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”
A panopticon is a prison design inspired by British utilitarian Jeremy Bentham’s ideas. The most effective way to monitor prisoners is to create spaces where a few prison officers can observe many prisoners without being seen themselves. Control is not exercised by the prison officers but rather by the design of the space. A watchtower with tiny windows is situated in the center of the circular structure, allowing the interior of the prison to appear bright while enabling the prison officers in the watchtower to keep an eye on the prisoners. Power stems from the ability to observe others without revealing one’s existence. - Joseph’s “just my thoughts”