“You’re essentially indirectly competing against the smartest, most informationally savvy groups in the world.”
“You’re essentially indirectly competing against the smartest, most informationally savvy groups in the world.”
While the rest of us are chasing victory, the best in the world know what they must avoid losing before they can win.
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Nassim Taleb put it this way: “Having an ‘edge’ and surviving are two different things: the first requires the second. You need to avoid ruin. At all costs.”
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
Wealth means beating the market and the odds.