
Don’t Think Like a Millionaire, Act Like a Billionaire - tortilla
http://ritholtz.com/2018/04/dont-think-like-millionaire-act-like-billionaire/
======
sharemywin
1\. Be Reality-based: Ray Dalio writes this explicitly in Principles; just
about every member of this group discussed discerning aspects of reality that
others have either missed or misunderstood. Howard Marks explains why you need
to not only understand reality, but take it to a second level. Failing to
understand the world as it is will prevent you from achieving success.

2\. Work Hard: No inherited wealth here – all of the billionaires were self-
made. They all discussed working long and hard, especially in the early days
of their careers. Many of them out-worked, out-hustled and out-smarted their
competitors to achieve their success.

3\. Focus on Process: None of this group were outcome focused – they are all
process oriented investors. Understanding probabilistic outcomes, learning
from errors, failing well – these were each repeated frequently by this group.

4\. Read widely: Another trait all of the group shared. They all read widely.
Not just finance related books, but a huge assortment of history, biography,
and philosophy. The billionaires all wanted to get smarter, learn more, and
have a deeper understanding of the world.

5\. Be Lucky: Of all the sentiments widely shared by this crew, the consistent
recognizing of the role of serendipity in their lives was perhaps the most
surprising to me. Every person mentioned in various ways how much random good
fortune had come their way. They also were prepared to capitalize on what
providence provided.

6\. Be humble: Success in the market requires humility. At times, it can be
humbling. But the humility of this group — despite all their success — was
another unexpected surprise.

~~~
sharemywin
Wonder how important each of these in the overall performance. Assuming each
is a scale 1 to 10. Would you need 10s for all of these or a few 8s or what.

