Intelsense Capital Blog: Weekend Reading

Reading Time: 4 minutes


Technology often
creates a level of convenience that enables you to act on your smallest whims
and desires. At the mere suggestion of hunger, you can have food delivered to
your door. At the slightest hint of boredom, you can get lost in the vast
expanse of social media.

When the effort
required to act on your desires becomes effectively zero, you can find yourself
slipping into whatever impulse arises at the moment. The downside of automation
is that we can find ourselves jumping from easy task to easy task without making
time for more difficult, but ultimately more rewarding, work.

When working in your
favor, automation can make your good habits inevitable and your bad habits
impossible. It is the ultimate way to lock in future behavior rather than
relying on willpower in the moment.

By utilizing
strategic onetime decisions and technology, you can create an environment of
inevitability—a space where good habits are not just an outcome you hope for,
but an outcome that is virtually guaranteed.

https://jamesclear.com/how-to-automate-a-habit

 

Build a “Murder
Board” to kill your favourite ideas!!

We learn more from
people who challenge our thought process than those who affirm our conclusions.
Strong leaders engage their critics and make themselves stronger. Weak leaders
silence their critics and make themselves weaker. This reaction isn’t limited
to people in power. Although we might be on board with the principle, in
practice we often miss out on the value of a challenge network.

Also Read on FinMedium:  Life as a full-time investor

Some organizations
and occupations counter those tendencies by building challenge networks into
their cultures. From time to time the Pentagon and the White House have used
aptly named “murder boards,” enlisting tough-minded committees to shoot down
plans and candidates. At X, Google’s “moonshot factory,” there’s a rapid
evaluation team that’s charged with rethinking proposals: Members conduct
independent assessments and only advance the ones that emerge as both audacious
and achievable.

https://knowledge.wharton.upenn.edu/article/why-you-need-a-challenge-network/

 

The algebra of wealth:
follow your talent

please read the full article and not just the
excerpts here…

Successful people
often unwittingly head fake young people with the humblebrags of “follow your
passion” and “don’t think about money.” This is (mostly) bullshit. Achieving
economic security requires hard work, talent, and a tremendous amount of focus
on… money. Yes, some people’s genius will be a tsunami that overwhelms a lack
of focus and discipline. Assume you are not that person. Rich is having passive
income greater than your burn. People on a path to money focus on their
earnings; people on a path to wealth also focus on their burn. Anyway, it’s not
your income, but your income-to-expense ratio, that determines if you’re rich.

Also Read on FinMedium:  Launched: Asset Allocator + Model Mutual Funds (Premium)

My observation is
that there are four factors in the algebra of wealth: focus, stoicism, time,
and diversification.

https://marker.medium.com/the-algebra-of-wealth-5798df7753d3

 

On how to change your mind

Changing your mind,
more often than not, requires you to grapple with your own identity. Admitting
that you were wrong feels personal. We have to face the fact that we’ve been
walking around the world all this time believing in something that isn’t true.
Even worse, we have to admit that we’re the type of person who walks around
being wrong.

If somebody sees an
idea, or an opportunity, or forms an opinion that is different from mine, I
should say, This is an interesting opportunity to learn something from someone
who sees things differently from me, and I wonder if they know something I don’t.

https://behavioralscientist.org/your-ideas-are-not-your-identity-adam-grant-on-how-to-get-better-at-changing-your-mind/

 

Remove “society’s
soundtrack” from your ears to be successful

By the age 45,
Beethoven was completely deaf. He considered suicide, one friend reported, but
was held back only by the force of “moral rectitude.” It’s here that
Beethoven’s story veers toward legend. Cut off from the world of sound around
him, working only with musical structures dancing through his imagination, at
times holding a pencil in his mouth against his piano’s soundboard to feel the
consonance of his chords, Beethoven produced the best music of his career,
culminating in his incomparable Ninth Symphony, a composition so daringly new
that it reinvented classical musical altogether.

Also Read on FinMedium:  Circle of Competence – 10X10Y

Beethoven’s
diminished hearing limited the influence of “prevailing compositional
fashions.” Whereas his earlier work was “pleasantly reminiscent” of his
instructor, Josef Haydn, his later work was spectacularly innovative. “Deafness
freed Beethoven as a composer because he no longer had society’s soundtrack in
his ears.”

https://www.calnewport.com/blog/2021/02/05/on-beethoven-and-the-gifts-of-silence/

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Abhishek Basumallick

Abhishek Basumallick

Abhishek Basumallick is the Head of the equity advisory www.intelsense.in for long term wealth creation.
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