Daily Productive Sharing 1264 - Different Kinds of Smart

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Morgan Housel, reflecting on how some of the smartest investors in history went bankrupt two decades ago, argues that the real cause was a series of ignored realities:

  1. People who are B-plus in several fields often understand how the world works better than those who are A-plus in one field but ignore everything else.
  2. The ideal temperament is a barbell personality: confidence on one side, paranoia on the other. Act boldly, but always treat survival as top priority.
  3. In business, the only unforgivable sin is burning through all your cash.
  4. Remember: there will always be someone smarter or outperforming you in the short run, but if they lack a paranoid margin of safety, they’re more likely to be wiped out by the unexpected.
  5. That very paranoia is what gives your bold bets time to live long enough to become something meaningful.
  6. A good storyteller with a decent idea usually has more influence than a brilliant idea left to “speak for itself.”
  7. Humility isn’t thinking you might be wrong; it’s recognizing that, given your limited view of the world, you’re likely wrong—especially about how others think and decide.
  8. Smart people often follow career paths so different from everyone else’s that they struggle to understand how ordinary people see the world, solve problems, face constraints, or find motivation.
  9. A subtle form of wisdom is realizing that the intelligence that gives you decision-making power does not mean you understand other people—in fact, you probably don’t.
  10. Patient people delay gratification by redirecting their attention.
  11. To keep a long-term mindset, you must enjoy your day-to-day work enough that you’re not constantly fixated on the end reward.

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Mogen Housel 回顾有史以来最聪明投资者在20年前破产的悲剧,认为这其实是由很多忽视铸就的:

  1. 在多个领域有 B+ 水平的人,往往比在单一领域有 A+ 水平但完全忽视其他领域的人,更能洞察世界的运作方式。
  2. 一种理想的性格是“杠铃型”:一边是自信,一边是警惕,敢于大胆行动,但始终以生存为最高优先级。
  3. 商业中唯一不可饶恕的罪过,就是把现金烧光。
  4. 关键是要意识到:总有人比你聪明、短期表现更好,但如果他们缺乏偏执式的安全边际,最终遇到意料之外的事时更可能被淘汰或放弃。
  5. 正是这种“偏执”,才让你的大胆赌注有机会活得足够久,最终成长为有意义的成果。
  6. 一个讲故事能力强、点子尚可的人,总比有个伟大点子却指望事实自行发声的人更有影响力。
  7. 谦逊,不是因为你觉得自己可能错了,而是因为以你对世界的有限体验来看,你很可能错了,尤其在理解别人怎么想、怎么做决定时。
  8. 聪明人由于走过的职业路径与普通人不同,因此他们往往难以真正体会他人是如何看世界、怎么解题、面临哪些问题、被什么激励。
  9. 一种微妙的智慧,是意识到:赋予你决策权的那份智力,并不代表你理解或体会其他人。实际上,你大概率并不理解他们。
  10. 那些耐心的人,是靠转移注意力来延迟满足的。
  11. 要想保持长期思维,就要让自己足够喜欢每天的工作,这样你就不会总是惦记终点奖赏。

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