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”
“I can live well alone!” is not correct. If I live alone, I can survive to some extent, but ultimately, it is hard to survive, and “living well” is even more challenging. This is because the economic principle is established not by ‘alone’ but by ‘many people.’ If I live well, it means that someone has become poor because of me or is living well with me. The fact that through value exchange , or transaction, we can meet each other’s needs and store the surplus from that production is both true and real. Trading is not done in isolation. - Joseph’s “just my thoughts”