Investing means investing time, not people or assets. The object you invest in doesn’t generate money; time does. Failing to understand the role and principles of time in business and investment is a waste of energy. Because time is invisible, we often overlook it or fail to recognize its impact and role. This world is driven by probability. When dealing with probability, the first thing to consider is the invisible nature of time. Ignoring this fact leads to waste and inefficiency without us even realizing the damage. - Joseph’s “just my thoughts”
Let’s think about it this way. If you run a business and only make one transaction per day, chances are you won’t keep a record of those transactions because you can remember them. However, if there are hundreds of transactions in a year, or even in a single day, will you be able to remember all those transactions? A business makes a profit , but do you know how much you have earned or how much you’ve lost? After all, if we don’t keep the books, we can’t know the profit or loss. Those book records are called financial statements ( balance sheets ). You can do business without reading and understanding financial statements, but you’re just doing the hard-working, foolish thing without knowing the real content of the business. - Joseph’s “just my thoughts”