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”
The ice does not sink; it floats on the water. Water and ice, which are the same substance in different states, can be regarded as fundamentally the same material; yet, they have entirely different effects in practical applications. Many things in the world are the same yet different. Just as a cat likes mice but doesn’t love them, likes and loves are distinct concepts. We often overlook that these subtle differences can lead to significant results. - Joseph ’s “just my thoughts”