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I listened to this awesome pod over weekend and just re-listened, made notes. it is by @ShaneAParrish and @sivers. I am embarrassed to say I was ignorant of Derek Sivers until I heard this pod but was blown away.
I made notes and apply to trading:
0/n
I made notes and apply to trading:
0/n
1) Quit well (he replaced himself in first job)
Trading: plan your exit [before your entry], know when/how you will know when you are wrong and exit when those conditions are met.
Trading: plan your exit [before your entry], know when/how you will know when you are wrong and exit when those conditions are met.
2) Simple vs. Easy (make it simple, not easy, complexity taxes the brain; he references )
Trading: The implementation [aka trade] needs to be the least complex best fit combination of your view and portfolio.
Trading: The implementation [aka trade] needs to be the least complex best fit combination of your view and portfolio.
3) This was an interjection by Parrish: Don't fool yourself.
Trading: Fooling yourself is a killer. You have to investigate yourself, your emotions, your analysis, your methods over and over and over.
Trading: Fooling yourself is a killer. You have to investigate yourself, your emotions, your analysis, your methods over and over and over.
4) HELL YEAH! or no (paradigm for opportunity selection; if it is awesome do it, else no)
Trading: Only put your best ideas in your portfolio. If it isn't a great idea w/ good (or better) implementation then it doesn't get in
[IMO this is a key concept.]
Trading: Only put your best ideas in your portfolio. If it isn't a great idea w/ good (or better) implementation then it doesn't get in
[IMO this is a key concept.]
5) A third of the way in it becomes abundantly clear that Sivers is extremely well read and focused on self-improvement.
Trading: Never stop learning. The game is changing and probably getting tougher, your edge is shrinking, you cannot stand still.
Trading: Never stop learning. The game is changing and probably getting tougher, your edge is shrinking, you cannot stand still.
6) Ideas are a multiplier of execution (ideas are glorified but execution is very important)
Trading: Idea and implementation are multiplicative. w/ great implementation you lose less when you lose and make more when you win. Great idea with bad implementation can bankrupt you.
Trading: Idea and implementation are multiplicative. w/ great implementation you lose less when you lose and make more when you win. Great idea with bad implementation can bankrupt you.
7) Some items from https://www.amazon.com/Awaken-Giant-Within-Immediate-Emotional/dp/0671791540/
1) You can change your emotions about an event/trade/outcome. 2) You can *decide* what to focus on, the positive or the negative of an event/trade/outcome/situation. Etc.
I bought it, will read.
1) You can change your emotions about an event/trade/outcome. 2) You can *decide* what to focus on, the positive or the negative of an event/trade/outcome/situation. Etc.
I bought it, will read.
8) He likes Steven Pressfield. I read this, and it was awesome; about fighting yourself:
https://www.amazon.com/War-Art-Winning-Creative-Battle-audio-cd/dp/1501260626
https://www.amazon.com/War-Art-Winning-Creative-Battle-audio-cd/dp/1501260626
9) Sivers has a very detailed process of cataloging information he has acquired.
Trading: Know the history of assets, products, methods, etc. Be able to access them, ideally in your mind. RTFM of your software. Here is also a good start on methods: https://www.amazon.com/Trading-Systems-Methods-Wiley/dp/1119605350
Trading: Know the history of assets, products, methods, etc. Be able to access them, ideally in your mind. RTFM of your software. Here is also a good start on methods: https://www.amazon.com/Trading-Systems-Methods-Wiley/dp/1119605350
10) Anti-fragility, references @nntaleb killer book https://www.amazon.com/Antifragile-Things-That-Disorder-Incerto/dp/0812979680
Trading: Find [most] convex implementations. Bet on both tails, if possible, but especially on the left tail.
Trading: Find [most] convex implementations. Bet on both tails, if possible, but especially on the left tail.
11) He places a huge premium on creativity, he was a musician, he also talks about Brian Eno.
Trading: try to approach problems from different point of view than the mainstream. New implementations. Tabula rasa.
A long time ago I bought these prompts: https://www.amazon.com/Oblique-strategies-hundred-worthwhile-dilemmas/dp/B0000EEZG9/
Trading: try to approach problems from different point of view than the mainstream. New implementations. Tabula rasa.
A long time ago I bought these prompts: https://www.amazon.com/Oblique-strategies-hundred-worthwhile-dilemmas/dp/B0000EEZG9/
12) He discusses concept of "our nature". There may be some ideal way to spend time, live etc. But IRL he lives according to his nature
Trading: You have to find a way that works for you. Some people are market makers, some are equity, some quant, some discretionary. Find yours.
Trading: You have to find a way that works for you. Some people are market makers, some are equity, some quant, some discretionary. Find yours.
Last: It was a rich pod. Fertile ground. I will probably listen a few more times and buy some of Sivers' books. Farnam Street has had a bunch of great pods but this is the most memorable in a long long time.
Oh, here it is: https://fs.blog/knowledge-project/derek-sivers/
