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”
Life can feel joyful when we have many close relationships, but this often gradually brings more anguish as well. Intimacy is also crucial to us, yet just as much as it is, “blatant ignorance” and a “healthy dose of distance” significantly influence our happiness. For instance, I can’t eat meat from a slaughtered cow that I have carefully nursed, but I am content eating the meat from a cow that I did not nurture. The fact that I have made money means my gains are a return for the damages of someone unknown to the economic system of this world, yet I can only be happy because I do not know adequately. Without blatant ignorance and a healthy dose of distance , our happiness deteriorates terribly. - Joseph’s “just my thoughts”