Walt Disney gained worldwide fame with the animated film ‘Steamboat Willie,’ but Disney’s first studio went bankrupt. By the mid-1930s, he had produced over 400 animations, most of which suffered heavy losses. In 1938, Snow White and the Seven Dwarfs made $8 million in just the first half—more than ten times the earnings of other films. Meanwhile, with this animation, the company paid overdue wages to its employees and recovered the losses it had sustained. An unusual event that changes everything is called a “tail event.” 40% of publicly listed companies in the U.S. stock market lose nearly all their market capitalization 10 years after going public. Business and investing, after all, are based on probabilities. No one knows what the “tail event” will be. Therefore, to succeed, you need to try small, steady, many times with little impact, even if you fail. - Joseph’s “just my thoughts”
Everything that is expressed and recorded externally, such as cell phones, computers, memos, books, and drawings, is an extension of the brain . Our brains aren’t just inside our bodies. This concept is important because extending the ego greatly influences how we see the world. We pay close attention to topics that involve us personally. Self-relevance is a key factor that drives our lives. Personal relationships and possessions get a lot of focus, while other areas seem less important. This is due to a feature of the human brain called ‘ selective cognition .’ As civilization advanced, humans delegated parts of the brain’s functions to machines. It was inevitable to make good use of these tools. We should take an interest in Homo Faber . - Joseph’s “just my thoughts”