(ROAD TO RICHES) I’ve been working hard on this for 14 years now. Does it mean that the simple Math should be; that some projects work and some don’t?
Maybe, I have no reason to belabor (strike, knock, lay blows upon) any of these. Only to just get on with the next project.

Tails (The tiny things that bring the bigger changes). The great art dealers have the tendency to buy everything they could. And they bought in portfolios, not really individual pieces they do like most.

Then they sat and waited for a few winners to emerge. So many things in business and investing work this way. Long tails — the farthest end of a distribution of outcomes that commands tremendous influence in finance, where a small number of events can account for the majority of outcomes.

Then let us use the case study of Walt Disney the animator to depict the reality of how buying everything is a road to riches.
At the early stage, Disney’s first studio went —– bankrupt.

This is for the fact that his films were monstrously expensive to produce. Still, in the 1930s, Disney had produced more than 400 cartons (Producing all kinds of films without producing only the ones he liked. Which is like BUYING EVERYTHING). In which most were short and most were beloved by viewers, and most were not and lost a fortune.

But things could quickly change. The tiny things that bring the bigger changes. “Snow White and The Seven Dwarfs” one of his films changed everything.

This particular tiny work earned $8 million in the first six months of 1938. And it became an order of magnitude higher than anything the company earned previously.

This tiny change went ahead to transform Disney Studios. This is an indication that anything that is huge, profitable, famous, or influential is the result of a tail event; an outlaying one-in-thousands or millions event.

The mistake with we humans is that most of our attention goes to things that are huge, profitable, famous, or influential.

Not realizing that most of the things we pay attention to are the result of a tail, but I wouldn’t blame us because it’s easy to underestimate how rare and powerful the tails are.

Amazon is a typical example of a company that experimented with hundreds of products, from the fire Phone to Travel Agencies. In 2018, Amazon drove 6% of the S&P 500s returns.

And this growth is almost entirely due to Prime and Amazon Web Services, which are tail events in that company.

Do you know the true definition of a military genius? It is the man who can do the average thing when all those around him are going crazy. This is the same in investing.

You should be careful about most financial advice which is always about today. What you can do right now, and what stocks look like good buys today.

And you should know that most of the time today is not that important. Because over the course of your lifetime as an investor the decisions that you make today, tomorrow, or next week will not matter nearly as much as what you do during the small number of days.

Take note, dear friends, there are fields where you just be perfect every time.
For example, Flying an airplane. And there are fields where you want to be at least pretty good nearly all the time. This field could be attributed to restaurant chefs.

And the funny thing is that investing, business and finance are just not like these fields. The one major thing I learned from both investors and entrepreneurs is that no one makes good decisions all the time.

One more secret is that the most impressive people are packed full of horrendous ideas that are often acted upon. Paying special attention to a role model’s success will make us overlook that their gains came from a small percentage of their actions.

This kind of idea will definitely make our own failures, losses, and setbacks feel like we are doing something wrong.
But it’s not whether you are right or wrong that is important.

George Soros made it known in this format; ” You can be wrong half the time and still make a fortune.” Remember the Tails (Tiny things that make the biggest changes.)

So in everything you do, accumulate as much as you can because the neglected part of your work changes the most focused on work.

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