There are two main drivers of asset class returns - inflation and growth.
I believe that the biggest problem that humanity faces is an ego sensitivity to finding out whether one is right or wrong and identifying what one's strengths and weaknesses are.
Nature is a machine. The family is a machine. The life cycle is like a machine.
Pull in your belt, spend less, and reduce debt.
I think that the first thing is you should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold.
I think so many people are reactive... they see things in a short term way they're right up against it.
Constantly probe the people who report to you, and encourage them to probe you.
He who lives by the crystal ball will eat shattered glass.
There is a strong tendency to get used to and accept very bad things that would be shocking if seen with fresh eyes.
I can be stressed, or tired, and I can go into a meditation and it all just flows off of me. I'll come out of it refreshed and centered and that's how I'll feel and it'll carry through the day.
In return, society rewards those who give it what it wants. That is why how much money people have earned is a rough measure of how much they gave society what it wanted.
Imagine if you had baseball cards that showed all the performance stats for your people: batting averages, home runs, errors, ERAs, win/loss records. You could see what they did well and poorly and call on the right people to play the right positions in a very transparent way.
Look at what caused people to make a lot of money and you will see that usually it is in proportion to their production of what the society wanted.
I don't get caught up in the moment.
A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.
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