Edward Quince's Wisdom Bites: A Curated Collection of Cackles and Critiques from the XTOD Archives (Part III of III)

 Welcome back to Edward Quince's Wisdom Bites, where the signal is scarce, the noise is deafening, and the truth, much like a well-aged single malt, is often found in the most unexpected drams. You asked for the finest vintage of humor and satire from the hallowed halls of our XTODs (X/Twitter Thoughts of the Day), and who am I to deny such a discerning palate? After all, in a world perpetually teetering on the brink of lunacy, a good chuckle is often the soundest investment.

Because sometimes, the best way to understand the profound absurdity of our modern world – especially in finance – is to laugh at it.

So, without further ado, let us uncork some of the more delightfully peculiar and pointedly witty observations that have graced these digital pages, proving that even in the most serious of times, absurdity (and sometimes, brilliance) finds a way.

Today will be part III of III.

III. Political Punditry & Economic Ironies:

The intersection of politics, economics, and media narratives is a goldmine for satirical observation.

• On the Central Bank & Economic Forecasting:

    ◦ "XTOD: My experience with Jackson Hole is that the actual contents of the speech rarely matter. It’s an opportunity to identify the point of maximum pain, and squeeze". A cynical, but often accurate, take on the true purpose of central bank gatherings.

    ◦ "XTOD: Jamie Dimon said the fact that central banks got financial forecasting “100% dead wrong” about 18 months ago should prompt some humility about the outlook for next year. He should know since JPMorgan Chase forecasts weren't exactly, you know, accurate." A delightful call-out of hypocrisy in financial prognostications.

    ◦ "XTOD: Amount of attention, digital ink spilling and coverage the FOMC gets is totally out of proportion with the level of signaling it carries. These guys are systematically wrong and literally have no fucking clue what they are doing or where they are heading... Hell a monkey would do better. And never any accountability." A scathing, comprehensive takedown of the Federal Reserve's perceived competence and the media's disproportionate coverage.

    ◦ "XTOD: Michael Kantrowitz - bearish stocks... Michael Burry - bearish stocks... What do they all have in common? Anyone?" This XTOD sets up a punchline, though the answer isn't explicitly given in the sources, the implication is either their shared first name or that despite their bearishness, markets continue to defy them, highlighting the futility of constant negativity.

• On Political Rhetoric and Media Bias:

    ◦ "XTOD: NEW: President Joe Biden announces a remarkable "billion 300 million trillion 300 million" dollar infrastructure plan. I'll admit, that's impressive! In the same breath of saying Donald Trump doesn't know what he's talking about, Biden appeared to claim that America is having an "infrastructure decade" with a price tag of "over a billion 300 million trillion $300 million dollars." Very cool!" A masterclass in political satire, lampooning the hyperbole and gaffes in public discourse.

    ◦ "XTOD: This time no rise in U at all, so completely different process. Oh, and a lot of the inflation resurgence was about the Iranian revolution and oil prices". This XTOD critiques common economic arguments by highlighting overlooked factors and fundamental differences.

    ◦ "XTOD: My AI-agent write this post while streaming Disney+ from the riviera that used to be Gaza." A darkly humorous and unsettling juxtaposition of severe geopolitical realities with the mundane and frivolous.

    ◦ "XTOD: The Bear. The Penguin. Baby Reindeer, these aren’t just things in RFK’s freezer." A specific pop culture reference with dark, satirical undertones related to political figures.

    ◦ "XTOD: 'Think of how stupid the average person is and then realize half of them are stupider than that.' - George Carlin". A classic Carlin quote frequently used to explain societal and market irrationality, delivered with dry wit.

    ◦ "XTOD: 'Everything in life is volatility times time. As volatility increases, time compresses. But what we care about is the validity of the fixed point. If we lose it, everything in the past becomes meaningless.' — Myron Scholes". While a serious quote, its frequent appearance often precedes XTODs that highlight the unpredictable nature of markets and news, implying that much of the daily "noise" is indeed meaningless in the face of true volatility.

In the grand theater of markets and life, these XTODs serve as a delightful reminder that sometimes, the most profound insights are wrapped in humor and satire. They encourage us to look beyond the obvious, question the narratives, and perhaps, take ourselves a little less seriously. Because ultimately, as Edward Quince reminds us, "Your behavior matters more than your forecast". And a good laugh certainly improves one's behavior.

Edward Quince's Wisdom Bites: A Curated Collection of Cackles and Critiques from the XTOD Archives (Part II of III)

Welcome back to Edward Quince's Wisdom Bites, where the signal is scarce, the noise is deafening, and the truth, much like a well-aged single malt, is often found in the most unexpected drams. You asked for the finest vintage of humor and satire from the hallowed halls of our XTODs (X/Twitter Thoughts of the Day), and who am I to deny such a discerning palate? After all, in a world perpetually teetering on the brink of lunacy, a good chuckle is often the soundest investment.

Because sometimes, the best way to understand the profound absurdity of our modern world – especially in finance – is to laugh at it.

So, without further ado, let us uncork some of the more delightfully peculiar and pointedly witty observations that have graced these digital pages, proving that even in the most serious of times, absurdity (and sometimes, brilliance) finds a way.

Today will be part II of III.

II. The Peculiarities of Human Behavior (and the Modern Condition):

From personal habits to societal trends, many XTODs cast a wry eye on the human animal.

• On Our Digital Lives and Declining Discourse:

    ◦ "XTOD: Confession: in the past 3 years, I've never listened to a single podcast that someone has sent to me. I'm maxed out. Always feels like main point can be summed up in a tweet or a paragraph rather than expecting me to block out 1-3 hours." A relatable lament on information overload and the fleeting nature of modern communication.

    ◦ "XTOD: A whole generation appears to think you can copy other’s exact words without using quotation marks as long as you acknowledge the source. That’s as good a proof as any that our universities aren’t up to snuff." A sharp, critical observation on the decline of academic rigor and intellectual honesty.

    ◦ "XTOD: LinkedIn Observation: When Did LinkedIn Become OnlyFans? A comparison of LinkedIn to OnlyFans, noting the shift from professional networking to engagement-bait posts and self-promotion. Let's face it, LinkedIn is where professional aspirations go to die." A biting, multi-source critique of the degradation of professional social media into a platform for "humblebrags and corporate porn".

    ◦ "XTOD: “Old George Orwell got it backward. Big Brother isn’t watching. He’s singing and dancing. He’s pulling rabbits out of a hat... He’s making sure your attention is always filled. And this being fed, it’s worse than being watched." A dark, insightful satire on the modern attention economy and its subtle control over our minds.

• On Everyday Absurdities and Relatable Woes:

    ◦ "XTOD: I cannot believe Bob Barker lived as close to 100 as possible without going over." A simple, playful nod to a pop culture icon and game show rules.

    ◦ "XTOD: Who tricked everyone into thinking that travel is the most fun thing you can do in life? When I'm taking a trip, maybe 25% of it is actually fun The rest of it is logistics, packing, checkins/outs, spending stupid money, running out of clothes, crowds, lines, airports, etc" A humorous, relatable debunking of the idealized notion of travel.

    ◦ "XTOD: This economy stinks I just paid $128 to have someone else get off their couch, pick up my caviar for me, drive it to my house and drop it off at my doorstep And they wanted a tip!?!? How am I supposed to live?" A comedic take on "first-world problems" and the increasingly bizarre economics of convenience.

    ◦ "XTOD: Incredible work by the Wells Fargo analyst who ordered the same burrito bowl 75 times at eight different Chipotles in NYC to prove the portion size inconsistency" A hilarious, albeit somewhat obsessive, example of applying analytical rigor to the mundane.

    ◦ "XTOD: Text a coworker at a random time “are you joining this meeting?” as a fun holiday prank" A simple, relatable piece of workplace mischief.

Edward Quince's Wisdom Bites: A Curated Collection of Cackles and Critiques from the XTOD Archives (Part I of III)

Welcome back to Edward Quince's Wisdom Bites, where the signal is scarce, the noise is deafening, and the truth, much like a well-aged single malt, is often found in the most unexpected drams. You asked for the finest vintage of humor and satire from the hallowed halls of our XTODs (X/Twitter Thoughts of the Day), and who am I to deny such a discerning palate? After all, in a world perpetually teetering on the brink of lunacy, a good chuckle is often the soundest investment.

Because sometimes, the best way to understand the profound absurdity of our modern world – especially in finance – is to laugh at it.

So, without further ado, let us uncork some of the more delightfully peculiar and pointedly witty observations that have graced these digital pages, proving that even in the most serious of times, absurdity (and sometimes, brilliance) finds a way.

Today will be part I of III.

I. The Corporate & Financial Circus: Where Common Sense Goes to Die

The world of big business and high finance often provides fertile ground for satire, revealing a reality far stranger than fiction.

• On Corporate Bullshit and Bureaucracy:

    ◦ "Navigating 'corporate speak' isn't easy. Here's a helpful guide I put together: 'Let me check with my team' = No... 'Open up the kimono' = HR violation... 'We use AI' = We don't use AI". A scathing yet painfully accurate dictionary for deciphering the modern workplace, where words often mean the opposite of what they say.

    ◦ "XTOD: “Every time you hear EBITDA, just substitute it with bullshit”. A blunt, timeless critique of a beloved financial metric, attributed to Charlie Munger.

    ◦ "XTOD: 'Not only will we not tell you the accurate marks, but we’re hilarious!' Aside from the cringeworthy video, can we please stop calling highly correlated levered equities “alternatives” because they don’t update the prices? That doesn’t make them bad investments, but they ain’t alternatives." A pointed jab at financial firms' marketing spin, particularly referencing a "cringeworthy video."

    ◦ "XTOD: “I wished I commuted to the office to provide maximum shareholder value more often.” This XTOD sarcastically highlights the often-performative nature of corporate work culture.

• On Market Mania and Dubious Investments:

    ◦ "XTOD: Mark Cuban said that after investing nearly $20 million in 85 startups on “Shark Tank,” he’s taken a net loss across all of those deals combined." Even the titans of industry aren't immune to the allure of a bad bet.

    ◦ "XTOD: Rumors circulating that NYC migrants will be given 10,000 in $NVDA calls". This absurd rumor highlights the fever pitch of market speculation and the bizarre narratives that emerge during a "bubble".

    ◦ "XTOD: Bored Ape Yacht Club. WTF was that?" A concise, rhetorical question perfectly encapsulating the bafflement at past speculative fads.

    ◦ "XTOD: I survived the Hawk Tuah meme coin crash of 2024". If you're interested in a T-shirt, feel free to post a comment." This self-referential XTOD mocks the fleeting, often disastrous, nature of meme coin crazes. The blog post also mentions "Hawk Tuah" memes and the emergence of "Fartcoin" as an "ultimate safe haven asset".

    ◦ "XTOD: “This is the Brownfield Fund. I’m wanting to offload my credit default swaps.” “Alright, whatcha got?” “20 double-A tranches of BBS CDOs” “These are pretty bad?” “Complete shit. Burritos underlying these didn’t even have extra guac.” XTOD: "They're called Chimichanga Default Swaps" XTOD: You are telling me these loans are backed by consumers who ordered burritos on DoorDash?" This extended, brilliant piece of satire strips away the opaque jargon of complex financial instruments, comparing them to fast-food derivatives and exposing their dubious underlying value.

    ◦ "XTOD: What stage of the market cycle is it when people are making Nvidia purses?" A humorous, albeit concerning, observation on the signs of market exuberance and mania.

Edward Quince's Wisdom Bites: The Discipline of Uncertainty

Welcome back to Edward Quince's Wisdom Bites, your daily reminder to cut through the noise and focus on what truly matters. Today, we're diving into a collection of a timeless mix of previous advice and XTODs (X/Twitter Thoughts of the Day) that illuminate the multifaceted world of risk management.

The Best of Edward Quince on Risk Management

In a world saturated with data and predictions, genuine insight often lies in understanding the unpredictable and managing our responses to it. Here are some profound observations on navigating risk, gleaned from the wisdom shared in our daily updates:

1. Embrace Uncertainty and Ditch Prediction

The future is inherently uncertain, and trying to predict it is often a fool's errand. As Myron Scholes wisely noted, "Everything in life is volatility times time. As volatility increases, time compresses. But what we care about is the validity of the fixed point. If we lose it, everything in the past becomes meaningless". Many "experts" confidently assert future outcomes, but remember that "Nobody knows anything, and that's okay". In fact, "It is very, very hard to keep in mind that we're not good at predicting & even harder to incorporate it into a general policy". The incentives in finance often encourage adding "noise, complexity and a constant pressure to do something", but "Time is the best filter. It is the only filter I trust". Your "behavior matters more than your forecast".

2. Start with Your Goals, Not the Market

Effective risk management begins with a clear understanding of what you want to achieve. As one XTOD puts it, "Risk offers the possibility of more, and risk management tools aim to empower us to go for more while taking less risk. Using them correctly involves staying focused on our goals and taking just enough risk to achieve them". Without a goal, "Taking a risk without a goal is just like getting in a car and driving around aimlessly expecting to wind up in a great place". Remember, "You don't need to worry about progressing slowly. You need to worry about climbing the wrong mountain".

3. Master Yourself: The Toughest Opponent

Risk management isn't just about financial models; it's deeply human. "The greatest battle of all is with yourself—your weaknesses, your emotions, your lack of resolution in seeing things through to the end. You must declare unceasing war on yourself". Overconfidence is a primary pitfall, as "Being 100% sure of yourself at all times betrays arrogance and breeds complacency. Questioning yourself reflects humility and propels growth". We often err by overestimating certainty or misjudging probabilities. Our aversion to loss can even lead us to take "bigger risks than we should or even realize". Cultivate humility, because "The need for certainty is the greatest disease the mind faces".

4. The Peril of Leverage: Don't Drown

One of the most dangerous aspects of risk is leverage. Howard Marks' powerful analogy warns, "never forget the six-foot-tall person who drowned crossing the stream that was five feet deep on average." He stresses that "To survive, you have to get through the low points, and the more leverage you carry (everything else being equal), the less likely you are to do so". Leverage "pushes routine risks into something capable of producing ruin", making investments inherently riskier.

5. Survival and Simplicity are Paramount

For long-term success, staying in the game is more important than chasing speculative gains. As Charlie Munger famously advised, "Never interrupt compounding unnecessarily". Warren Buffett echoed this with his fundamental rule: "Never risk permanent loss of capital". This commitment to survival means prioritizing prudence. "Margin of safety—you can also call it room for error or redundancy—is the only effective way to safely navigate a world that is governed by odds, not certainties". Simplicity is also key: "Block out all the noise and keep it simple".

6. Action and Prudence

While patience is a virtue, there are times to act. "Risk no more than you can afford to lose, and also risk enough so that a win is meaningful. If there is no such amount, don't play". "Intelligence without courage leads to anxiety because you will spend your time overthinking instead of acting, taking risks, improving your life". In making decisions under uncertainty, "the consequences must dominate the probabilities". A simple hedge is often to "simply take less risk".

Ultimately, understanding risk management means acknowledging that "The four most dangerous words in investing are: ‘this time is different’". By focusing on timeless principles, cultivating self-awareness, and maintaining a long-term perspective, you can navigate the inherent uncertainties of life and markets with greater resilience and wisdom.

Edward Quince's Wisdom Bites: The Silent Chains – The Perils of Bureaucracy in Finance and Beyond

Welcome back to Edward Quince's Wisdom Bites, where we peel back the layers of illusion to confront realities that often go unexamined. Today, we turn our gaze to a pervasive, often insidious, force that can stifle innovation, obscure truth, and ultimately, undermine sound financial decision-making: Bureaucracy.

In our complex world, where institutions grow ever larger, the insidious creep of bureaucracy is a constant challenge. As the late Charlie Munger, a frequent source of wisdom in these pages, noted, the "great defect of scale" is that as an organization gets big, it acquires bureaucracy.

The Unseen Costs of Bureaucracy
Bureaucracy, in its essence, represents a system that, despite its intentions for order, often becomes its own worst enemy. Its perils are multifaceted:
• Inefficiency and Stifled Action: Munger described large bureaucracies as becoming "big, fat, dumb, unmotivated". The work is often perceived as done "when it goes out of your in-basket into somebody else’s in-basket," rather than when it's actually completed. This leads to layers of management and associated costs that are unnecessary. It takes "forever to get anything done," allowing nimbler entities to "run circles around them". This aligns with the idea that bureaucracy "stifles initiative and creativity".
• Corruption and Lack of Accountability: Munger also warned that bureaucracies "tend to become somewhat corrupt". This can manifest in various ways, from direct fraud to a more subtle "dog-ate-my-homework attitude" where policymakers are reluctant to take responsibility for mistakes.
• Distorted Focus: Bureaucracies can become so consumed with internal processes that they lose sight of their core mission. Instead of serving clients, public agencies might be "dominated more by bureaucratic ways of thinking". This can lead to the "enshittification" of services, where a product degrades in the "blind pursuit of profit" once a network effect is locked in, as highlighted by Lyft's CEO David Risher. This also suggests a lack of integrity towards the customer.
• Resistance to Truth and Change: Bureaucratic inertia often prevents organizations from adapting. The concept of "sacred cows"—a set of variables that led to early success—can become "limiting constraints which hold you stuck on a local maximum," leading to decay in growth. This fear of change is significant, as "change is scary. So is flat-lining".
• Hiding Reality: Bureaucracy can contribute to a climate where truth is obscured. For instance, in finance, financial statements signed off by auditors or regulators are not always "right," as "the incentives for these parties just aren't aligned with drawing out the truth". This creates an environment where "believing in something that may not be entirely (or yet) true is the mark of a visionary or a fraud," with luck or timing often differentiating the two.

Bureaucracy's Impact on Financial Decision-Making
In the financial realm, the perils of bureaucracy are particularly acute:
• Hindrance to Effective Risk Management: Risk management, though often seen as a quantitative task, is fundamentally about "managing people, processes, and institutions". Bureaucracies, with their complex layers and misaligned incentives, often fail here. Many financial disasters are "the result of simple operational problems or oversights rather than complex risk management failures". "Lax trading supervision or other management/control problems" have contributed to numerous incidents, sometimes motivated by hiding earlier losses. This underscores that risk management is also about "managing ourselves—managing our ego, our arrogance, our stubbornness, our mistakes".
• Over-reliance on "Expert" Opinion: In a bureaucratic system, there's a tendency to defer to "experts" who may project wisdom they do not possess, leading to a "modern day gnostic impulse". This creates an environment where forecasts, even from "blue chip forecasters," are "less reliable than the flip of a coin".
• Complexity over Simplicity: Financial institutions, being large organizations, often "have a large incentive to favor the complex and costly over the simple and cheap". This complexity, often a byproduct of bureaucracy, can obscure genuine understanding and lead to suboptimal outcomes for investors.

Breaking the Chains
The antidote to bureaucracy lies in fostering environments that prioritize clarity, humility, and genuine accountability:
• Simplicity and Focus: "Keeping your organization simple is not simple, but it is very important". "Clarity comes from subtraction, not addition. Remove the noise, the distractions, and the unnecessary. What truly matters will emerge". This means focusing on "what truly matters" and resisting the urge to have "an opinion on everything".
• Authentic Leadership: Leaders must cultivate "a culture and organization that can respond to risk and withstand unanticipated events". This requires being "attuned to risks (and uncertainties)" and understanding that "true power" stems from "honesty, compassion, and a dedication to enhancing other people's lives".
• Intellectual Humility: Recognizing that "Nobody knows anything, and that's okay" is a powerful starting point. It means constantly asking, "Do I know what I think I know? How do I know what I think I know? What evidence is there that I might be wrong?".
• Courage to Act with Integrity: It takes courage to admit mistakes and to prioritize truth, even when it's uncomfortable. As Jim Leyland put it, telling the truth might cause temporary discomfort but builds long-term trust.

Ultimately, the goal is to cultivate genuine wisdom, which is about exercising "sound judgment and appropriate action". This ascent to wisdom requires deep understanding, continuous learning, and a willingness to "detach yourself from the crowd". For, while the world will always scream, "Don't just sit there, do something!", wisdom often whispers, "Don't just do something, sit there!". By choosing simplicity, truth, and integrity over the alluring promises of bureaucratic complexity, we pave the way for more robust financial decisions and a more fulfilling life.

Edward Quince's Wisdom Bites: The Enduring Human Condition

Welcome back to Edward Quince's Wisdom Bites, your daily reminder to cut through the noise and focus on what truly matters. Today, let's reflect on a constant in our ever-changing world: the human condition.

No matter how sophisticated our markets or technologies become, human nature remains remarkably consistent. As Ben Graham observed, financial services work often illuminates "human nature in the securities markets". The recurring patterns of greed, fear, envy, and irrational behavior persist through history. "People have always had this craving to have someone tell them the future", a demand that charlatans are always ready to supply with "vague, simple messages wrapped in a well crafted veneer that is alluring".

The rise of "finfluencers" and social media amplifies this ancient dynamic, creating "cultlike followings and draw[ing] people into otherwise ridiculous ideas" at an exponential rate. It becomes increasingly "unclear whether finfluencers are authorised to conduct regulated activities", yet they are "an important source for young investors". As an XTOD bluntly puts it, "Celebrity is the most powerful currency in media, including financial media. It's more important than track record, novelty of insight, or ROI". This means that "most people just want to hear the latest take from the person they know, even if that person's been saying the same thing over and over again for years and has been consistently wrong doing it".

This reality means that "any amount of intelligence can be overridden by ego, insecurity, immorality, bad incentives, or impatience".

Instead of relying on what "experts" confidently assert, we must cultivate intellectual humility and discernment.

Jason Zweig's commentary on Ben Graham's "margin of safety" extends this principle to the investor themselves: "Do I know what I think I know? How do I know what I think I know? What evidence is there that I might be wrong?". This self-awareness is crucial for "investing on the basis of protection - from overpaying for a stock or from overconfidence in the quality of their own judgment".

Ultimately, the goal isn't to eliminate these human tendencies, for "the iron rule of life is that everybody struggles". Instead, it's about recognizing them and building a robust process that accounts for them. It's about consciously choosing "courage" and "focusing on what you can control", rather than getting swept away by the collective delusion of the moment. As a reminder, "The game of life is the game of everlasting learning".

Edward Quince's Wisdom Bites: The Enduring Echoes

In an age drowning in data and relentless forecasts, the most valuable skill might just be the art of ignoring. As this blog often suggests, "the more data you get, the less you know what’s going on". This "Noise Bottleneck" means vast quantities of information can become "toxic," increasing the ratio of "spuriousness" to valuable "signal".

We're often told that some economic data point is "the secret to the future" or "the most important CPI print of your lifetime". But as the sources reveal, predicting economic variables like GDP growth, employment, inflation, and the 10Y Treasury Yield is essentially a coin flip. Mark Twain famously quipped, "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so". Morgan Housel added, "if you’ve relied on data and logic alone to make sense of the economy, you’d have been confused for a hundred straight years". This constant deluge of information often leads to a "noise to signal ratio" that makes it harder, not easier, to understand what's truly going on. This is why we advocate for embracing uncertainty and developing a filter to tune out the overwhelming "noise".

This blog aims to be an intellectually humble source of timely, diverse perspectives that empowers you to become more informed and discerning. So, keep your popcorn stockpile high, focus on what truly matters, and remember: progress comes bit by bit.

Your behavior matters more than your forecast. 

Stop trying to be spectacular. Start being consistent. 

Clarity comes from subtraction, not addition. Remove the noise, the distractions, and the unnecessary. What truly matters will emerge. 

The less the prudence with which others conduct their affairs, the greater the prudence with which we should conduct our own affairs. 

Your time is your most valuable asset. Leverage it wisely by focusing on what truly matters

Edward Quince's Wisdom Bites: The Ascent to Wisdom – Beyond Mere Data

As we navigate an increasingly data-saturated world, today we ponder the ultimate goal: the ascent to wisdom.

In this blog, we've often referenced the DIKW (Data, Information, Knowledge, Wisdom) pyramid. While data is the base, and information provides meaning, and knowledge offers context, wisdom sits at the apex, representing the exercise of sound judgment and appropriate action. Unfortunately, as Simon Winchester warned, "today's all-too readily available stockpile of information will lead to a lowered need for the retention of knowledge, a lessening of thoughtfulness, and a consequent reduction in the appearance of wisdom in society".

The irony is that many seek answers from external sources, whether it's the daily barrage of economic updates or social media pundits. Yet, much of this is just "noise". As the esteemed Charlie Munger advised, "In my whole life, I have known no wise people who didn't read all the time — none, zero". 

But it's not just about reading; it's about how you read. As an XTOD emphasizes, "Re-reading is probably more important than reading. Seek to cognitively own a great book rather than just reading it". It's about deep understanding, not just consumption.

The journey to wisdom involves:

• Continuous Learning: "The game of life is the game of everlasting learning". This means constantly seeking to "get a little smarter every day".

• Critical Thinking: Being able to discern "signal from the noise" and challenging assumptions, even your own. As an XTOD reminds us, "Compelling writing requires clear thinking".

• Humility: Recognizing that "Nobody knows anything, and that's okay". Steve Kerr gained more respect as a leader by admitting he didn't know everything and letting others make decisions.

• Prioritization: Understanding that "Clarity comes from subtraction, not addition". An XTOD simply asks, "Is this truly necessary?” when looking at a to-do list. "If it won’t matter in 5 YEARS don’t give it more than 5 MINUTES attention".

• Action based on Principles, not Predictions: As Edward Quince notes, "Actions demonstrate competence and create value, whereas words, often in arguments, lead to negative emotions and resentment".

The "hard part is knowing what to apply and when". This "true learning is 'on the job'". It's about applying timeless principles and developing your own "right filter" to navigate the complexities of life and markets. Because ultimately, "Being smart and being wise are not correlated". The goal is to cultivate the kind of wisdom that allows you to "focus on controlling the things you can", and approach life with a clear mind and sound judgment