Admiral Stockdale's story about POWs in Vietnam highlights the importance of being a rational optimist, who balances optimism with a realistic view of the situation. This concept is exemplified by Bill Gates, who combined bold vision with conservative business management to achieve success. The key is to understand when to be optimistic and when to be pessimistic, and how to navigate both perspectives effectively for long-term success.
Morgan Housel is a partner at The Collaborative Fund, an investor and an author.
The world continues to change, but the hairless apes that inhabit it stay the same. So there must be some laws of human psychology which remain true, no matter what time and place you're in, and today we get to go through some of the most fascinating ones.
Expect to learn what reasonable optimism looks like, the difference between overnight tragedies and long term miracles, what we can learn by the divorces of the richest men on the planet, how people become victims of perfection, why most competitive advantages eventually die and much more...
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