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”
The philosopher Aristotle stated, “ We are what we repeatedly do . Excellence, then, is not an act, but a habit .” If the repetition of an action is a ‘habit,’ then this ‘habit’ emphasizes the connection between the actions. For instance, if you consistently drink coffee after a meal, it suggests that the preceding ‘meal’ holds more significance than the coffee. In contrast, the connection of coffee following that meal is essential. Even if you cannot drink coffee, you can survive; however, if you cannot eat, your survival is at risk. Meals are important, and they take precedence over coffee. In other words, for an action to be repeated, the persistence and repeatability vary based on the priority of the actions that occur before and after the habit. - Joseph’s “just my thoughts”