The most important aspect of investing is managing risk. However, in most cases, risk management is interpreted and assessed in relation to past patterns. When asset prices fall, the perceived risk appears significant. That doesn’t imply there weren’t risks; investors simply didn’t recognize the risks that originally existed. The level of risk is almost identical whether the price of an asset goes up or down, but when prices decline, they tend to drop further because fear prevents us from purchasing more assets, leading us to retreat. It’s not that the risk has escalated. It is unwise to link risk with past patterns. There have been numerous exceptions in the world, and many beings on this planet have disappeared because they could not adapt. Did dinosaurs not become extinct on Earth? Exceptions are exceptions because they are unpredictable. - Joseph’s “just my thoughts”
Courage and brazenness , which ordinary humans often lack, are essential assets for beggars . Courage —especially the kind that others cannot easily afford —holds significant value. This value stems from the essence of courage itself rather than its rarity. We need brazenness when we owe others for a time, yet we must act for ourselves, even at the cost of feeling remorse . Thus, intangible assets like courage and brazenness can replace tangible assets such as cash. Let’s not despair over our lack of material possessions. This does not imply that we should be beggars ; rather, it suggests that there are many models in the world to follow . - Joseph’s “just my thoughts”