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”
People fall due to stubbornness rather than a lack of intelligence. However, that doesn’t mean we’ll succeed simply by letting go of stubbornness. Failure and success follow different formulas. These two subjects belong to different dimensions and involve distinct elements and processes. Still, baseless stubbornness is an issue worth considering. Because of this stubbornness, not only does one suffer, but others also experience harm. - Joseph’s “just my thoughts”