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 most reliable path to wealth in this world is having foresight. Among the characters of the Old Testament, Joseph exemplified this; initially sold as a slave in Egypt, he eventually ascended to become the imperial premier, elevated from a prisoner due to his ability to foresee events. Fourteen years later, his foresight again led to the nation’s prosperity. For anyone to gain this foresight, they must gather information, analyze it, and put in substantial effort. However, there’s a key condition: the knowledge of the future must be kept exclusive to oneself. Moreover, it’s not enough to simply know; one must believe in and act upon one’s insights. Thus, both the wealthy individual and the prophet share a critical trait. Essentially, wealth stems from a unique grasp and monopoly on the future. - Joseph’s “just my thoughts”