Readwise Highlights

Expected Annual Return = (1 + % Gain Needed to Recover)^(1/Number of Years to Recover) – 1 But since we know that the “% Gain Needed to Recover” is 50%, we can plug in this number and simplify this equation to: Expected Annual Return = (1.5)^(1/Number of Years to Recover) – 1 So, if you think the market recovery will take: 1 year, then your expecte

Enlarge the place of your tent,

and let the curtains of your habitations be stretched out;

do not hold back; lengthen your cords

and strengthen your stakes.

For you will spread abroad to the right and to the left,

and your offspring will possess the nations

and will people the desolate cities.

If you repeated what you did today 365 more times will you be where you want to be next year?

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.

Parents, we need to be their greatest supportive coach. It is our job to be the coach that we always wanted. Our actions shape their beliefs. We are the greatest influence on our children’s lives and in their development, stability, attitudes, likes, and dislikes. Children watch everything we do and learn by modeling behaviors and beliefs about our

flushing out the Black Swans—and exploiting them. Remember, your counterpart might not even know how important the information is, or even that they shouldn’t reveal it. So keep pushing, probing, and gathering information.

Focus on the IRR, not the margins. Margins are an output, not an input.

Every assignment would be delivered in five versions: A three page version, a one page version, a three paragraph version, a one paragraph version, and a one sentence version.