#it's the fact she tends to look so stoic - serious - upset - and gorgeous in her roles
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When I first began choosing FCs for Sal’s children I knew I wanted to use Salli Richardson Whitfield for the eldest girl. Because she’s an older actress, her dad is part Italian, and her name is even Salli. And now as I’m watching this whack Lifetime movie she stars in I’m like,
she’s the perfect FC for Sal and Delores’ baby. Even after changing Delores’ FC to Lynn Whitfield made Salli fit...more.
#it's the fact she tends to look so stoic - serious - upset - and gorgeous in her roles#she even has earlier roles that were more femme fatale-esque and its like#the mob boss daughter aesthetic is there#also she has (2) moles#( PRESERVE IT FOR THE NEXT GENERATION. / FAMILY. )
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So I was tagged by @nomadsky the other day; thanks, Sekiei! There's little I love more than talking about my favorite characters. (By the way, Sekiei, some of your answers were like A+ so perfect, and a few of them were characters I would pick, so I might just note those characters and then pick someone else, for variety's sake.) (Also, the rules don't say how many to pick?? But I'm assuming they meant 10. I'll aim for that.) EDIT: THE RULES: post your favorite characters and what you like about them/ why. In no particular order: Hanna Falk Cross (Hanna Is Not A Boy's Name (aka HINABN))
--- Not a sixteen year old girl. Hanna is a 24 year old guy, tiny, red-headed and adorkable, who apparently learned magic from a hobo and is allergic to ghosts. He's uniquely talented at fucking things up, has abandonment issues, and secrets I'll never know but will always haunt me. Despite the perma-hiatus status of the series, I still love him, even seven years later, so much so that I was willing to devote 2 years to writing a longfic about him. Honestly, I feel like I know him better than my own characters now. And, sure, it's probably my own semi-IC version of him, but that's probably not a surprise considering HINABN topped out at 100 pages, some of which didn't feature Hanna at all. Of course, you probably have already heard me say this five million times, but I wrote a story I'm pretty fond of, featuring this loser: Rogue. Garrus Vakarian AND Runner-up: Mordin Solus (Mass Effect)
--- Sekiei already said Garrus, so I'll be brief and move on. Garrus is the most charming bug-dragon alien around. He's perfect, honestly. Would that men like him actually existed in real life, even in human form. --- I mean, I love Mordin. I actually would have romanced him if it was possible (not instead of Garrus; I'd have done a separate playthrough). I still think of him anytime someone says “seashells”. Mordin is a funny, interesting character that I think is often overlooked, partly because he only features in half of the series, I imagine. I've never read a Mordin fic, although I'd like to. I've read a few Shakarian fics that were pretty good, but I don't remember any of them off the top of my head. Killua Zoldyck (Hunter x Hunter)
--- It was hard to choose between him and Gon, because I think of them largely as a team, but Killua is my favorite because of all the growth he goes through over the course of the series. He's a silly, irreverent, dangerous, smart-ass kid, but he has so much damage that's brought to the table by his friendship with Gon, and he becomes such a good heartfelt person by the end. Also he's totally a conduit for the absolute FEELS I get from the series. Whenever he screams or cries, I feel it in my soul. I've still not read any Killua fics that I think are truly top-notch, which is kind of surprising. Varric Tethras AND Runner-up Merrill (Dragon Age)
--- Again, Sekiei already chose Varric, and mirrored my thoughts about him: he's fantastic and why the HELL couldn't we romance him?! He was absolutely my first choice, and I was honestly upset when I found he wasn't romanceable! --- This was kind of a hard choice, because I like a lot of the DA characters almost equally, but I find Merril to be especially precious. Weirdly, I never got around to romancing her, but she's one of those characters that I think is really adorable and I just want to pet her hair and give her tasty snacks and warm blankets. (Also I low-key ship her with Varric; don't ask me how that works. Or do.) Nick Valentine (Fallout 4)
--- Hoo boy let me tell you about Valentine. Gawd, he's such a damn beautiful android. And I don't really mean that in a physical way (because yeah he's cool looking; got a good aesthetic for sure, but I wouldn't say he's at all pretty). Valentine is 100% the kind of guy I want on my side, to have my back. He's somewhat similar to Garrus in that rogue lawman kind of way. (Speaking of “Rogue”, he reminds me of my portrayal of “the detective” (purely a coincidence, because I was 90% done writing Rogue before I played FO4), which clearly proves that I have a type.) His tragic backstory and circumstances mirror The Lone Survivor's almost perfectly, and they are really so wonderful together, which is why it KILLS ME that he was not romanceable. I think I'm still in denial, tbh. He's funny, sarcastic, yet still very sincere, and though he acts very confident and is well-liked even by people who don't like synths, he has this deep loneliness in him that really rips up my heart in all the best ways. (By the way, writing this spurred me to replay Fallout4, which spurred me to start a Valentine-centric fic I was fiddling with the plot of last year, so if I actually do finish that fic-- Sekiei, I'll have you to thank!) I read a great Nick/Nora fic last year, although I can only recommend the first like... 30-or-so chapters? because the last few sort of deviate from the quality of the beginning (imo), and the fic never got finished. Still worth a read. Jesse McCree AND Hanzo Shimada (Overwatch)
--- Honestly, as someone who has scarcely played Overwatch, it feels a bit disingenuous to put one of their characters on my fave character list, but that's part of the charm of the series: you don't really have to play the game to get most of the details it takes to get involved in the fandom. And given how explosively popular it was this past year-end, I got pretty involved. If you follow my fandom blog, you might have noticed that it was 90% McHanzo for a few months. That's because there's something really charming about those two characters! (Or, at very least, the way fandom portrays them.) McCree is such a goddamn stereotype hahaha but I love him. A grown-ass man who dresses like a cowboy because WHY NOT, he seems to have a pretty easy-going temperament that makes me feel at home. Not to mention, you think of McCree and you can't help but think of the endless desert and vast blue sky. He's a big goof-ball but also dangerous with a bit of a dark past. You know I love the type. I'm writing a McCree-centric AU, but who knows if I'll finish it. There are already quite a lot of other great McCree fics out there. --- I tried not to pick two characters from the same series, but I love McCree and Hanzo equally and in different ways, so I couldn't not. Again, there's not a whole heck of a lot of canon for these characters (I mean, there's a bit, but not as much as if they were, say, the main characters of their own piece of media, and not left largely up to the interpretation of fans), but they seem to have pretty defined personalities. Hanzo is a fairly serious guy, with a fairly serious past, and I like that in a character, that sort of stoic sincerity. But he's also got a mischievous/silly streak, I think, if only evidenced in canon by the fact that he (much like Jesse) tends to dress in an outfit several centuries out of date. But he looks damn good in it! Honest to god, he's frickin' gorgeous. XD Like, what a beautiful damn character. And I love a character that can probably kill with a glance. Whew. Erhem. Aside from that, though, he also gives off a nice peaceful vibe-- meditating up high somewhere quiet with tree leaves blowing in the breeze. Great character aesthetic. Anyone who's in the Overwatch fandom has probably already heard of “Hang the Fool”, but it's far and away the best McHanzo fic available, and I highly recommend it! Fawkes (Fallout 3)
--- Often I know about characters before I encounter them in whatever media they're from. That's partly why I choose to get into games/shows/etc. I was caught off guard by Fawkes, a big scary green “super mutant” from Fallout 3, who you encounter near the end of the story. Up to that point, all the super mutants you meet are just big dumb brutes who are trying to kill you, and have a good chance of succeeding, because they are, as I mentioned, rather large and scary. But Fawkes was locked up by his kind precisely because he was different. He's intelligent, compassionate, and loyal-- truly one of the nicest and most 'good' people you ever stumble upon in the Capital Wasteland. Also he kicks ass, because he is fucking huge and carries a gattling gun like it's no big deal. If I play FO3 again, I'm rushing right to that part so I can pick him up as soon as possible. Also, I'm one of like maybe a handful of people who ship him with the Lone Wanderer, which prooobably makes it my rarest rare-pair. Luckily, my friend Choco wrote a kick-ass long-fic about them, which made my whole month when I read it last year. Noctis Lucis Caelum (Final Fantasy XV)
--- It was really hard to choose one out of the four main guys from this series, but I eventually decided on the main character Noctis, because I really think he's a great main character. Final Fantasy main characters are known for being kind of whiny and emo, and Noctis doesn't exactly deviate from this plan, but he adheres to it in such a way that makes sense to me. I find him to be very realistic! He's 20. He's tired and just wants to sleep. He likes to play video games. He rolls his eyes at his dad's affection but obviously loves him. He goofs off with his friends but can get stuff done when the time comes. He's a cat person, but he likes dogs too. Oh and he loves food, but he's a picky eater. And unlike other FF main characters, his style is very casual. I have actually seen people who dress like him. ...I actually AM a people who dresses like him. He's a good character who didn't deserve any of the shit that was thrown his way-- but at least he had good friends. I've read a few good Noctis-related fics so far, but nothing very long that left much impression yet. Hoping I'll find one at some point. If not, maybe one of my own will end up fitting the bill.
Jinbe (One Piece)
--- Wrapping this up with another somewhat-obscure character, Jinbe from One Piece. (Or, if you like, because romanization is weird: Jinbei, Jimbe, Jimbei, etc) First, I love One Piece. It's a great, super-long anime with so many good characters! But Jinbe, oh. He's a big, blue, intimidating fish-man who often looks angry and has mannerisms/speech patterns that are reminiscent of I think both samurai and old mob-bosses. But he's an intensely sincere guy, who's fiercely protective of those who are important to him, and the promises he makes. Everything he does for Luffy makes me cry. XD When nobody else will risk giving Luffy a blood transfusion because of stupid old racist laws, he publicly declares his willingness. When Luffy's knocked out at Marineford and Akainu is coming after him, the way Jinbe holds Luffy and gives Akainu the most visceral snarl I've ever heard. I love it. I really like scary looking guys who are sweet. ALSO, I haven't seen any good Jinbe fics, so if anybody has one I'd love to see it. =3
Tagging: uh, I dunno. @braincoins, @tempuslunam, @chocochipbiscuit, @tequilatrashbin, @buddhistmamaduck, @milarca, and @ whoever else wants to do it.
#elo talks#long post#it didn't originally say to add pictures but I like pictures#fandom meme#of course you can ignore this if you don't want to do it
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Small Circles: The Theory of Mastery in the Art of Learning and Investing
One of the best books on the art of learning I’ve read is, well, The Art of Learning by Josh Waitzkin.
Josh is a champion in two distinct sports – chess and martial arts. He is an eight-time US national chess champion, thirteen-time Tai Chi Chuan push hands national champion, and two-time Tai Chi Chuan push hands world champion.
In his book, Josh recounts his experiences and shares his insights and approaches on how you can learn and excel in your own life’s passion, using examples from his personal life. Through stories of martial arts wars and tense chess face-offs, Josh reveals the inner workings of his everyday methods, cultivating the most powerful techniques in any field, and mastering the psychology of peak performance.
One of my favourite chapters from Josh’s book is titled – Making Smaller Circles – which stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
Josh starts this chapter with the story of the protagonist in Robert Pirsig’s book Zen and the Art of Motorcycle Maintenance. This man is Phaedrus, a teacher, who in this particular scene is reaching out to his student who is all jammed up when given the assignment to write a five-hundred-word story about her town, Bozeman.
Here is that scene straight from Pirsig’s book –
…a girl with strong-lensed glasses, wanted to write a five-hundred-word essay about the United States. He … suggested without disparagement that she narrow it down to just Bozeman.
When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say. He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.
It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.
She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.
He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.
He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”
Her eyes, behind the thick-lensed glasses, opened wide.
She came in the next class with a puzzled look and handed him a five-thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana.
“I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”
The key lesson from this scene, as Josh writes in his book, is that depth scores over breadth when it comes to learning anything. As he writes (emphasis is mine) –
The learning principle is to plunge into the detailed mystery of the micro in order to understand what makes the macro tick. Our obstacle is that we live in an attention-deficit culture. We are bombarded with more and more information on television, radio, cell phones, video games, the Internet. The constant supply of stimulus has the potential to turn us into addicts, always hungering for something new and prefabricated to keep us entertained. When nothing exciting is going on, we might get bored, distracted, separated from the moment. So we look for new entertainment, surf channels, flip through magazines.
If caught in these rhythms, we are like tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.
When these societally induced tendencies translate into the learning process, they have devastating effect.
Josh’s idea of making smaller circles is a great way to decide how to live, what to read, and how to invest sensibly.
Making Smaller Circles – Reading Take reading for instance. With so much literature around, and so much getting published day after day, it often gets challenging for most of us to decide on what to read. The breadth of what is to be read is huge, and is just getting bigger by the day.
Given this, as Josh writes, we have become like the “tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.”
The way out of this is to differentiate between reading that is enduring (durable – learning that has lasted a lifetime) and one that is ephemeral (fleeting – mostly information), like I’ve done in this chart below…
[Click here to open a larger image] …and then focus on stuff that is enduring. That’s choosing depth over breadth. That’s making smaller circles. And that’s exactly what I have been doing since the start of 2017 i.e., focusing 90% of my reading time on re-reading the super-texts (depth) and only 10% on others (breadth).
Here, I also take lessons from Seneca, a Roman Stoic philosopher who lived during 4 BC – AD 65. During the last two years of his life, Seneca spent his time in travelling, composing essays on natural history and in correspondence with his friend Lucilius. In these letters, 124 of which are available, he covered a wide variety of topics, including true and false friendship, sharing knowledge, old age, retirement, and death.
Coming to the topic of this post, here is what Seneca wrote in his second letter to Lucilius – On Discursiveness in Reading – which I am posting as it is here, and which contains the answer to the dilemma most of us face on what to read as investors (by the way, ‘discursiveness’ means moving from topic to topic without order) –
The primary indication, to my thinking, of a well-ordered mind is a man’s ability to remain in one place and linger in his own company.
Be careful, however, lest this reading of many authors and books of every sort may tend to make you discursive and unsteady. You must linger among a limited number of master thinkers, and digest their works, if you would derive ideas which shall win firm hold in your mind. Everywhere means nowhere.
When a person spends all his time in foreign travel, he ends by having many acquaintances, but no friends. And the same thing must hold true of men who seek intimate acquaintance with no single author, but visit them all in a hasty and hurried manner.
Food does no good and is not assimilated into the body if it leaves the stomach as soon as it is eaten; nothing hinders a cure so much as frequent change of medicine; no wound will heal when one salve is tried after another; a plant which is often moved can never grow strong. There is nothing so efficacious that it can be helpful while it is being shifted about. And in reading of many books is distraction.
Accordingly, since you cannot read all the books which you may possess, it is enough to possess only as many books as you can read.
“But,” you reply, “I wish to dip first into one book and then into another.” I tell you that it is the sign of an overnice appetite to toy with many dishes; for when they are manifold and varied, they cloy but do not nourish. So you should always read standard authors; and when you crave a change, fall back upon those whom you read before. Each day acquire something that will fortify you against poverty, against death, indeed against other misfortunes as well; and after you have run over many thoughts, select one to be thoroughly digested that day.
This is my own custom; from the many things which I have read, I claim some one part for myself.
Now, as I was reading Seneca’s letter, I was reminded of what Sherlock Holmes told his accomplice Watson in A Study in Scarlet –
I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it.
Holmes added…
Now the skillful workman is very careful indeed as to what he takes into his brain-attic. he will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.
As years have passed, I have turned from trying my hands at speed reading – acting like Holmes’ fool who takes in all the lumber of every sort that he comes across – to slow, thoughtful reading and re-reading.
I do not read more than 1-2 books a month now, and that I find is a gradual enough pace that helps me assimilate the ideas I read in a better manner. As a wise man said, slow reading is not so much about unleashing the reader’s creativity, as uncovering the author’s.
Often it’s the same old books – the super texts – that I refer to again and again…for each time I go through them, I get a few new and brilliant insights that missed my eyes in the previous readings.
Making Smaller Circles – Investing To reiterate, the concept of making smaller circles, as outlined in Josh’s book, stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
When it comes to investing, this concept applies in the way that you must do just a few small things right to create wealth for yourself over the long run. Pat Dorsey, in his wonderful book – The Five Rules for Successful Stock Investing – summarizes these few things into, well, just five rules –
Do your homework – engage in the fundamental bottom-up analysis that has been the hallmark of most successful investors, but that has been less profitable the last few risk-on-risk-off-years.
Find economic moats – unravel the sustainable competitive advantages that hinder competitors to catch up and force a reversal to the mean of the wonderful business.
Have a margin of safety – to have the discipline to only buy the great company if its stock sells for less than its estimated worth.
Hold for the long haul – minimize trading costs and taxes and instead have the money to compound over time. And yet…
Know when to sell – if you have made a mistake in the estimation of value (and there is no margin of safety), if fundamentals deteriorate so that value is less than you estimated (no margin of safety), the stock rises above its intrinsic value (no margin of safety) or you have found a stock with a larger margin of safety.
If you can put all your efforts into mastering just these five rules, you don’t need to do anything fancy to get successful in your stock market investing. Of course, even as these rules sound simple, they require tremendous hard work and dedication. As Warren Buffett says – “Investing is simple but not easy.” And then, as Charlie Munger says, “Take a simple idea but take it seriously.”
You just need a simple idea. You just need to draw a few small circles. And then you put all your focus and energies there. That’s all you need to succeed in your pursuit of becoming a good learner, and a good investor.
I believe that the process of working on the basics (the small circles) of learning or investing over and over again leads to a very clear understanding of them. We eventually integrate the principles into our subconscious mind. And this helps us to draw on them naturally and quickly without conscious thoughts getting in the way. This deeply ingrained knowledge base can serve as a meaningful springboard for more advanced learning and action in these respective fields.
Josh writes in his book –
Depth beats breadth any day of the week, because it opens a channel for the intangible, unconscious, creative components of our hidden potential.
The most sophisticated techniques tend to have their foundation in the simplest of principles, like we saw in cases of reading and investing above. The key is to make smaller circles.
Start with the widest circle, then edit, edit, edit ruthlessly, until you have its essence.
I have seen the benefits of practicing this philosophy in my learning and investing endeavors. I’m sure you will realize the benefits too, only if you try it out.
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Small Circles: The Theory of Mastery in the Art of Learning and Investing
One of the best books on the art of learning I’ve read is, well, The Art of Learning by Josh Waitzkin.
Josh is a champion in two distinct sports – chess and martial arts. He is an eight-time US national chess champion, thirteen-time Tai Chi Chuan push hands national champion, and two-time Tai Chi Chuan push hands world champion.
In his book, Josh recounts his experiences and shares his insights and approaches on how you can learn and excel in your own life’s passion, using examples from his personal life. Through stories of martial arts wars and tense chess face-offs, Josh reveals the inner workings of his everyday methods, cultivating the most powerful techniques in any field, and mastering the psychology of peak performance.
One of my favourite chapters from Josh’s book is titled – Making Smaller Circles – which stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
Josh starts this chapter with the story of the protagonist in Robert Pirsig’s book Zen and the Art of Motorcycle Maintenance. This man is Phaedrus, a teacher, who in this particular scene is reaching out to his student who is all jammed up when given the assignment to write a five-hundred-word story about her town, Bozeman.
Here is that scene straight from Pirsig’s book –
…a girl with strong-lensed glasses, wanted to write a five-hundred-word essay about the United States. He … suggested without disparagement that she narrow it down to just Bozeman.
When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say. He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.
It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.
She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.
He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.
He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”
Her eyes, behind the thick-lensed glasses, opened wide.
She came in the next class with a puzzled look and handed him a five-thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana.
“I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”
The key lesson from this scene, as Josh writes in his book, is that depth scores over breadth when it comes to learning anything. As he writes (emphasis is mine) –
The learning principle is to plunge into the detailed mystery of the micro in order to understand what makes the macro tick. Our obstacle is that we live in an attention-deficit culture. We are bombarded with more and more information on television, radio, cell phones, video games, the Internet. The constant supply of stimulus has the potential to turn us into addicts, always hungering for something new and prefabricated to keep us entertained. When nothing exciting is going on, we might get bored, distracted, separated from the moment. So we look for new entertainment, surf channels, flip through magazines.
If caught in these rhythms, we are like tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.
When these societally induced tendencies translate into the learning process, they have devastating effect.
Josh’s idea of making smaller circles is a great way to decide how to live, what to read, and how to invest sensibly.
Making Smaller Circles – Reading Take reading for instance. With so much literature around, and so much getting published day after day, it often gets challenging for most of us to decide on what to read. The breadth of what is to be read is huge, and is just getting bigger by the day.
Given this, as Josh writes, we have become like the “tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.”
The way out of this is to differentiate between reading that is enduring (durable – learning that has lasted a lifetime) and one that is ephemeral (fleeting – mostly information), like I’ve done in this chart below…
[Click here to open a larger image] …and then focus on stuff that is enduring. That’s choosing depth over breadth. That’s making smaller circles. And that’s exactly what I have been doing since the start of 2017 i.e., focusing 90% of my reading time on re-reading the super-texts (depth) and only 10% on others (breadth).
Here, I also take lessons from Seneca, a Roman Stoic philosopher who lived during 4 BC – AD 65. During the last two years of his life, Seneca spent his time in travelling, composing essays on natural history and in correspondence with his friend Lucilius. In these letters, 124 of which are available, he covered a wide variety of topics, including true and false friendship, sharing knowledge, old age, retirement, and death.
Coming to the topic of this post, here is what Seneca wrote in his second letter to Lucilius – On Discursiveness in Reading – which I am posting as it is here, and which contains the answer to the dilemma most of us face on what to read as investors (by the way, ‘discursiveness’ means moving from topic to topic without order) –
The primary indication, to my thinking, of a well-ordered mind is a man’s ability to remain in one place and linger in his own company.
Be careful, however, lest this reading of many authors and books of every sort may tend to make you discursive and unsteady. You must linger among a limited number of master thinkers, and digest their works, if you would derive ideas which shall win firm hold in your mind. Everywhere means nowhere.
When a person spends all his time in foreign travel, he ends by having many acquaintances, but no friends. And the same thing must hold true of men who seek intimate acquaintance with no single author, but visit them all in a hasty and hurried manner.
Food does no good and is not assimilated into the body if it leaves the stomach as soon as it is eaten; nothing hinders a cure so much as frequent change of medicine; no wound will heal when one salve is tried after another; a plant which is often moved can never grow strong. There is nothing so efficacious that it can be helpful while it is being shifted about. And in reading of many books is distraction.
Accordingly, since you cannot read all the books which you may possess, it is enough to possess only as many books as you can read.
“But,” you reply, “I wish to dip first into one book and then into another.” I tell you that it is the sign of an overnice appetite to toy with many dishes; for when they are manifold and varied, they cloy but do not nourish. So you should always read standard authors; and when you crave a change, fall back upon those whom you read before. Each day acquire something that will fortify you against poverty, against death, indeed against other misfortunes as well; and after you have run over many thoughts, select one to be thoroughly digested that day.
This is my own custom; from the many things which I have read, I claim some one part for myself.
Now, as I was reading Seneca’s letter, I was reminded of what Sherlock Holmes told his accomplice Watson in A Study in Scarlet –
I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it.
Holmes added…
Now the skillful workman is very careful indeed as to what he takes into his brain-attic. he will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.
As years have passed, I have turned from trying my hands at speed reading – acting like Holmes’ fool who takes in all the lumber of every sort that he comes across – to slow, thoughtful reading and re-reading.
I do not read more than 1-2 books a month now, and that I find is a gradual enough pace that helps me assimilate the ideas I read in a better manner. As a wise man said, slow reading is not so much about unleashing the reader’s creativity, as uncovering the author’s.
Often it’s the same old books – the super texts – that I refer to again and again…for each time I go through them, I get a few new and brilliant insights that missed my eyes in the previous readings.
Making Smaller Circles – Investing To reiterate, the concept of making smaller circles, as outlined in Josh’s book, stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
When it comes to investing, this concept applies in the way that you must do just a few small things right to create wealth for yourself over the long run. Pat Dorsey, in his wonderful book – The Five Rules for Successful Stock Investing – summarizes these few things into, well, just five rules –
Do your homework – engage in the fundamental bottom-up analysis that has been the hallmark of most successful investors, but that has been less profitable the last few risk-on-risk-off-years.
Find economic moats – unravel the sustainable competitive advantages that hinder competitors to catch up and force a reversal to the mean of the wonderful business.
Have a margin of safety – to have the discipline to only buy the great company if its stock sells for less than its estimated worth.
Hold for the long haul – minimize trading costs and taxes and instead have the money to compound over time. And yet…
Know when to sell – if you have made a mistake in the estimation of value (and there is no margin of safety), if fundamentals deteriorate so that value is less than you estimated (no margin of safety), the stock rises above its intrinsic value (no margin of safety) or you have found a stock with a larger margin of safety.
If you can put all your efforts into mastering just these five rules, you don’t need to do anything fancy to get successful in your stock market investing. Of course, even as these rules sound simple, they require tremendous hard work and dedication. As Warren Buffett says – “Investing is simple but not easy.” And then, as Charlie Munger says, “Take a simple idea but take it seriously.”
You just need a simple idea. You just need to draw a few small circles. And then you put all your focus and energies there. That’s all you need to succeed in your pursuit of becoming a good learner, and a good investor.
I believe that the process of working on the basics (the small circles) of learning or investing over and over again leads to a very clear understanding of them. We eventually integrate the principles into our subconscious mind. And this helps us to draw on them naturally and quickly without conscious thoughts getting in the way. This deeply ingrained knowledge base can serve as a meaningful springboard for more advanced learning and action in these respective fields.
Josh writes in his book –
Depth beats breadth any day of the week, because it opens a channel for the intangible, unconscious, creative components of our hidden potential.
The most sophisticated techniques tend to have their foundation in the simplest of principles, like we saw in cases of reading and investing above. The key is to make smaller circles.
Start with the widest circle, then edit, edit, edit ruthlessly, until you have its essence.
I have seen the benefits of practicing this philosophy in my learning and investing endeavors. I’m sure you will realize the benefits too, only if you try it out.
Value Investing Workshop in Bangalore and Pune – Registrations are now open for our Value Investing Workshop in Bangalore (23rd July, Sunday) and Pune (6th August, Sunday). Click here to register and claim an early bird discount.
The post Small Circles: The Theory of Mastery in the Art of Learning and Investing appeared first on Safal Niveshak.
Small Circles: The Theory of Mastery in the Art of Learning and Investing published first on http://ift.tt/2sCRXMW
0 notes
Text
Small Circles: The Theory of Mastery in the Art of Learning and Investing
One of the best books on the art of learning I’ve read is, well, The Art of Learning by Josh Waitzkin.
Josh is a champion in two distinct sports – chess and martial arts. He is an eight-time US national chess champion, thirteen-time Tai Chi Chuan push hands national champion, and two-time Tai Chi Chuan push hands world champion.
In his book, Josh recounts his experiences and shares his insights and approaches on how you can learn and excel in your own life’s passion, using examples from his personal life. Through stories of martial arts wars and tense chess face-offs, Josh reveals the inner workings of his everyday methods, cultivating the most powerful techniques in any field, and mastering the psychology of peak performance.
One of my favourite chapters from Josh’s book is titled – Making Smaller Circles – which stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
Josh starts this chapter with the story of the protagonist in Robert Pirsig’s book Zen and the Art of Motorcycle Maintenance. This man is Phaedrus, a teacher, who in this particular scene is reaching out to his student who is all jammed up when given the assignment to write a five-hundred-word story about her town, Bozeman.
Here is that scene straight from Pirsig’s book –
…a girl with strong-lensed glasses, wanted to write a five-hundred-word essay about the United States. He … suggested without disparagement that she narrow it down to just Bozeman.
When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say. He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.
It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.
She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.
He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.
He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”
Her eyes, behind the thick-lensed glasses, opened wide.
She came in the next class with a puzzled look and handed him a five-thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana.
“I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”
The key lesson from this scene, as Josh writes in his book, is that depth scores over breadth when it comes to learning anything. As he writes (emphasis is mine) –
The learning principle is to plunge into the detailed mystery of the micro in order to understand what makes the macro tick. Our obstacle is that we live in an attention-deficit culture. We are bombarded with more and more information on television, radio, cell phones, video games, the Internet. The constant supply of stimulus has the potential to turn us into addicts, always hungering for something new and prefabricated to keep us entertained. When nothing exciting is going on, we might get bored, distracted, separated from the moment. So we look for new entertainment, surf channels, flip through magazines.
If caught in these rhythms, we are like tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.
When these societally induced tendencies translate into the learning process, they have devastating effect.
Josh’s idea of making smaller circles is a great way to decide how to live, what to read, and how to invest sensibly.
Making Smaller Circles – Reading Take reading for instance. With so much literature around, and so much getting published day after day, it often gets challenging for most of us to decide on what to read. The breadth of what is to be read is huge, and is just getting bigger by the day.
Given this, as Josh writes, we have become like the “tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.”
The way out of this is to differentiate between reading that is enduring (durable – learning that has lasted a lifetime) and one that is ephemeral (fleeting – mostly information), like I’ve done in this chart below…
[Click here to open a larger image] …and then focus on stuff that is enduring. That’s choosing depth over breadth. That’s making smaller circles. And that’s exactly what I have been doing since the start of 2017 i.e., focusing 90% of my reading time on re-reading the super-texts (depth) and only 10% on others (breadth).
Here, I also take lessons from Seneca, a Roman Stoic philosopher who lived during 4 BC – AD 65. During the last two years of his life, Seneca spent his time in travelling, composing essays on natural history and in correspondence with his friend Lucilius. In these letters, 124 of which are available, he covered a wide variety of topics, including true and false friendship, sharing knowledge, old age, retirement, and death.
Coming to the topic of this post, here is what Seneca wrote in his second letter to Lucilius – On Discursiveness in Reading – which I am posting as it is here, and which contains the answer to the dilemma most of us face on what to read as investors (by the way, ‘discursiveness’ means moving from topic to topic without order) –
The primary indication, to my thinking, of a well-ordered mind is a man’s ability to remain in one place and linger in his own company.
Be careful, however, lest this reading of many authors and books of every sort may tend to make you discursive and unsteady. You must linger among a limited number of master thinkers, and digest their works, if you would derive ideas which shall win firm hold in your mind. Everywhere means nowhere.
When a person spends all his time in foreign travel, he ends by having many acquaintances, but no friends. And the same thing must hold true of men who seek intimate acquaintance with no single author, but visit them all in a hasty and hurried manner.
Food does no good and is not assimilated into the body if it leaves the stomach as soon as it is eaten; nothing hinders a cure so much as frequent change of medicine; no wound will heal when one salve is tried after another; a plant which is often moved can never grow strong. There is nothing so efficacious that it can be helpful while it is being shifted about. And in reading of many books is distraction.
Accordingly, since you cannot read all the books which you may possess, it is enough to possess only as many books as you can read.
“But,” you reply, “I wish to dip first into one book and then into another.” I tell you that it is the sign of an overnice appetite to toy with many dishes; for when they are manifold and varied, they cloy but do not nourish. So you should always read standard authors; and when you crave a change, fall back upon those whom you read before. Each day acquire something that will fortify you against poverty, against death, indeed against other misfortunes as well; and after you have run over many thoughts, select one to be thoroughly digested that day.
This is my own custom; from the many things which I have read, I claim some one part for myself.
Now, as I was reading Seneca’s letter, I was reminded of what Sherlock Holmes told his accomplice Watson in A Study in Scarlet –
I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it.
Holmes added…
Now the skillful workman is very careful indeed as to what he takes into his brain-attic. he will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.
As years have passed, I have turned from trying my hands at speed reading – acting like Holmes’ fool who takes in all the lumber of every sort that he comes across – to slow, thoughtful reading and re-reading.
I do not read more than 1-2 books a month now, and that I find is a gradual enough pace that helps me assimilate the ideas I read in a better manner. As a wise man said, slow reading is not so much about unleashing the reader’s creativity, as uncovering the author’s.
Often it’s the same old books – the super texts – that I refer to again and again…for each time I go through them, I get a few new and brilliant insights that missed my eyes in the previous readings.
Making Smaller Circles – Investing To reiterate, the concept of making smaller circles, as outlined in Josh’s book, stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
When it comes to investing, this concept applies in the way that you must do just a few small things right to create wealth for yourself over the long run. Pat Dorsey, in his wonderful book – The Five Rules for Successful Stock Investing – summarizes these few things into, well, just five rules –
Do your homework – engage in the fundamental bottom-up analysis that has been the hallmark of most successful investors, but that has been less profitable the last few risk-on-risk-off-years.
Find economic moats – unravel the sustainable competitive advantages that hinder competitors to catch up and force a reversal to the mean of the wonderful business.
Have a margin of safety – to have the discipline to only buy the great company if its stock sells for less than its estimated worth.
Hold for the long haul – minimize trading costs and taxes and instead have the money to compound over time. And yet…
Know when to sell – if you have made a mistake in the estimation of value (and there is no margin of safety), if fundamentals deteriorate so that value is less than you estimated (no margin of safety), the stock rises above its intrinsic value (no margin of safety) or you have found a stock with a larger margin of safety.
If you can put all your efforts into mastering just these five rules, you don’t need to do anything fancy to get successful in your stock market investing. Of course, even as these rules sound simple, they require tremendous hard work and dedication. As Warren Buffett says – “Investing is simple but not easy.” And then, as Charlie Munger says, “Take a simple idea but take it seriously.”
You just need a simple idea. You just need to draw a few small circles. And then you put all your focus and energies there. That’s all you need to succeed in your pursuit of becoming a good learner, and a good investor.
I believe that the process of working on the basics (the small circles) of learning or investing over and over again leads to a very clear understanding of them. We eventually integrate the principles into our subconscious mind. And this helps us to draw on them naturally and quickly without conscious thoughts getting in the way. This deeply ingrained knowledge base can serve as a meaningful springboard for more advanced learning and action in these respective fields.
Josh writes in his book –
Depth beats breadth any day of the week, because it opens a channel for the intangible, unconscious, creative components of our hidden potential.
The most sophisticated techniques tend to have their foundation in the simplest of principles, like we saw in cases of reading and investing above. The key is to make smaller circles.
Start with the widest circle, then edit, edit, edit ruthlessly, until you have its essence.
I have seen the benefits of practicing this philosophy in my learning and investing endeavors. I’m sure you will realize the benefits too, only if you try it out.
Value Investing Workshop in Bangalore and Pune – Registrations are now open for our Value Investing Workshop in Bangalore (23rd July, Sunday) and Pune (6th August, Sunday). Click here to register and claim an early bird discount.
The post Small Circles: The Theory of Mastery in the Art of Learning and Investing appeared first on Safal Niveshak.
Small Circles: The Theory of Mastery in the Art of Learning and Investing published first on http://ift.tt/2sCRXMW
0 notes
Text
Small Circles: The Theory of Mastery in the Art of Learning and Investing
One of the best books on the art of learning I’ve read is, well, The Art of Learning by Josh Waitzkin.
Josh is a champion in two distinct sports – chess and martial arts. He is an eight-time US national chess champion, thirteen-time Tai Chi Chuan push hands national champion, and two-time Tai Chi Chuan push hands world champion.
In his book, Josh recounts his experiences and shares his insights and approaches on how you can learn and excel in your own life’s passion, using examples from his personal life. Through stories of martial arts wars and tense chess face-offs, Josh reveals the inner workings of his everyday methods, cultivating the most powerful techniques in any field, and mastering the psychology of peak performance.
One of my favourite chapters from Josh’s book is titled – Making Smaller Circles – which stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
Josh starts this chapter with the story of the protagonist in Robert Pirsig’s book Zen and the Art of Motorcycle Maintenance. This man is Phaedrus, a teacher, who in this particular scene is reaching out to his student who is all jammed up when given the assignment to write a five-hundred-word story about her town, Bozeman.
Here is that scene straight from Pirsig’s book –
…a girl with strong-lensed glasses, wanted to write a five-hundred-word essay about the United States. He … suggested without disparagement that she narrow it down to just Bozeman.
When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say. He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.
It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.
She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.
He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.
He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”
Her eyes, behind the thick-lensed glasses, opened wide.
She came in the next class with a puzzled look and handed him a five-thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana.
“I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”
The key lesson from this scene, as Josh writes in his book, is that depth scores over breadth when it comes to learning anything. As he writes (emphasis is mine) –
The learning principle is to plunge into the detailed mystery of the micro in order to understand what makes the macro tick. Our obstacle is that we live in an attention-deficit culture. We are bombarded with more and more information on television, radio, cell phones, video games, the Internet. The constant supply of stimulus has the potential to turn us into addicts, always hungering for something new and prefabricated to keep us entertained. When nothing exciting is going on, we might get bored, distracted, separated from the moment. So we look for new entertainment, surf channels, flip through magazines.
If caught in these rhythms, we are like tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.
When these societally induced tendencies translate into the learning process, they have devastating effect.
Josh’s idea of making smaller circles is a great way to decide how to live, what to read, and how to invest sensibly.
Making Smaller Circles – Reading Take reading for instance. With so much literature around, and so much getting published day after day, it often gets challenging for most of us to decide on what to read. The breadth of what is to be read is huge, and is just getting bigger by the day.
Given this, as Josh writes, we have become like the “tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.”
The way out of this is to differentiate between reading that is enduring (durable – learning that has lasted a lifetime) and one that is ephemeral (fleeting – mostly information), like I’ve done in this chart below…
[Click here to open a larger image] …and then focus on stuff that is enduring. That’s choosing depth over breadth. That’s making smaller circles. And that’s exactly what I have been doing since the start of 2017 i.e., focusing 90% of my reading time on re-reading the super-texts (depth) and only 10% on others (breadth).
Here, I also take lessons from Seneca, a Roman Stoic philosopher who lived during 4 BC – AD 65. During the last two years of his life, Seneca spent his time in travelling, composing essays on natural history and in correspondence with his friend Lucilius. In these letters, 124 of which are available, he covered a wide variety of topics, including true and false friendship, sharing knowledge, old age, retirement, and death.
Coming to the topic of this post, here is what Seneca wrote in his second letter to Lucilius – On Discursiveness in Reading – which I am posting as it is here, and which contains the answer to the dilemma most of us face on what to read as investors (by the way, ‘discursiveness’ means moving from topic to topic without order) –
The primary indication, to my thinking, of a well-ordered mind is a man’s ability to remain in one place and linger in his own company.
Be careful, however, lest this reading of many authors and books of every sort may tend to make you discursive and unsteady. You must linger among a limited number of master thinkers, and digest their works, if you would derive ideas which shall win firm hold in your mind. Everywhere means nowhere.
When a person spends all his time in foreign travel, he ends by having many acquaintances, but no friends. And the same thing must hold true of men who seek intimate acquaintance with no single author, but visit them all in a hasty and hurried manner.
Food does no good and is not assimilated into the body if it leaves the stomach as soon as it is eaten; nothing hinders a cure so much as frequent change of medicine; no wound will heal when one salve is tried after another; a plant which is often moved can never grow strong. There is nothing so efficacious that it can be helpful while it is being shifted about. And in reading of many books is distraction.
Accordingly, since you cannot read all the books which you may possess, it is enough to possess only as many books as you can read.
“But,” you reply, “I wish to dip first into one book and then into another.” I tell you that it is the sign of an overnice appetite to toy with many dishes; for when they are manifold and varied, they cloy but do not nourish. So you should always read standard authors; and when you crave a change, fall back upon those whom you read before. Each day acquire something that will fortify you against poverty, against death, indeed against other misfortunes as well; and after you have run over many thoughts, select one to be thoroughly digested that day.
This is my own custom; from the many things which I have read, I claim some one part for myself.
Now, as I was reading Seneca’s letter, I was reminded of what Sherlock Holmes told his accomplice Watson in A Study in Scarlet –
I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it.
Holmes added…
Now the skillful workman is very careful indeed as to what he takes into his brain-attic. he will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.
As years have passed, I have turned from trying my hands at speed reading – acting like Holmes’ fool who takes in all the lumber of every sort that he comes across – to slow, thoughtful reading and re-reading.
I do not read more than 1-2 books a month now, and that I find is a gradual enough pace that helps me assimilate the ideas I read in a better manner. As a wise man said, slow reading is not so much about unleashing the reader’s creativity, as uncovering the author’s.
Often it’s the same old books – the super texts – that I refer to again and again…for each time I go through them, I get a few new and brilliant insights that missed my eyes in the previous readings.
Making Smaller Circles – Investing To reiterate, the concept of making smaller circles, as outlined in Josh’s book, stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
When it comes to investing, this concept applies in the way that you must do just a few small things right to create wealth for yourself over the long run. Pat Dorsey, in his wonderful book – The Five Rules for Successful Stock Investing – summarizes these few things into, well, just five rules –
Do your homework – engage in the fundamental bottom-up analysis that has been the hallmark of most successful investors, but that has been less profitable the last few risk-on-risk-off-years.
Find economic moats – unravel the sustainable competitive advantages that hinder competitors to catch up and force a reversal to the mean of the wonderful business.
Have a margin of safety – to have the discipline to only buy the great company if its stock sells for less than its estimated worth.
Hold for the long haul – minimize trading costs and taxes and instead have the money to compound over time. And yet…
Know when to sell – if you have made a mistake in the estimation of value (and there is no margin of safety), if fundamentals deteriorate so that value is less than you estimated (no margin of safety), the stock rises above its intrinsic value (no margin of safety) or you have found a stock with a larger margin of safety.
If you can put all your efforts into mastering just these five rules, you don’t need to do anything fancy to get successful in your stock market investing. Of course, even as these rules sound simple, they require tremendous hard work and dedication. As Warren Buffett says – “Investing is simple but not easy.” And then, as Charlie Munger says, “Take a simple idea but take it seriously.”
You just need a simple idea. You just need to draw a few small circles. And then you put all your focus and energies there. That’s all you need to succeed in your pursuit of becoming a good learner, and a good investor.
I believe that the process of working on the basics (the small circles) of learning or investing over and over again leads to a very clear understanding of them. We eventually integrate the principles into our subconscious mind. And this helps us to draw on them naturally and quickly without conscious thoughts getting in the way. This deeply ingrained knowledge base can serve as a meaningful springboard for more advanced learning and action in these respective fields.
Josh writes in his book –
Depth beats breadth any day of the week, because it opens a channel for the intangible, unconscious, creative components of our hidden potential.
The most sophisticated techniques tend to have their foundation in the simplest of principles, like we saw in cases of reading and investing above. The key is to make smaller circles.
Start with the widest circle, then edit, edit, edit ruthlessly, until you have its essence.
I have seen the benefits of practicing this philosophy in my learning and investing endeavors. I’m sure you will realize the benefits too, only if you try it out.
Value Investing Workshop in Bangalore and Pune – Registrations are now open for our Value Investing Workshop in Bangalore (23rd July, Sunday) and Pune (6th August, Sunday). Click here to register and claim an early bird discount.
The post Small Circles: The Theory of Mastery in the Art of Learning and Investing appeared first on Safal Niveshak.
Small Circles: The Theory of Mastery in the Art of Learning and Investing published first on http://ift.tt/2sCRXMW
0 notes
Text
Small Circles: The Theory of Mastery in the Art of Learning and Investing
One of the best books on the art of learning I’ve read is, well, The Art of Learning by Josh Waitzkin.
Josh is a champion in two distinct sports – chess and martial arts. He is an eight-time US national chess champion, thirteen-time Tai Chi Chuan push hands national champion, and two-time Tai Chi Chuan push hands world champion.
In his book, Josh recounts his experiences and shares his insights and approaches on how you can learn and excel in your own life’s passion, using examples from his personal life. Through stories of martial arts wars and tense chess face-offs, Josh reveals the inner workings of his everyday methods, cultivating the most powerful techniques in any field, and mastering the psychology of peak performance.
One of my favourite chapters from Josh’s book is titled – Making Smaller Circles – which stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
Josh starts this chapter with the story of the protagonist in Robert Pirsig’s book Zen and the Art of Motorcycle Maintenance. This man is Phaedrus, a teacher, who in this particular scene is reaching out to his student who is all jammed up when given the assignment to write a five-hundred-word story about her town, Bozeman.
Here is that scene straight from Pirsig’s book –
…a girl with strong-lensed glasses, wanted to write a five-hundred-word essay about the United States. He … suggested without disparagement that she narrow it down to just Bozeman.
When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say. He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.
It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.
She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.
He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.
He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”
Her eyes, behind the thick-lensed glasses, opened wide.
She came in the next class with a puzzled look and handed him a five-thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana.
“I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”
The key lesson from this scene, as Josh writes in his book, is that depth scores over breadth when it comes to learning anything. As he writes (emphasis is mine) –
The learning principle is to plunge into the detailed mystery of the micro in order to understand what makes the macro tick. Our obstacle is that we live in an attention-deficit culture. We are bombarded with more and more information on television, radio, cell phones, video games, the Internet. The constant supply of stimulus has the potential to turn us into addicts, always hungering for something new and prefabricated to keep us entertained. When nothing exciting is going on, we might get bored, distracted, separated from the moment. So we look for new entertainment, surf channels, flip through magazines.
If caught in these rhythms, we are like tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.
When these societally induced tendencies translate into the learning process, they have devastating effect.
Josh’s idea of making smaller circles is a great way to decide how to live, what to read, and how to invest sensibly.
Making Smaller Circles – Reading Take reading for instance. With so much literature around, and so much getting published day after day, it often gets challenging for most of us to decide on what to read. The breadth of what is to be read is huge, and is just getting bigger by the day.
Given this, as Josh writes, we have become like the “tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.”
The way out of this is to differentiate between reading that is enduring (durable – learning that has lasted a lifetime) and one that is ephemeral (fleeting – mostly information), like I’ve done in this chart below…
[Click here to open a larger image] …and then focus on stuff that is enduring. That’s choosing depth over breadth. That’s making smaller circles. And that’s exactly what I have been doing since the start of 2017 i.e., focusing 90% of my reading time on re-reading the super-texts (depth) and only 10% on others (breadth).
Here, I also take lessons from Seneca, a Roman Stoic philosopher who lived during 4 BC – AD 65. During the last two years of his life, Seneca spent his time in travelling, composing essays on natural history and in correspondence with his friend Lucilius. In these letters, 124 of which are available, he covered a wide variety of topics, including true and false friendship, sharing knowledge, old age, retirement, and death.
Coming to the topic of this post, here is what Seneca wrote in his second letter to Lucilius – On Discursiveness in Reading – which I am posting as it is here, and which contains the answer to the dilemma most of us face on what to read as investors (by the way, ‘discursiveness’ means moving from topic to topic without order) –
The primary indication, to my thinking, of a well-ordered mind is a man’s ability to remain in one place and linger in his own company.
Be careful, however, lest this reading of many authors and books of every sort may tend to make you discursive and unsteady. You must linger among a limited number of master thinkers, and digest their works, if you would derive ideas which shall win firm hold in your mind. Everywhere means nowhere.
When a person spends all his time in foreign travel, he ends by having many acquaintances, but no friends. And the same thing must hold true of men who seek intimate acquaintance with no single author, but visit them all in a hasty and hurried manner.
Food does no good and is not assimilated into the body if it leaves the stomach as soon as it is eaten; nothing hinders a cure so much as frequent change of medicine; no wound will heal when one salve is tried after another; a plant which is often moved can never grow strong. There is nothing so efficacious that it can be helpful while it is being shifted about. And in reading of many books is distraction.
Accordingly, since you cannot read all the books which you may possess, it is enough to possess only as many books as you can read.
“But,” you reply, “I wish to dip first into one book and then into another.” I tell you that it is the sign of an overnice appetite to toy with many dishes; for when they are manifold and varied, they cloy but do not nourish. So you should always read standard authors; and when you crave a change, fall back upon those whom you read before. Each day acquire something that will fortify you against poverty, against death, indeed against other misfortunes as well; and after you have run over many thoughts, select one to be thoroughly digested that day.
This is my own custom; from the many things which I have read, I claim some one part for myself.
Now, as I was reading Seneca’s letter, I was reminded of what Sherlock Holmes told his accomplice Watson in A Study in Scarlet –
I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it.
Holmes added…
Now the skillful workman is very careful indeed as to what he takes into his brain-attic. he will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.
As years have passed, I have turned from trying my hands at speed reading – acting like Holmes’ fool who takes in all the lumber of every sort that he comes across – to slow, thoughtful reading and re-reading.
I do not read more than 1-2 books a month now, and that I find is a gradual enough pace that helps me assimilate the ideas I read in a better manner. As a wise man said, slow reading is not so much about unleashing the reader’s creativity, as uncovering the author’s.
Often it’s the same old books – the super texts – that I refer to again and again…for each time I go through them, I get a few new and brilliant insights that missed my eyes in the previous readings.
Making Smaller Circles – Investing To reiterate, the concept of making smaller circles, as outlined in Josh’s book, stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
When it comes to investing, this concept applies in the way that you must do just a few small things right to create wealth for yourself over the long run. Pat Dorsey, in his wonderful book – The Five Rules for Successful Stock Investing – summarizes these few things into, well, just five rules –
Do your homework – engage in the fundamental bottom-up analysis that has been the hallmark of most successful investors, but that has been less profitable the last few risk-on-risk-off-years.
Find economic moats – unravel the sustainable competitive advantages that hinder competitors to catch up and force a reversal to the mean of the wonderful business.
Have a margin of safety – to have the discipline to only buy the great company if its stock sells for less than its estimated worth.
Hold for the long haul – minimize trading costs and taxes and instead have the money to compound over time. And yet…
Know when to sell – if you have made a mistake in the estimation of value (and there is no margin of safety), if fundamentals deteriorate so that value is less than you estimated (no margin of safety), the stock rises above its intrinsic value (no margin of safety) or you have found a stock with a larger margin of safety.
If you can put all your efforts into mastering just these five rules, you don’t need to do anything fancy to get successful in your stock market investing. Of course, even as these rules sound simple, they require tremendous hard work and dedication. As Warren Buffett says – “Investing is simple but not easy.” And then, as Charlie Munger says, “Take a simple idea but take it seriously.”
You just need a simple idea. You just need to draw a few small circles. And then you put all your focus and energies there. That’s all you need to succeed in your pursuit of becoming a good learner, and a good investor.
I believe that the process of working on the basics (the small circles) of learning or investing over and over again leads to a very clear understanding of them. We eventually integrate the principles into our subconscious mind. And this helps us to draw on them naturally and quickly without conscious thoughts getting in the way. This deeply ingrained knowledge base can serve as a meaningful springboard for more advanced learning and action in these respective fields.
Josh writes in his book –
Depth beats breadth any day of the week, because it opens a channel for the intangible, unconscious, creative components of our hidden potential.
The most sophisticated techniques tend to have their foundation in the simplest of principles, like we saw in cases of reading and investing above. The key is to make smaller circles.
Start with the widest circle, then edit, edit, edit ruthlessly, until you have its essence.
I have seen the benefits of practicing this philosophy in my learning and investing endeavors. I’m sure you will realize the benefits too, only if you try it out.
Value Investing Workshop in Bangalore and Pune – Registrations are now open for our Value Investing Workshop in Bangalore (23rd July, Sunday) and Pune (6th August, Sunday). Click here to register and claim an early bird discount.
The post Small Circles: The Theory of Mastery in the Art of Learning and Investing appeared first on Safal Niveshak.
Small Circles: The Theory of Mastery in the Art of Learning and Investing published first on http://ift.tt/2ljLF4B
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Small Circles: The Theory of Mastery in the Art of Learning and Investing
One of the best books on the art of learning I’ve read is, well, The Art of Learning by Josh Waitzkin.
Josh is a champion in two distinct sports – chess and martial arts. He is an eight-time US national chess champion, thirteen-time Tai Chi Chuan push hands national champion, and two-time Tai Chi Chuan push hands world champion.
In his book, Josh recounts his experiences and shares his insights and approaches on how you can learn and excel in your own life’s passion, using examples from his personal life. Through stories of martial arts wars and tense chess face-offs, Josh reveals the inner workings of his everyday methods, cultivating the most powerful techniques in any field, and mastering the psychology of peak performance.
One of my favourite chapters from Josh’s book is titled – Making Smaller Circles – which stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
Josh starts this chapter with the story of the protagonist in Robert Pirsig’s book Zen and the Art of Motorcycle Maintenance. This man is Phaedrus, a teacher, who in this particular scene is reaching out to his student who is all jammed up when given the assignment to write a five-hundred-word story about her town, Bozeman.
Here is that scene straight from Pirsig’s book –
…a girl with strong-lensed glasses, wanted to write a five-hundred-word essay about the United States. He … suggested without disparagement that she narrow it down to just Bozeman.
When the paper came due she didn’t have it and was quite upset. She had tried and tried but she just couldn’t think of anything to say. He had already discussed her with her previous instructors and they’d confirmed his impressions of her. She was very serious, disciplined and hardworking, but extremely dull. Not a spark of creativity in her anywhere. Her eyes, behind the thick-lensed glasses, were the eyes of a drudge. She wasn’t bluffing him, she really couldn’t think of anything to say, and was upset by her inability to do as she was told.
It just stumped him. Now he couldn’t think of anything to say. A silence occurred, and then a peculiar answer: “Narrow it down to the main street of Bozeman.” It was a stroke of insight.
She nodded dutifully and went out. But just before her next class she came back in real distress, tears this time, distress that had obviously been there for a long time. She still couldn’t think of anything to say, and couldn’t understand why, if she couldn’t think of anything about all of Bozeman, she should be able to think of something about just one street.
He was furious. “You’re not looking!” he said. A memory came back of his own dismissal from the University for having too much to say. For every fact there is an infinity of hypotheses. The more you look the more you see. She really wasn’t looking and yet somehow didn’t understand this.
He told her angrily, “Narrow it down to the front of one building on the main street of Bozeman. The Opera House. Start with the upper left-hand brick.”
Her eyes, behind the thick-lensed glasses, opened wide.
She came in the next class with a puzzled look and handed him a five-thousand-word essay on the front of the Opera House on the main street of Bozeman, Montana.
“I sat in the hamburger stand across the street,” she said, “and started writing about the first brick, and the second brick, and then by the third brick it all started to come and I couldn’t stop. They thought I was crazy, and they kept kidding me, but here it all is. I don’t understand it.”
The key lesson from this scene, as Josh writes in his book, is that depth scores over breadth when it comes to learning anything. As he writes (emphasis is mine) –
The learning principle is to plunge into the detailed mystery of the micro in order to understand what makes the macro tick. Our obstacle is that we live in an attention-deficit culture. We are bombarded with more and more information on television, radio, cell phones, video games, the Internet. The constant supply of stimulus has the potential to turn us into addicts, always hungering for something new and prefabricated to keep us entertained. When nothing exciting is going on, we might get bored, distracted, separated from the moment. So we look for new entertainment, surf channels, flip through magazines.
If caught in these rhythms, we are like tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.
When these societally induced tendencies translate into the learning process, they have devastating effect.
Josh’s idea of making smaller circles is a great way to decide how to live, what to read, and how to invest sensibly.
Making Smaller Circles – Reading Take reading for instance. With so much literature around, and so much getting published day after day, it often gets challenging for most of us to decide on what to read. The breadth of what is to be read is huge, and is just getting bigger by the day.
Given this, as Josh writes, we have become like the “tiny current-bound surface fish, floating along a two-dimensional world without any sense for the gorgeous abyss below.”
The way out of this is to differentiate between reading that is enduring (durable – learning that has lasted a lifetime) and one that is ephemeral (fleeting – mostly information), like I’ve done in this chart below…
[Click here to open a larger image] …and then focus on stuff that is enduring. That’s choosing depth over breadth. That’s making smaller circles. And that’s exactly what I have been doing since the start of 2017 i.e., focusing 90% of my reading time on re-reading the super-texts (depth) and only 10% on others (breadth).
Here, I also take lessons from Seneca, a Roman Stoic philosopher who lived during 4 BC – AD 65. During the last two years of his life, Seneca spent his time in travelling, composing essays on natural history and in correspondence with his friend Lucilius. In these letters, 124 of which are available, he covered a wide variety of topics, including true and false friendship, sharing knowledge, old age, retirement, and death.
Coming to the topic of this post, here is what Seneca wrote in his second letter to Lucilius – On Discursiveness in Reading – which I am posting as it is here, and which contains the answer to the dilemma most of us face on what to read as investors (by the way, ‘discursiveness’ means moving from topic to topic without order) –
The primary indication, to my thinking, of a well-ordered mind is a man’s ability to remain in one place and linger in his own company.
Be careful, however, lest this reading of many authors and books of every sort may tend to make you discursive and unsteady. You must linger among a limited number of master thinkers, and digest their works, if you would derive ideas which shall win firm hold in your mind. Everywhere means nowhere.
When a person spends all his time in foreign travel, he ends by having many acquaintances, but no friends. And the same thing must hold true of men who seek intimate acquaintance with no single author, but visit them all in a hasty and hurried manner.
Food does no good and is not assimilated into the body if it leaves the stomach as soon as it is eaten; nothing hinders a cure so much as frequent change of medicine; no wound will heal when one salve is tried after another; a plant which is often moved can never grow strong. There is nothing so efficacious that it can be helpful while it is being shifted about. And in reading of many books is distraction.
Accordingly, since you cannot read all the books which you may possess, it is enough to possess only as many books as you can read.
“But,” you reply, “I wish to dip first into one book and then into another.” I tell you that it is the sign of an overnice appetite to toy with many dishes; for when they are manifold and varied, they cloy but do not nourish. So you should always read standard authors; and when you crave a change, fall back upon those whom you read before. Each day acquire something that will fortify you against poverty, against death, indeed against other misfortunes as well; and after you have run over many thoughts, select one to be thoroughly digested that day.
This is my own custom; from the many things which I have read, I claim some one part for myself.
Now, as I was reading Seneca’s letter, I was reminded of what Sherlock Holmes told his accomplice Watson in A Study in Scarlet –
I consider that a man’s brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it.
Holmes added…
Now the skillful workman is very careful indeed as to what he takes into his brain-attic. he will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.
As years have passed, I have turned from trying my hands at speed reading – acting like Holmes’ fool who takes in all the lumber of every sort that he comes across – to slow, thoughtful reading and re-reading.
I do not read more than 1-2 books a month now, and that I find is a gradual enough pace that helps me assimilate the ideas I read in a better manner. As a wise man said, slow reading is not so much about unleashing the reader’s creativity, as uncovering the author’s.
Often it’s the same old books – the super texts – that I refer to again and again…for each time I go through them, I get a few new and brilliant insights that missed my eyes in the previous readings.
Making Smaller Circles – Investing To reiterate, the concept of making smaller circles, as outlined in Josh’s book, stresses on the fact that it’s rarely a mysterious technique that drives us to the top, but rather a profound mastery of what may well be a basic skillset.
When it comes to investing, this concept applies in the way that you must do just a few small things right to create wealth for yourself over the long run. Pat Dorsey, in his wonderful book – The Five Rules for Successful Stock Investing – summarizes these few things into, well, just five rules –
Do your homework – engage in the fundamental bottom-up analysis that has been the hallmark of most successful investors, but that has been less profitable the last few risk-on-risk-off-years.
Find economic moats – unravel the sustainable competitive advantages that hinder competitors to catch up and force a reversal to the mean of the wonderful business.
Have a margin of safety – to have the discipline to only buy the great company if its stock sells for less than its estimated worth.
Hold for the long haul – minimize trading costs and taxes and instead have the money to compound over time. And yet…
Know when to sell – if you have made a mistake in the estimation of value (and there is no margin of safety), if fundamentals deteriorate so that value is less than you estimated (no margin of safety), the stock rises above its intrinsic value (no margin of safety) or you have found a stock with a larger margin of safety.
If you can put all your efforts into mastering just these five rules, you don’t need to do anything fancy to get successful in your stock market investing. Of course, even as these rules sound simple, they require tremendous hard work and dedication. As Warren Buffett says – “Investing is simple but not easy.” And then, as Charlie Munger says, “Take a simple idea but take it seriously.”
You just need a simple idea. You just need to draw a few small circles. And then you put all your focus and energies there. That’s all you need to succeed in your pursuit of becoming a good learner, and a good investor.
I believe that the process of working on the basics (the small circles) of learning or investing over and over again leads to a very clear understanding of them. We eventually integrate the principles into our subconscious mind. And this helps us to draw on them naturally and quickly without conscious thoughts getting in the way. This deeply ingrained knowledge base can serve as a meaningful springboard for more advanced learning and action in these respective fields.
Josh writes in his book –
Depth beats breadth any day of the week, because it opens a channel for the intangible, unconscious, creative components of our hidden potential.
The most sophisticated techniques tend to have their foundation in the simplest of principles, like we saw in cases of reading and investing above. The key is to make smaller circles.
Start with the widest circle, then edit, edit, edit ruthlessly, until you have its essence.
I have seen the benefits of practicing this philosophy in my learning and investing endeavors. I’m sure you will realize the benefits too, only if you try it out.
Value Investing Workshop in Bangalore and Pune – Registrations are now open for our Value Investing Workshop in Bangalore (23rd July, Sunday) and Pune (6th August, Sunday). Click here to register and claim an early bird discount.
The post Small Circles: The Theory of Mastery in the Art of Learning and Investing appeared first on Safal Niveshak.
Small Circles: The Theory of Mastery in the Art of Learning and Investing published first on http://ift.tt/2sCRXMW
0 notes