#186 Tom Gayner: Invest Like The Best
The Knowledge Project with Shane Parrish
Always leave yourself options
Consistently getting better results often comes from mastering circumstances and having good options at all times, ensuring that almost any choice made is a net positive. Avoid being in situations where circumstances force decisions with limited sets of options, leading to negative outcomes. To design for optionality to the upside and minimize downside, prioritize avoiding limited options by making daily decisions that maintain flexibility and avoiding high leverage which can lead to difficult decisions with few alternatives.
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