🐈

(not the interesting "not give a damn" interplay with "humility" above. arrogance is mostly about entitlement, to NOT have but think you SHOULD have.)

"savings w/o a spending goal gives u options and flexibility, the ability to wait and the opportunity to pounce. It gives you time to think. It's lets you change course on your own terms." POUNCE POUNCE POUNCE POUNCE POUNCE!

"every bit of savings is like taking a point in the future that would have been owned by someone else, and giving it back to yourself."

"when you don't have control over your time, you're forced to accept whatever bad luck is thrown your way." "savings in the bank w/ 0% interest might actually generate an extraordinary return."

"intelligence is not a reliable advantage in a world that's become as interconnected as ours has. but flexibility is." "having more control over your time and options is becoming one of the most valuable currencies in the world."

"history is mostly the study of surprising events. but it is often used by investors and economists as an unassailable guide to the future." "experience leads to overconfidence more than forecasting ability."

"That's the correct lesson to learn from surprises: that the world is surprising."

"there is never a moment where you're so right that you can bet every chip in front of you. the world isn't that kind to anyone - not consistently, anyways."

"can u survive your assets declining by 30%? on a spreadsheet, maybe yes. It is easy to underestimate what a 30% decline does to your psyche. Your confidence may become shot at the very moment opportunity is at its highest."

"The Germans had the most sophisticated equipment in the world. Yet there were defeated by mice." (they chewed away at the electrical systems in the fancy tanks b/c they turned all the hoomans into dogs so there were no cats)

"the biggest single point of failure with money is a sole reliance on a paycheck to fund short-term spending needs, with no savings.." "the most important part of every plan is planning on your plan not going according to plan."

"It's hard to make enduing long-term decisions when your view of what you'll want in the future is likely to shift."

The End of History Illusion: "All of us are walking around w/ an illusion that our personal history has come to an end, that we have just recently become the people that we were always mean to be and will be for the rest of our lives."

"some of the most miserable workers i've met are people who stay loyal to a career only b/c it's the field they picked when deciding on a college major at age 18."

"every job looks easy when you're not the one doing it b/c the challenges faced by someone in the arena are often invisible to those in the crowd." tell me about it. like this "Life" thing. do you KNOW how hard it is to catch a mouse???

"do you know how hard it is to maintain a long-term outlook when stocks are collapsing? successful investing demands a price. but its currency is not dollars and cents, it's FUD and regret." (and FOMO)

"thinking of market volatility as a fee rather than a fine is an important part of developing the kind of mindset that lets you stick around long enough for investing gains to work in your favor."

"when investors have different goals and time horizons, prices that look ridiculous to one person can make sense to another, because the factors those investors pay attention to are different."

"bubbles form when the momentum of short-term returns attracts enough money that the makeup of investors shifts from mostly long term to mostly short-term." (thus breaking price discovery)

"bubbles aren't so much about valuations rising. that's just a symptom of something else: time horizons shrinking as more short-term traders enter the playing field."https://twitter.com/a_yawning_cat/status/1349455340195090432 …

"bubble do their damage when long-term investors playing one game start taking their cues from those short-term traders playing another." (the magnitude of "this time it's REALLY different" energy)

"an anchor of psychology is not realizing that rational people can see the world through a different lens that your own." (rationality doesn't imply homogenization!) (though TBF, some correlation there!)

"few things matter more w/ money than understanding your own time horizon and not being persuaded by the actions and behaviors of people playing different games than you are." ("know thyself" )

"Pessimism just sounds smarter. Tell someone that everything will be great and they're likely to shrug you off. Tell someone they're in danger and you have their undivided attention."

"only 2.5% of americans owned stocks on the eve of the great crash of 1929 that sparked the Great Depression. but the majority watched in amazement as the market collapsed, wondering what it signaled about their own fate."https://twitter.com/a_yawning_cat/status/1327192531155570688 …

"assuming that sth ugly will stay ugly is an easy forecast to make. and it's persuasive, because it doesn't require imagining the world changing. but problems correct and people adapt."

"it's easier to create a narrative around pessimism b/c the story pieces tend to be fresher and more recent. Optimistic narratives require looking at long stretches of history and development, which ppl tend to forget or takes more effort to piece together." (see Hans Rosling)

"there are many things in life that we think are true b/c we desperately want them to be true." e.g. why ppl did/do desperate and insane things for medical ailments. they HAVE to believe in the quackery. same for life-changing financial advice.

"The bigger the gap between what u want to be true and you need to be true to have an acceptable outcome, the more you are protecting yourself from falling victim to an appealing financial fiction."

"... ur view of the economy is suddenly going to be warped by what you want to happen. Every blip, every anecdote, will look like a sign that doom has arrived. maybe not b/c it has, but b/c you want it to."