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Perhaps the key to finding the illegible margin is captured in Nobel Prize-winning psychologist Amos Tversky’s quip: “the secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.”

Because you’re looking for something which is hard to see, you have to have some sort of “tinkering budget” ... See more

“The secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.” – Amos Tversky

Amos Tversky, the late collaborator of Nobel-winning psychologist Daniel Kahneman, once said “the secret to doing good research is always to be a little underemployed. You waste years by not being able to waste hours.”

Also, don’t fall into the trap of productivity porn—chasing productivity for its own sake isn’t helpful. Many people spend too much time thinking about how to perfectly optimize their system, and not nearly enough asking if they’re working on the right problems.

The same idea applies to investing. The continuous goal, in my case, is a portfolio that has distinct advantages versus the market along dimensions like value, momentum, capital allocation, etc. There are no price targets, no return targets, no staking my results on a given outcome for a given company. A goalless process like this is incredibly ha

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But life is not a portfolio: not for a startup founder, and not for any individual. An entrepreneur cannot “diversify” herself: you cannot run dozens of companies at the same time and then hope that one of them works out well. Less obvious but just as important, an individual cannot diversify his own life by keeping dozens of equally possible caree

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