# Wealth, loser's game, and uncertainty


## https://www.empirical.net/wp-content/uploads/2012/06/the_losers_game.pdf

developed further by [Mauboussin](https://knowen.org/nodes/28451?path=1-24392-26068-26148-26241-28451) in his own writings [about alpha and skill](https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&source_id=em&document_id=805456950&serialid=LsvBuE4wt3XNGE0V%2B3ec251NK9soTQqcMVQ9q2QuF2I%3D)⏎
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- [Aaron Brown - better play poker than economics study](https://www.washingtonpost.com/business/want-to-succeed-on-wall-street-learn-poker-not-economics/2023/01/04/1ebf074a-8c28-11ed-b86a-2e3a77336b8e_story.html)

- [experiment with professional traders](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4310087)

https://www.cs.princeton.edu/courses/archive/spr04/cos444/papers/nagel95.pdf

## https://scholar.harvard.edu/files/danielgilbert/files/if-money-doesnt-make-you-happy.nov-12-20101.pdf

buy experiences
help others instead of yourself - earning (in capitalism) is asymmetric with spending?!
trend-following with experiences is better than predicting mentally

a quote - adaptation is little bit like death

## https://www.planetayurveda.com/traditional-books/the-psychology-of-money-by-morgan-housel.pdf

luck and risk
Never enough!
Freedom - to have time for fun and hobbies
Rich (what you see) versus wealthy (what you do not - paradox)
Reasonable > Rational ... how?

## [Geometry - to shape a life of wealth and meaning](https://www.amazon.co.uk/gp/product/0857196715/ref=ox_sc_saved_title_2?smid=A3AXTBIO0H5DID&psc=1&asin=0857196715&revisionId=&format=4&depth=1)

[adaptive simplicity - investor's paradox](https://static1.squarespace.com/static/56d2723560b5e9ac212f4318/t/5d770a11837e373cdfecd621/1568082450180/Investors+Paradox.pdf)

"good enough is just perfect sometimes" - satisficing (H. Simon, R. Sutherland)

- https://medium.com/@westofthesun/wealth-made-simple-72ed61fb2632

**4 C's - eudaimonia — human flourishing**
Connection
Control
Competence
Context

Winning the Loser’s Game, in which he argues **regret and mistake minimization are key**:

Protect — always think about risk first, seeking to avoid mistakes if possible, and to mitigate the consequences of those that inevitably occur
Match — keep your personal balance sheet, target individual financial goals (terminal and flow), match risk to time horizons
Reach — aspire for more, give back to others, fund hobbies and adventures

# Parents

* Financial Education