I am on a holiday trip to India and was excited to get my hands on books that have been seeking my attention for a very long time. I started with Fred Schwed’s book and consumed it all in less than 48 hours. It was written in 1940 but is as timely for today’s multiple digital revolutions, as it was for the Great Depression of 1929 that has been referred across the book. It was humorous and I have smileys drawn almost on all pages.
Most importantly, it would prick your ego quite a bit, in case you have huge regard for your intelligence in the world of future gazing. In summary, it was a delight and I would highly recommend it to anyone keen on getting a twisted but bitter truth of the Investment Advisory Business globally.
Since I am not writing a piece while on my trip here, I will take the liberty to share with you a few funny quotes from the book itself -
“As a science, I should say that chart reading shares a pedestal with astrology; but most chart readers are educated men and have too much mental discipline to take astrology seriously.”
― Fred Schwed Jr.,“There are certain things that cannot be adequately explained to a virgin either by words or pictures. Nor can any description that I might offer here even approximate what it feels like to lose a real chunk of money that you used to own.”
― Fred Schwed Jr.,“The indignation school of writers never tires of pointing out the millions that are stolen in the Street. But while the millions are being stolen, the billions are being lost. Nothing crooked—just bad luck and bad brains met together in an effort to do something that couldn’t be done in the first place.”
― Fred Schwed Jr.“Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.”
― Fred Schwed Jr.
These quotes would give you a sense of sarcasm that runs through the book. It’s wise in its meaning and potent in its sting. You might need to read them twice to feel the punch hidden between the lines. I still can’t stop smiling when I think about the book I just finished :)
Recommendations for the week #
I have recently signed up for a course called ‘Building a Mountain of Levers’ by Eric Jorgensen and I have been pleasantly surprised with the material that we are getting to learn. It basically covers tools, routines, and habits that can create 10X impact in terms of productivity, performance, and quality of life. Provided herein is a snippet of 50 levers many of the participants have been able to create in their first few weeks in the course.
Paul Graham is one of the most insightful writers in Silicon Valley and also the founder of a very influential start-up accelerator - Y Combinator. His Beyond Smart piece came out in October and will make you think about Intelligence and Creativity from a different lens. In case you aspire to be a founder or a Private Equity Investor, then this write-up will come in very handy as a starting point.
Wang Huning Story is a wake-up call for anyone who thinks that one person can’t create much impact. This piece is about the influence of one man on the politics of China and it’s a very well-written article on what ideology shapes the 2nd biggest economy of the world.
Ted Talk - This was a light and funny TED talk from Mr. Stephen Duneier, an ex-Hedge Fund Manager who landed up winning the Guinness record for the world’s largest crochet. Yes, you read it right. You gotta watch this video to understand what it takes to achieve milestones and set world records.
Happy Diwali in advance to all my Indian readers. And to everyone else, stay safe and keep the hustle on 👍🏻