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jerryking : dedication   7

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October 2003 | Report on Business Magazine | by Doug Steiner.

"...He always seemed a step ahead, and he did it by working harder, thinking harder and trading harder—and in ways that the competition couldn't quite grasp."

Steiner's 10 rules for making serious money:

1. Economists say investing is a zero-sum game It isn't. Money moves to smart hands quickly, and lazy investors pay a price. Tiger Woods became the been golfer by practising a lot. How many prospectuses have you read in bed after the news?
2. Really good investors rarely crow. If there is $5 to be made from a trade, there will be loss than $2.50 after you've blabbed about how smart you are. There are traders who quietly take home $10 million a year. They live beside you in a modest house and drive a beat-up Nissan.
3. The best follow rules and they‘re patient. They may not invest for months. One great trader I know wanted to buy a house in a fancy neighbourhood. He spent more than a week in the registry office on his vacation, searching the title on each property in the neighbourhood to find what buyers paid and how much of that was mortgaged, going back 20 wars. He got a good deal. He does the same amount of homework investing.
4. Sharp traders never add to losing positions. Too many headaches.
5. Smart investors. when puzzled about when to sell. wonder if they should buy more. If they don’t think they should buy more,they sell.
6. The most information wins. If you like a company, phone some people who work there. Apply for a job. Try their products. Phone the shipping dock to find out if they're busy.
7. Get a Bloomberg terminal. Bloombergs have more information in them than you can use, but smart people use a lot of it.
8. Following really smart traders around the market is hard. Most have more money to invest in a position than the arbitrage or opportunity can handle. They leave few tracks.
9. Great investors an: like great athletes—they see opportunities that others don’t. Often you don't realize that what they've made the most money on is even fungible.
10. If you can't do it yourself, find someone who likes the foldouts in annual reports more than anything. Their management fees are usually worth it. And they usually don't have slick marketing brochures.
absorptive_capacity  arbitrage  Bay_Street  Bloomberg  dedication  Doug_Steiner  hard_work  hedge_funds  humility  idea_generation  investment_advice  investing  investors  money_management  obscurity  opportunities  overlooked_opportunities  patience  perception  primary_field_research  prospectuses  rules_of_the_game  self-discipline  sleuthing  slight_edge  smart_people  traders  training  unfair_advantages  zero-sum_games 
december 2013 by jerryking
Two ‘fired guys’ poured ambition into Steam Whistle - The Globe and Mail
Oct. 03 2013 | The Globe and Mail | WALLACE IMMEN.

Steam Whistle is a case study for entrepreneurs trying to carve a niche in a competitive industry, says Eric Morse, associate dean of the University of Western Ontario’s Richard Ivey School of Business, who oversees the school’s Quantum Shift program for entrepreneurs.

“They figured out what they wanted to be good at early on, and that’s not always an easy thing to do,” Dr. Morse says. “Entrepreneurs are often throwing a bunch of stuff at the wall to see what sticks.”

“Don’t vary until proven necessary,” is another lesson this emphasizes, he says.

It actually takes more focus and dedication to stay successful once you have initial success,
artisan_hobbies_&_crafts  beers  brewers  craftsmanship  dedication  entrepreneur  entrepreneurship  focus  Ivey  partnerships  Steam_Whistle  variations  Wallace_Immen 
october 2013 by jerryking
Growing at a Smart Pace
Growing at a Smart Pace

What Every CEO Should Know About Creating New Businesses
1 Ultimately, growth means starting new businesses.
Most firms have no alternative. Sectors decline, as they did for Pullman’s railroad cars and Singer’s sewing machines. Technology renders products and services obsolete—the fate Polaroid suffered, as digital cameras decimated its instant photography franchise. Markets saturate, as Home Depot is now finding, after establishing more than a thousand stores nationwide.
2 Most new businesses fail.
3 Corporate culture is the biggest deterrent to business creation.
New ventures flourish best in open, exploratory environments, but most large corporations are geared toward mature businesses and efficient, predictable operations.
4 Separate organizations don’t work—or at least not for long.
5 Starting a new business is essentially an experiment.
6. New businesses proceed through distinct stages, each requiring a different
7. New business creation takes time--a lot of time.
8. New businesses need help fitting in--"bridging"--with established systems and structures.
9. The best predictors of success are market knowledge and demand-driven products and services.
10. An open mind is hard to find.
growth  Thomas_Stewart  HBR  CEOs  Junior_Achievement  hard_to_find  start_ups  failure  organizational_culture  experimentation  trial_&_error  life_cycle  tacit_data  entrepreneurship  dedication  obsolescence  demand-driven  infrastructure  new_businesses  bridging  large_companies  customer-driven  market_saturation  Home_Depot  Fortune_500  mindsets  open_mind  decline  Michael_McDerment  Polaroid  digital_cameras 
december 2012 by jerryking
The Case for Saturday School - WSJ.com
MARCH 20, 2010 | Wall Street Journal | By CHESTER E. FINN JR.
Kids in China already attend school 41 days a year more than students
in the U.S. Now, schools across the country are cutting back to four-day
weeks. Chester E. Finn Jr. on how to build a smarter education system.


Nor is it news that "time on task" has a powerful influence on
educational attainment.
education  schools  students  public_education  school_districts  practice  dedication 
march 2010 by jerryking
Take Smart Risks
09.21.09 | Wired Magazine | by By William Gurstelle. "Done
artfully and wisely, living dangerously engages our intellect, advances
society, and even makes us happier. It is possible to work consciously
toward joining the "golden Third": Just get in there and start pitching.
As with knife-throwing, unicycle-riding, and whip-handling, one gets
better mainly by practice. Make your choices smart ones. It's not
difficult to discriminate between a good, soul-enriching risk and one
that's just plain nuts."

A comment:

That study of risk takers vs. non risk takers is probably
biased. The random sample of people interviewed most likely didn't
include people that were dead or in prison as a result of the risks they
took.

And it is very true, but sometimes risks are compounding and other times
they are isolated. It's important to distinguish when something that
appears to be isolated is really starting to compound.
category_errors  risk-taking  risks  self-actualization  isolation  compounded  discernment  risk-assessment  dangers  psychology  soul-enriching  practice  dedication  multiplicative  survivor_bias  cumulative 
october 2009 by jerryking
Op-Ed Columnist - Genius - The Modern View - NYTimes.com
April 30, 2009 | New York Times | By DAVID BROOKS

The key factor separating geniuses from the merely accomplished is not a
divine spark. It’s not I.Q., a generally bad predictor of success, even
in realms like chess. Instead, it’s deliberate practice. Top performers
spend more hours (many more hours) rigorously practicing their craft.
It’s the ability to develop a deliberate, strenuous and boring practice
routine.
discipline  David_Brooks  op-ed  talent  psychology  education  genius  Success  overachievers  preparation  dedication  Pablo_Picasso  routines  practice  high-achieving 
may 2009 by jerryking
The Pan-Disciplinary Future of Creative Employment | Designerati | Fast Company
Tue Mar 17, 2009 at 10:03 AM| FAST COMPANY | BY Alissa Walker
"You need to have a point of view and differentiate yourself," says
Shedroff. "It might turn some people off."

* Take time to do more meaningful work (e.g. collaboration with Pop!Tech
where unused cell phone minutes are used to send messages about getting
tested for AIDS in Africa) .
* Spend your time to learn a new discipline
* Keep investing in your portfolio so you'll come out of this with
better work.
advice  dedication  design  differentiation  independent_viewpoints  invest_in_yourself  job_search  Managing_Your_Career  preparation  perspectivesrésumés 
march 2009 by jerryking

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