No One's Crazy It's impossible to predict the short term change of market, because everyone has different view about the market. Their view is based on their unique experience/memory. Different age, race, residency, education, etc. give us different experience. Reading gives us better prediction of the long term change of market, but, while one step ahead is GOD, and two steps ahead leads to bankruptcy. Boundary of safety is critical. We need to allow ourselves making mistakes. 20210926 - 2. Luck & Risk All extreme archivements are heavily relied on luck. To tell the difference between luck and effort, we need to check their principles based on the first principle. There is al...

20210818 - Preface to the First Edition xxvii This book is against most of the other books: our destiny is decided by peer/environment and gene, instead of parenting and education and habit? What's the relationship between gene, environment and habit? Is it possible to push some child who don't like reading to read everyday? 20210819 - Chapter 1. "Nurture" Is Not the Same as "Environment" 1 Nurture is important, but not as important as we thought. Children are not under their parents' control. There are too many thing that children cannot do following their parents, and there are too many words only the parents can say. Instead, the restriction is much less if children want to copy their peers' behavior or speaking. Nurture is a small part of environment. Parents' effect on children could be split into two categories. One is actually depends on children's effect on parents. We may not be able of doing on that, but the other categories is not ...

20210809 - 1. Introduction Distance = Time * Effort Anything we want to achieve, it needs time and effort. Effort always has compound effect, good or bad. "The Power of Now" says, it's all about attention. Attention means effort. When we stop paying attention, we actually suspended our mind, and let the time flow away. That's a bad habit to most of people. I need some good habit to replace it. Darren Hardy said that himself was the living proof of the Compound Effect. This is obvious survival bias. Al achievers believe something, doesn't mean that something is true to all the others. Gene takes huge effect, not just the Compound Effect. Many people get used to the habit that they reject to learn. 20210810 - 2. The Compound Effect in action Why people don't pay enough attention to Compound Effect? Because it's hard to notice it in the first 90% of time. Put $1000 into SP500 Index Fund every year (10% growth per year). For the first 25 years, it's only $...

20210728 - Introduction to the 10th Anniversary Edition xv As a whole, any activity such as buy or sell stock doesn't bring in benefit to our portfolio. On the contrary, we lose money because we need to pay trading fee. All financial advisors just pretend to do something, so they can charge us fees. So, the whole Wall Street are bringing negative effect to economy through trading stocks. The profit from stock market actually means the growth of economy. If we don't need to pay the relative trading fees, then we can take the fair share of it. 20210728 - Chapter 1 A Parable 1 As a whole, "helpers" only reduce the total return. Short term trading is like gambling. The market is so complicated, that no one really know it all the time. Sooner or later, their performance will follow the average return of market. But, because they charge fees for management and trading, the investors get less than the average return of market. Around 10% to 30% less. Trading will also cause ...