A ‘transaction’ is an act of debt between parties. The seller owes goods to the buyer (performance debt), and the buyer owes money to the seller (monetary debt). A transaction is considered complete when the debt is settled and the promise to owe each other is called a ‘contract.’ Thus, a good trader or businessman excels at making and repaying debts. When it comes to debt, the type of debt matters. Anyone who misjudges this should not engage in business. - Joseph’s “just my thoughts”
A truly intelligent individual embraces new perspectives, information, ideas, contradictions, and challenges to existing beliefs. If you lack a foundational understanding despite having extensive knowledge, this knowledge may lead to misunderstandings or an inability to connect concepts, ultimately reinforcing stubbornness. As assumptions, facts, and circumstances evolve, it is prudent to adapt swiftly. This quality is known as “Intellectual Humility.” - Joseph’s “just my thoughts”