Reality Catches Up
Collaborative Fund
An asset you don’t deserve can quickly become a liability. Maybe your portfolio surged during a bubble, your company hit a monster valuation, or you negotiated a salary that exceeds your ability. It feels great at the time. But reality eventually catches up, and demands repayment in equal proportion to your delusions – plus interest.
Charlie Munger tells a story about his dog – “a lovely, harmless dog. The one way to get that dog to bite you was to try and take something out of its mouth after it was already there.
Bill Gates had it right when he said success is a lousy teacher, because it makes you forget how the world works. That’s especially true when all you focus on is the “success” – the higher stock prices, the higher valuations, the more social media followers – and not the earned work that goes into building enduring success.
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