“There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.” - Jesse Livermore The investor has both the privilege, and the danger, of ruling over their speculative domain with an iron fist. In this sense, you are a new king, tasked with deploying power, while also allowing liberty upon your territory. Too much power, and you are a tyrant. Too much liberty, and your ability to use power becomes frail. A king may spend time studying past empires, republics, economics, and law, but in times of war and revolt, the only decisions that will matter will be those made during tumultuous times, involving the emotions of people, and how much control you posses over their emotions and yours. Power keeps you king, and liberty keeps your people in acceptance of you being their king. This push and pull has both built, and collapsed, many nations, businesses, relationships, and portfolios. Prosperity, and your credit for creating it, slips away once it is seen as something of the past. You see, things in this world last until they don’t. Centuries of success turn into history at the hands of men who never read it, or worse, thought they were above the mistakes of others. The path to longevity is not through prosperity, but through a constant study of how prosperity ends, and why. A king should thus spend his time both wielding power and standing idle, while guarding against all known past fail points. This of which are internal, involving him, his people, and his domain. As well as those external, such as foreign adversaries and allies. If he does, success becomes inevitable, at least in his lifetime. It is this great weight of responsibility that the best investors were able to carry. Never allowing it to sway them in the direction of greed, and fear, power, and liberty. In a race of endurance, where complex systems like people and markets spin out rare rolls of the dice, what matters is staying power, and the way to hold power lies not in understanding the world, but in understanding the people living in the world.
Developing Dogma
Developing Dogma
Developing Dogma
“There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.” - Jesse Livermore The investor has both the privilege, and the danger, of ruling over their speculative domain with an iron fist. In this sense, you are a new king, tasked with deploying power, while also allowing liberty upon your territory. Too much power, and you are a tyrant. Too much liberty, and your ability to use power becomes frail. A king may spend time studying past empires, republics, economics, and law, but in times of war and revolt, the only decisions that will matter will be those made during tumultuous times, involving the emotions of people, and how much control you posses over their emotions and yours. Power keeps you king, and liberty keeps your people in acceptance of you being their king. This push and pull has both built, and collapsed, many nations, businesses, relationships, and portfolios. Prosperity, and your credit for creating it, slips away once it is seen as something of the past. You see, things in this world last until they don’t. Centuries of success turn into history at the hands of men who never read it, or worse, thought they were above the mistakes of others. The path to longevity is not through prosperity, but through a constant study of how prosperity ends, and why. A king should thus spend his time both wielding power and standing idle, while guarding against all known past fail points. This of which are internal, involving him, his people, and his domain. As well as those external, such as foreign adversaries and allies. If he does, success becomes inevitable, at least in his lifetime. It is this great weight of responsibility that the best investors were able to carry. Never allowing it to sway them in the direction of greed, and fear, power, and liberty. In a race of endurance, where complex systems like people and markets spin out rare rolls of the dice, what matters is staying power, and the way to hold power lies not in understanding the world, but in understanding the people living in the world.