Rich like a snail, Part II 🐌 | Tackle Trading

≈ Featuring: Pearl Li ≈

Chesky to Bezos: “Jeff, what’s the best advice Warren Buffet ever gave you?”

Bezos: “[I asked Warren,] your investment thesis is so simple… you’re the second richest guy in the world, and it’s so simple. Why doesn’t everyone just copy you?”

Buffett: “Because nobody wants to get rich slow.”

November last year we’ve shared this dialog with our readers. This is an excerpt from a video where Airbnb CEO Brian Chesky shares the time he asked Jeff Bezos what’s the best advice Warren Buffett ever gave him. Our suggestion is: print it, frame it, hang it.

Today is Friday Feature and we again invited our #TeamTackle member Pearl Li to share her trading wisdom. Getting rich like a snail is the exact point she is making in her new article “Slow Down Your Life to Speed Up Your Wealth”.

The first thing a trader does, especially the new ones, is they look for strategies that fit their appetite for risk, couple them with their (disputable) ability to forecast price movements and then — like they’ve found the Holy Grail of wealthiness — , they go all-in in a heartbeat.

– “I trust my skills.”, they say.

And way they go, trading every strategy under the sun, trying to get rich like a Cheetah.

“We are so hardwired to think we must work hard, produce a lot of activities and act like we are so knowledgeable about the financial market to gain wealth. I can’t even begin to tell you how WRONG WE ALL ARE.”

Yes, Pearl, we are wrong.

Read: “Slow Down Your Life to Speed Up Your Wealth”

Chart of the Day: Lesson #5: Fame

This is a chart from 2008 but the content is timeless. It depicts the relationship of skills required for certain jobs and the amount of praise individuals receive from it. In your opinion, where traders should fit into?

(For 10 years, Dante Shepherd ran the “Surviving the World” project. CLICK HERE if you want to browse through the project’s archive)

Video of the day: What is Hedging

A hedge is a strategy to reduce the risk of adverse price movements in an asset. It can be used to minimize or offset the chance that your assets will lose value.

Originally published at tackletrading.com on March 23, 2019.