How To Make Better Decisions

Here is the link.

This must be a good video with content I should learn. I am new to those concepts in the video.

I like to write down the notes showing at 8:8/ 8:44 first.

The market for lemons Quality Uncertainty and the Market Mechanism  By George Akerlof

Adverse selection

Circle of competence

"I can look at a thousand different companies and I don't have to be right on every one of them, or even 50 of them. So I can pick the ball I want to hit. The trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot. And the people who are yelling 'swing, you bum.' Ignore them

  - Warren Buffett

Capitalism

Solves real problems <-> Peddes placebos

Game of luck -> Now a game of effort

Judgements passed   ->   Opinions formed
                                Asymmetry

1:37/ 8:44
Avoidance is expensive

3:24/ 8:44
1. Knowing what you know


4:25
2. Knowing what you do not know

video game for example,

6:00
3. Knowing how much you need to know

wisdom <-----------> wisdom required
How big is the gap between the two?

More than 70%                                              Less than 40%

pull the trigger                                               


7:32/ 8:44

The diet of the wise

Warren Buffett had to read reports, no internet age.

Nearly free -> Too lazy to read, too busy to think