Most investors think risk-taking is the path to wealth. It isn't. Wealth is built by surviving long enough for compounding to work — and surviving means avoiding the risks that can knock you out of the game permanently. The goal isn't maximum return; it's maximum duration.
It is all a question of sensitiveness. Brute force and overbearing may make a terrific effect. But in the end, that which lives lives by delicate sensitiveness. If it were a question of brute force, not a single human baby would survive for a fortnight.
4w ago
The fly that doesn't want to be swatted is safest if it sits on the fly-swatter.
