Readwise Highlights
Imported tag from Readwise
Readwise Highlights
Imported tag from Readwise
Strategy strategy value Strategy Dynamics Strategy Statics industry business market Description Strategy (with a Capital S) is the intellectual discipline sometimes called Strategic Management. I define it: the study of the fundamental determinants of potential business value.
The set of conditions needed for persistent differential returns. Power
... See more“He who has learned to disagree without being disagreeable has discovered the most valuable secret of negotiation.”
The advice is quite simple. When you are in a tough place, whether it’s a drawdown/downswing, lacking discipline, feeling desperate, having the urge to gamble, or feeling paralyzed and unable to make the right decision – basically any situation when you’re at your worst and feel miles away from your best – it’s in those moments when you need to
... See moreNew situations kill the mental clutter.
People learn when they’re surprised. Not when they read the right answer, or are told they’re doing it wrong, but when they experience a gap between expectations and reality.
Focus on the IRR, not the margins. Margins are an output, not an input.
Read fewer forecasts and more history. Study more failures and fewer successes.