I've recently heard a phrase I like: fluidity of thought. The ability to quickly abandon previous ideas when the world changes or when people encounter new information. There is no doubt that mental fluidity is scarce. Changing one's mind is difficult because it is easier to trick oneself into believing a lie than admitting a mistake.
There was a time when Einstein hated claims of quantum physics.
His own theory of physics is based on classical Newtonian physics. Newtonian physics believes that the universe operates in a pure, rational, and accurately measurable way. Quantum theory, however, believes that parts of the physical world cannot be measured. Because measuring the behavior of subatomic particles itself changes the motion of objects. When trying to measure this part of the world, the best we can do is only use probability and possibility.
This was almost a heresy fallacy for Einstein, who also clearly let his quantum theory peers know his judgments and opinions.
In 1927, he told a group of physicists that “one cannot derive a theory from a large number of 'possibilities'” and that God “doesn't roll the dice”
His colleague was disappointed and said, “Einstein, how can you say that?” quantum physicist Paul Ellenfest said. He felt that this great physicist was as stubborn as those who once doubted Einstein's theory of relativity.
A group of quantum physicists won Nobel Prizes within five years, and the scientific community recognized their contributions and verified quantum theory.
What was not mentioned at the awards ceremony, however, was that the winning panel was nominated by Einstein himself.
“I believe this...

David Brooks distinguished the difference between “the merits mentioned in the life history” and the “merits mentioned in the eulogy”.
The merits mentioned in resumes are often income, position, and house size; the merits mentioned in eulogies often refer to being helpful, caring, honest, and being remembered.
But ironically, many people yearn for the latter, but focus all their energy on the former.
Excerpt from Morgan Housel Feb 2023

One of my university professors once worked for Adobe. He said that the engineers who created Photoshop didn't know how users would use every filter and tool detail in the software. They just tried to develop every imaginable way to manipulate image tools. And they believed artists and designers would discover the power of their creative tools.
Many things work this way: their value to the world is not entirely known or predicted by their creators.
Visa founder Dee Hock said, “A book is far more than just a part of what the author wrote; it includes everything you can imagine and add after reading it”
Writer James Patterson (James Patterson) said, “One of the best things about reading is that when you're not reading, you can always think of things that extend from the book.”
Mark Twain (Mark Twain) said it best, “Wagner's music is more intriguing than it sounds.”
Excerpt from Morgan Housel Feb 2023

Actor David Cassidy's last words are “I've wasted too much time in my life”
It's scary to realize it too late in life. As many of us spend all day aimlessly playing with our phones, this waste of time will become more common.
Regrets are dangerous liabilities because their final costs are often hidden for years or decades. Decisions that are easy to make in the short term tend to be more costly in the long run.
Daniel Kahneman (Daniel Kahneman) once said that to be a good investor, one important quality is an accurate perception of one's future regrets. If things aren't going as you'd expect, you need to understand and get the direction right.
Regret is the best definition of risk.
Risk isn't how much money you might lose. It's not even how you feel when you lose it—over time, many painful experiences become valuable lessons. The real risk is that you may regret it years or decades later.
Jeff Bezos (Jeff Bezos) once described his decision to launch an online bookstore, Amazon in the mid-1990s: “The framework that made the decision incredibly easy was how to minimize regret. Predict yourself to be 80, then look back on your life, and minimize your regrets. When you're 80, you don't regret trying to participate in this thing called the Internet; it's a very important thing when you're 80, you don't regret trying to participate in this thing called the Internet.”
“But I know the things I'll really regret are things like...

This basically dates back to 14th century Italy, when bankers did business and trade on a large bench. They called it a bench, but it looked more like a large table.
But for all intents and purposes, they'll sit on this bench. They have tables, and in Italy they basically sit on benches around tables. You can imagine places like Venice, where all these bankers sit in the yard and they do their banking business on this bench.
If the bankers are insolvent and they are unable to continue borrowing or making payments, then publicly state and leave in shame to let people know that he is insolvent and is unable to continue and be out of the game. That person left a half-bench is a public sign of bankruptcy.
The Italian phrase at the time was bancar rta. It meant a bad bench. It meant bankruptcy. This is where our word bankruptcy comes from.
Excerpt from Feb5 2023 Investor Amnesia Jamie Catherwood

Investing once won't make you rich;
only possible with continued investment;
Exercising once will not make you healthy;
It is only possible if you exercise relentlessly;
Reading it once won't make you smart;
It is only possible if you read consistently;
Persistent action is the key to getting everything you want.
Excerpted from Brian Feroldi Jan 31 2023