Wealth, loser's game, and uncertainty
https://www.empirical.net/wp-content/uploads/2012/06/the_losers_game.pdf
developed further by Mauboussin in his own writings about alpha and skill
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
adaptive simplicity - investor's paradox
"good enough is just perfect sometimes" - satisficing (H. Simon, R. Sutherland)
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