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”
It doesn’t make it sell well; it’s about choosing and focusing on what has sold well. You can expect it to sell well, but you can’t predict that it will sell well. Conversely, it’s much wiser to put it on the market to see if it genuinely sells well while holding your expectations, and then discard it if it doesn’t sell, focusing only on what does sell well and developing it further. Thoughts are crucial, but they don’t create any wealth. Market choices create wealth. Start small and try to manage your risk. Don’t gamble; instead, verify. - Joseph’s “just my thoughts”