This chapter discusses the importance of diversification in investing. It highlights how diversification can reduce risk and lead to better returns, and explores the struggle of finding uncorrelated investments. It also delves into private alternative investments like private equity, credit, and real estate as solutions.
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For the past 40+ years, Tony Robbins has been known worldwide as one of the most impactful business and life coaches in the world. He’s hosted millions of people at his events, written 6 international best-selling books, he’s involved in more than 100 businesses that have done more than 7 billion dollars in revenue, and as part of his work with Feeding America, Tony has provided more than 850 million meals to those in need. He’s personally coached President Bill Clinton, Serena Williams, Connor McGregor, Marc Benioff, Usher, the Golden State Warriors, and many others.
Notes:
- The advice Tony received from Jim Rohn. "Your job is to become more valuable. We are all equal as souls, but not equal in the marketplace."
- “If you want things to get better, you’ve got to get better.”
- Commonalities among leaders who sustain excellence: They find something they care about more than themselves, they have a hunger for it, and they work amazingly hard at it. “You’re rewarded in public for what you practice in private.” Steph Curry has taken far more practice shots than game ones. He’s rewarded in public for what he does in private.
- How to build confidence: Preparation creates certainty.
- “Whatever you hold in your mind on a consistent basis is exactly what you will experience in your life.” The essence of building confidence is this: If you go into a situation knowing that you can handle it – whatever it is – then that's exactly what you'll do.
- “A belief is a poor substitute for an experience.” You might believe it’s something you’re going to love, but you don’t fully know until you do it. Get in the arena and do it. See what it’s like. That’s when you’ll learn.
- Tony learned NLP from John Grinder (founder of NLP). Neuro-Linguistic Programming. is an approach to communication, personal development, and psychotherapy, that first appeared in Richard Bandler and John Grinder's 1975 book The Structure of Magic I. NLP asserts that there is a connection between neurological processes, language, and acquired behavioral patterns, and that these can be changed to achieve specific goals in life.
- “The path to success is to take massive, determined action.”
- “Any time you sincerely want to make a change, the first thing you must do is to raise your standards.”
- “The power of positive thinking is the ability to generate a feeling of certainty in yourself when nothing in the environment supports you.”
- "The reasonable man adapts himself to the world: the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man."― George Bernard Shaw
- Tony interviewed a dozen of the world’s most successful investors in private equity, private credit, private real estate, and venture capital. He wanted to learn everything he could about the private markets and investing.
- Ray Dalio - Apply diversification across 8-12 uncorrelated investments.
