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”
Success is not determined by how much or how little you try. Anyone can be successful, but not everyone can achieve success. Rather, success is like a test paper that proves what a successful person is. Success is the opportunity to see what a person is really like. It’s humbling to know that there are other factors to success besides hard work, but if you believe that effort is everything, your success will soon become a sharp knife that wounds others. No matter how hard you try, you can’t beat fortune. This is the lesson of history. - Joseph’s “just my thoughts”