There are two main drivers of asset class returns - inflation and growth.
From Ray Dalio
He who lives by the crystal ball will eat shattered glass.
Constantly probe the people who report to you, and encourage them to probe you.
I can be stressed, or tired, and I can go into a meditation and it all just flows off of me. I'll come out of it refreshed and centered and that's how I'll feel and it'll carry through the day.
I don't get caught up in the moment.
Imagine if you had baseball cards that showed all the performance stats for your people: batting averages, home runs, errors, ERAs, win/loss records. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way.
I think that the first thing is you should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.
I believe that the biggest problem that humanity faces is an ego sensitivity to finding out whether one is right or wrong and identifying what one's strengths and weaknesses are.
Nature is a machine. The family is a machine. The life cycle is like a machine.
In return, society rewards those who give it what it wants. That is why how much money people have earned is a rough measure of how much they gave society what it wanted.
4 perspectives
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