Tag: Books

Book Notes – The Art of Thinking Clearly

The art of thinking clearly by Rolf Dobelli is one of the best books to sharpen the psychological side of decision making. I loved the book here are my notes

Use below biases as a checklist when making investment or other decisions

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It is much more common that we overestimate our knowledge than that we underestimate it. Similarly, the danger of losing something stimulates us much more than the prospect of making a similar gain.

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Why do we act so irrationally? Because the downside to such behaviour is not always apparent. In the financial markets, things are clear: a financial option on a security always costs something. There is no such thing as a free option,
… Read the rest

Book Notes – Quality investing : owning the best companies for the long term

This is one of the best books for both new and seasoned investors to get their hands on. I did an earlier post on this book, you can read it here

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Below are my full notes
Building Blocks to look for in a company for Quality Investing
  1. Capital Allocation
  2. Return on Capital
  3. Multiple Sources of Growth
  4. Good Management
  5. Industry Structure
  6. Customer Benefits
  7. Competitive Advantages
Established Patterns to look for in companies
  1. Recurring Revenue
  2. Friendly Middlemen
  3. Toll Roads
  4. Low Price – Plus
  5. Pricing power
  6. Brand Strength
  7. Innovation Dependence
  8. Forward Integrators
  9. Market Share gainers
  10. Global capabilities and leadership
  11. Corporate Culture
  12. Cost to Replicate
More info here – link
Learnings
“Yhprum’s Law ,”  This is opposite of Murphy’s law which means “Everything that
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Book Notes – The Art of Thinking Clearly

The Art of Thinking Clearly  – Better Thinking, Better Decisions
By: Rolf Dobelli

As a Premium Subscriber – Now you will have access to searchable and tagged “Notebook” for all book highlights I read, It will look like below once you open the link in a browser

In the scorecard > Look for a Tab “Books”

I recommend bookmarking and saving it as a notebook in Evernote. I am hoping to add 10-12 books after editing them by year-end 2020 and then ongoing 5-6 every year

Now for some insights from this fantastic book

Habits

Small actions, repeated over time, transform us.

Survivorship Bias

Survivorship bias means this: people systematically overestimate their chances of success.

In daily life, because triumph is made more visible than failure, you systematically overestimate your chances of succeeding

should you never put your hard-earned money at risk? Not necessarily. But you should recognise that the survivorship bias is at work, distorting the probability of success like cut glass.

Failed and small businesses do not enter the stock market, and yet these represent the majority of business ventures.

Nature Vs Nurture

The author attributes a lot to Nature

swimmer’s body illusion – As with the swimmers’ … Read the rest