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”
Some characters occasionally appear only to family members or close friends. For example, although he is generally generous to others, he becomes angry with his mother, who has endured much for him. He does not contain his anger toward a specific person for long. Even those who have known me for a long time, my unusual character, which they may not fully understand, defines me, intervenes in my life until death, and influences critical moments. Even within my family, if they cannot accept my unique and limited character, I will ultimately live as if estranged from someone else. - Joseph’s “just my thoughts”