My Ledger

March 2026 Review: Geopolitical Risk, Personal Risk, and the Rules We Suspend Under Stress

Sat, 04 Apr 2026 18:13:10 +0000

There is a line often attributed to Lenin: sometimes decades pass and nothing happens, and sometimes weeks pass and decades happen. I have been thinking about this all month — not as a historical observation but as a lived experience. War arrived in my region. The portfolio drew down nearly 16% from its peak. I found myself, one evening, toggling between a missile trajectory map and a brokerage screen, wondering which one deserved more of my attention. The absurdity of that moment stayed with me.

The Architecture of Synthetic Equity: From the £100 South Sea Trade to Modern Tokenomics

Sun, 22 Mar 2026 18:17:39 +0000

In the summer of 1720, an English citizen holding government debt could walk into the offices of the South Sea Company and execute a simple exchange. They would hand over an illiquid state annuity and receive an equivalent market value of South Sea Company stock in return.

Winning Long-Term Games: Reproducible Success Strategies to Achieve Your Life Goals

Sun, 15 Mar 2026 18:01:42 +0000

The Thinking Machine: Jensen Huang, Nvidia, and the World's Most Coveted Microchip

Sun, 08 Mar 2026 20:41:43 +0000

Somewhere in the opening pages of The Hitchhiker’s Guide to the Galaxy, a starship called the Heart of Gold is hurtling through space. Its passengers: an anxious Earthman named Arthur Dent, a two-headed ex-president of the galaxy, and a chronically depressed robot named Marvin, are strapped in and terrified. The ship lurches. Stars blur into streaks of light. Reality itself seems to hiccup.

The ship is powered by something called the Infinite Improbability Drive. Scientists had tried for years to build one. The math was there. The theory was sound. But the engineering was impossible. You would need to calculate the exact probability of every particle in the universe being in a specific place at a specific time. No computer could do it. No mind could hold it. The project was abandoned.

Boats on the Grid: Notes on Fear, Faith, and Staying Anchored

Sun, 01 Mar 2026 13:31:39 +0000

The Geometry of Ruin: Possible, Plausible, Probable

Sat, 28 Feb 2026 17:53:51 +0000

The Bed of Procrustes: Philosophical and Practical Aphorisms

Sun, 01 Feb 2026 22:41:48 +0000

Cows, Pigs, Wars & Witches: The Riddles of Culture

Sat, 24 Jan 2026 21:03:41 +0000

Imagine a chief in the Pacific Northwest; let’s call him the Big Man.

For five years, he lives a life of grueling self-denial. He wakes before dawn to repair nets. He bullies his family to weave endless stacks of cedar-bark blankets. He forces his kin to press thousands of gallons of candlefish oil until their hands are stained and their backs break.

He isn’t doing this because he is hungry. He is already full. He is doing this to hoard a mountain of wealth that he doesn’t technically need.

A Short History of Financial Euphoria

Sun, 18 Jan 2026 22:36:50 +0000

In 1636, a merchant in Amsterdam traded twelve acres of land for a single Semper Augustus tulip bulb.

He was not a fool. He was a rational actor operating in a market that had lost its tether to reality. He didn’t buy the bulb to plant it; he bought it because he knew that in a week, a “greater fool” would pay him double.

For months, this logic held. The price of tulips had nothing to do with flowers and everything to do with the belief that the party would never end. The merchant felt smart. He mistook leverage and luck for genius. He was winning, and the ledger proved it.

Wild Problems: A Guide to the Decisions That Define Us

Sun, 11 Jan 2026 18:29:30 +0000

In Homer’s Odyssey, Penelope is trapped.

Her husband, Odysseus, has been missing for twenty years. Her palace in Ithaca is overrun by 108 suitors. They are loud, drunk, and aggressive. They slaughter her cattle and drink her wine, demanding she choose one of them to marry.

Her dilemma is agonizing. She doesn’t know if Odysseus is alive or dead. If she chooses a suitor now, she betrays the hope of his return. But if she waits too long, she risks losing everything: her home, her safety, and her son’s inheritance, to the mob occupying her hall.

Soldier of Fortune: Warren Buffett, Sun Tzu and the Ancient Art of Risk-Taking

Mon, 29 Dec 2025 18:36:18 +0000

In 1998, the stock market was in a state of euphoria. The Dot-com bubble was inflating, and everyone looked like a genius. But in Omaha, Warren Buffett was quietly dealing with a problem that could have ruined him.

Berkshire Hathaway was trapped.

After a decade of massive returns, Buffett’s portfolio was dangerously top-heavy. He was sitting on billions in unrealized gains, and his exposure to the stock market had swollen to 115% of his book value. He knew the valuations were insane. He knew the crash was coming.

On Borrowed Conviction: Momentum, Narrative, and the Erosion of Judgment

Sun, 21 Dec 2025 15:06:42 +0000

I first noticed crypto the way most people do. Prices were moving. Headlines were getting louder. Everyone seemed to have an opinion.

This was 2021. Bitcoin was climbing fast. I watched. I stayed out. I told myself I was being disciplined. Skeptical. Rational.

Sam Walton: Made in America

Sun, 14 Dec 2025 21:36:22 +0000

In retail, shrink is treated as a fact of life.

Some inventory disappears. Some gets damaged. Some is miscounted. Most large chains plan for it the way they plan for bad weather. Usually somewhere between one and two percent of sales just vanishes each year.

Barbarians at the Gate: The Fall of RJR Nabisco

Sun, 07 Dec 2025 15:48:56 +0000

Most people have been inside a house they don’t own but know intimately. You notice the creak in the hallway long before guests do. You know which window sticks in winter. You know where the light falls in the afternoon and which rooms cost more to heat than they should. Living in a place gives you a kind of knowledge that doesn’t show up on a floor plan.

What Actually Burns: A Reflection on Risk, Positioning, and Fragility

Mon, 01 Dec 2025 17:46:07 +0000

“A forest fire doesn’t start because lightning exists. It starts because the forest was already full of dry brush.” —David Dredge

Lightning hits the ground thousands of times a day. Most strikes disappear into dirt. But one strike hitting a stretch of accumulated branches, leaves, and tinder becomes a catastrophe.

Investing: The Last Liberal Art

Sun, 23 Nov 2025 21:45:18 +0000

Imagine you’re standing on a watchtower overlooking a vast, wintry landscape. Down below, the scene is a blizzard: swirling snow, howling winds, flashes of news headlines, blinking price tickers, anxious voices in every direction. From ground level, visibility is nearly zero. The snowstorm is all around you, demanding constant attention and filling you with the urge to react quickly. Every gust feels like a missed opportunity, if only you moved fast enough.

Balance Sheets Through Time: Lessons from Sleep, Zakaria, and Spier

Sun, 16 Nov 2025 21:32:42 +0000

In 2005, Amazon puzzled most investors. Its strategy seemed to defy business logic. The company kept reinvesting its potential profits, driving down prices, and building expensive infrastructure. Wall Street analysts saw inefficiency and waste. They focused on metrics like operating margins, which remained stubbornly low. The stock price reflected this skepticism, having fallen nearly 80% from its dot-com peak.

The Anti-Library: Why What You Haven’t Read Matters Most

Sun, 09 Nov 2025 20:25:26 +0000

I recently turned 40, and when my wife asked what I wanted for my birthday, I answered without hesitation: “A home library.” Not a trendy shelf for coffee table books, but the real thing: floor-to-ceiling shelves, rows upon rows, the kind of library that demands its own ladder. We live in a small apartment in downtown Dubai. Space is a luxury we don’t have. But my wife, never one to shrink from a challenge, found a way: she designed a custom olive-green bookshelf, stretching from the floor up to our ceiling, cradling more than five hundred books.

The World for Sale: Money, Power, and the Traders Who Barter the Earth's Resources

Sun, 02 Nov 2025 16:19:44 +0000

20 April 2020, my Facebook and Twitter feeds lit up with screenshots and hot takes: oil had “gone below zero.” Threads asked where to click to get paid to buy crude. For a minute, it looked like a free lunch.

It wasn’t.

What actually printed negative was the expiring May WTI futures contract at Cushing, Oklahoma. That contract ties to physical delivery. If you hold it into expiry, you don’t “own exposure”; you owe barrels. Delivery isn’t a pop‑up confirmation; it’s tanks, pipelines, scheduling windows, quality specs, and storage you can actually access.

Chronicles: Volume 1

Sun, 26 Oct 2025 16:52:09 +0000

Hibbing is cold and far. A mining town where winters press in and music travels by radio and records. Robert Zimmerman grew up there with a drum in one photo and a guitar by ten. By high school he was covering Elvis and Little Richard in small gyms and VFW halls. His yearbook guessed he’d join Little Richard. He didn’t. He went south to the University of Minnesota and stopped going to class.

The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger

Sun, 19 Oct 2025 15:41:10 +0000

In 1975, Walmart’s cash conversion cycle told a stark story: merchandise spent 95 days in the supply chain before generating cash. The physics of retail meant that for every dollar of sales, another dollar had to be tied up financing inventory’s journey through ports, warehouses, and backrooms. The working capital requirements were staggering.

Invention: A Life

Sun, 12 Oct 2025 16:54:23 +0000

In Sir Walter Scott’s “Tales of a Grandfather,” published in 1827, he recounts a legendary tale of perseverance that has inspired generations. As the story goes, in the winter of 1306, Robert the Bruce found himself in a small cave on the Isle of Arran, a defeated king watching his dreams of Scottish independence crumble. Six times he had led his armies against the English, and six times he had failed. As he contemplated giving up his fight, his eyes fixed on a small spider attempting to spin its web across the cave’s entrance. The spider would launch its silk toward the opposite wall, only to fall short. Again and again it tried, each attempt ending in failure. Six times the spider failed, mirroring Bruce’s own defeats. On the seventh attempt, the spider finally succeeded, its silken thread connecting to create the foundation of its web.

The Mathematics of Excellence: Lessons from Jim Collins

Sun, 05 Oct 2025 15:13:13 +0000

Language shapes thought.

When Jim Collins began his research for Good to Great, he explicitly told his team to avoid focusing on leadership. He was skeptical of attributing too much success to individual leaders. After all, if a company succeeds, we call its leader great; if it fails, we say they weren’t. A circular logic that teaches us nothing.

Out of the Shadows: The New Merchants of Grain

Sat, 27 Sep 2025 22:48:50 +0000

We all have a story we tell ourselves about how food reaches our table. A farmer harvests wheat under the sun. The grain travels to storage silos rising against the horizon. From there, it moves through processors and manufacturers, eventually landing on shelves at Carrefour or Spinneys as bread or pasta. A neat, linear journey from field to fork.

Director of What?

Sun, 21 Sep 2025 16:23:03 +0000

“You need to stop defining yourself by your titles and degrees. Here, nobody cares about that. They care about who you are.”

The words from my Toastmasters evaluator land with unexpected weight. Moments earlier, I had stood before the group, delivering what was supposed to be a speech about myself. Instead, I had retreated to the comfort of familiar credentials: Chartered Accountant, Finance Director at MAF. Professional shorthand that I’ve used so many times it flows without thought.

Rules for a Knight

Mon, 15 Sep 2025 14:16:23 +0000

The old farmer’s horse broke free one morning and ran away. Word spread through the village, and his neighbors came to his farm.

“Your best horse is gone,” they said. “What terrible luck.”

The farmer looked at them and replied, “Maybe good, maybe bad. Who knows?”

A week later, the horse returned, leading a group of wild horses to the farmer’s land. The neighbors rushed over again.

“Now you have many horses,” they said. “What wonderful luck!”

Gambling Man: The Secret Story of the World's Greatest Disruptor, Masayoshi Son

Sat, 06 Sep 2025 13:00:20 +0000

The morning air bites at your cheeks as you stand at the base of the mountain. Above, the peak vanishes into clouds, existing in another world entirely. Your goal waits somewhere in that hazy distance.

The first few hundred feet of trail snake up the slope before disappearing into mist. Beyond that lies only questions and uncertainty. You squint upward, searching for the next step while the summit remains hidden from view.

Hardball: Are You Playing to Play or Playing to Win

Sat, 30 Aug 2025 17:58:33 +0000

I’ve been thinking about mediocrity lately. Not the glaring kind that comes from carelessness, but the insidious variety that wears a mask of competence. It’s that quiet voice at midnight whispering “it’s good enough” when you know there’s more to uncover, more to refine, more to perfect. The voice that’s been my companion through countless late nights at the office, growing louder as deadlines approach, urging me to settle for adequate when excellence is still within reach.

Capital Returns: Investing Through the Capital Cycle

Sun, 24 Aug 2025 12:42:44 +0000

I used to think I was being analytical about markets. Every day with my afternoon coffee, hours before markets opened, I’d scan headlines and hunt for patterns in price charts like an archaeologist decoding ancient runes. A 20% increase meant only one thing: time to take profits. A 30% drop was either a value trap or the opportunity of a lifetime. I could never quite decide which.

The ritual was always the same. Open the news, check price movements, feel that familiar surge of fear and excitement. When assets rose sharply, my finger would hover over the sell button: better lock in those profits before the inevitable pullback. When they fell, I’d oscillate between “buy the dip” and “catch a falling knife” narratives, usually managing to do exactly the wrong thing at exactly the wrong time. And when everyone else seemed to be making money, I’d finally cave in and buy. I was the sucker providing exit liquidity for the smart money heading in the opposite direction.

Stillness Is the Key

Sat, 16 Aug 2025 16:54:59 +0000

I’m staring at my screen, watching a sea of red numbers flash by. My carefully constructed options position: a LEAPS call spread I’d spent weeks analyzing, is down 15%. The thesis was solid: buy long-dated calls on a fundamentally strong company, sell out-of-money puts to offset the theta decay. Hold for 9-12 months while the story plays out. Simple enough on paper.

Too Close to the Wind: Why Credit Suisse Had to Go Down

Sun, 10 Aug 2025 16:40:00 +0000

[

](“How does one go bankrupt?” Hemingway wrote. “Two ways. Gradually, then suddenly.” In “Too Close to the Wind” by Dirk Shutz, a gripping account of Credit Suisse’s collapse that perfectly illustrates Hemingway’s observation. Through meticulous reporting, Shutz shows us how a 167-year-old banking giant, which had weathered world wars and the Great Depression, finally met its end in a single weekend in 2023. But the real story isn’t about that final weekend. It’s about what happened in the years before: the gradual erosion that made the sudden collapse inevitable. Through interviews and internal documents, Shutz reveals a pattern that should make every leader pause and reflect. What went wrong? The bank didn’t collapse from one catastrophic decision. Instead: • Leaders who didn’t understand banking were put in charge of a bank • Risk managers were treated as cost centers rather than guardians • A culture of prudent Swiss banking morphed into short-term profit chasing • Creative accounting masked deep structural problems The numbers tell a shocking story: In its final 15 years, Credit Suisse made CHF 800 million in profits… while paying out billions in bonuses. Here’s what I learned from this remarkable book: Expertise isn’t optional. Complex organizations need deep domain knowledge, not just general management skills. Risk management isn’t a department – it’s everyone’s job. When you treat it as a cost center, it becomes your biggest liability. Culture is like a bank account – small withdrawals over time can lead to bankruptcy. The appearance of control is more dangerous than acknowledged uncertainty. Great institutions don’t fail from one big mistake. They die from a thousand small compromises. “Too Close to the Wind” isn’t just another autopsy of a bank failure. It’s a warning about how institutions decay and a reminder that success today offers no guarantee of survival tomorrow.)

Not Fade Away: A Short Life Well Lived

Sun, 03 Aug 2025 20:11:16 +0000

I sit at my desk, staring at another set of financial statements that needs my review. My laptop pings with urgent emails from the CFO. My phone buzzes with Teams notifications. Around me, the machinery of corporate finance whirs; deadlines to meet, memos and presentations to update.

Distant Force: A Memoir of the Teledyne Corporation and the Man Who Created It

Sat, 26 Jul 2025 09:41:05 +0000

In Japanese business philosophy, there’s a concept called “Keiei” that captures something about adaptation and survival. It teaches that success doesn’t come from rigid adherence to plans, but from reading and responding to changing conditions; like a martial artist who moves with their opponent rather than forcing predetermined techniques.

It’s a principle that separates exceptional capital allocators from average ones. And no one demonstrated this better than Henry Singleton at Teledyne. Over three decades, he never locked himself into a single approach. When markets favored acquisitions, he acquired. When his stock was expensive, he used it as currency. When it was cheap, he bought it back aggressively. Each move responded to the conditions of the moment rather than following a predetermined strategy.

Apple in China: The Capture of the World's Greatest Company

Sat, 12 Jul 2025 09:26:34 +0000

There’s a peculiar irony in how our greatest achievements often create our biggest constraints. The more effective our solutions become, the harder it gets to imagine alternatives. The better our chosen path works, the more resistant we become to changing course.

The Stories We Tell: From Coffee Shops to Balance Sheets

Fri, 11 Jul 2025 16:27:10 +0000

Pleased but Not Satisfied

Sat, 05 Jul 2025 22:06:23 +0000

My jaw clenches as I scan through the feedback on my latest draft. Every suggested edit feels like a personal affront. “But this is perfectly clear!” I seeth internally. “The meaning is obvious. Who does she think she is?” My manager has this maddening habit of reimagining sentences that aren’t even wrong, just apparently not up to her standards.

The Courage to Be Disliked: How to Free Yourself, Change Your Life, and Achieve Real Happiness

Sat, 28 Jun 2025 13:46:27 +0000

There’s a stone cutter working on a mountain. Each strike of his chisel is deliberate, skilled. He knows exactly how to split the rock, where to find the seams that will yield to his tools. But something isn’t right. He sees a merchant pass by in fine clothes, commanding respect. The stone cutter stops his work and thinks: “That could be me.”

A strange thing happens. He becomes the merchant.

From Accounting to Economics: A First-Principles Lens on Business Value

Sat, 28 Jun 2025 09:19:37 +0000

In 1965, Warren Buffett took control of a struggling textile business called Berkshire Hathaway. On paper, the company looked modestly profitable, neat rows of depreciated machinery, tidy inventory valuations, and thin but positive earnings. The accounting numbers whispered possibility. But reality told a harsher story.

But beneath these neat accounting figures lay a brutal reality. The textile industry had become what Buffett would later call a “textile trap” - a declining industry that required constant capital expenditures for modernization yet never produced attractive long-term profits. The machinery, depreciated so smoothly on the balance sheet, needed endless upgrading just to stay competitive with foreign manufacturers.

Guy Spier x Eric Schaanning on Asset Liability Management and Banking Risk

Sat, 21 Jun 2025 14:43:46 +0000

There are few conversations that make you rethink the fundamentals of how modern finance functions—and fewer still that manage to blend bank balance sheets, behavioral risk, and the role of central banks into one compelling narrative. In this four-part conversation, Guy Spier sits down with Eric Schaanning to unpack the mechanics of banking risk through the lens of Silicon Valley Bank, the Savings & Loan crisis, and lessons from decades of asset-liability mismanagement.

The Whole Story: Adventures in Love, Life, and Capitalism

Sun, 15 Jun 2025 20:36:11 +0000

“The worst flood in Austin’s history,” they called it. A hundred-year flood. The kind of event that’s so rare, so improbable, that you don’t even plan for it. On Memorial Day 1981, those statistics didn’t matter much as twelve feet of water crashed through Whole Foods’ flagship store in Austin, destroying nearly everything in its path.

The store had been open for just eight months. The company’s inventory, equipment, and hopes quite literally went underwater. Years of work and most of their money disappeared in hours. With no flood insurance and damages totaling $400,000 – more than the business was worth – Whole Foods Market stood at the edge of bankruptcy.

Inversion: Different Questions, Better Answers

Fri, 06 Jun 2025 12:43:26 +0000

Every Sunday morning, I’d grab the kids’ supplement from our newspaper and flip straight to the maze puzzle. Like most children, I’d start at the beginning, trying to find my way through the twisting paths to the end. My page would end up a mess of scribbled lines - false starts and dead ends marked in heavy graphite.

Then one day, I tried something different. Instead of starting at the beginning, I began at the end and worked backwards. You’d think it wouldn’t matter which direction you solved the maze - the path is the same either way. But somehow, working backwards made everything clearer, cleaner, quicker.

Made to Stick: Why Some Ideas Survive and Others Die

Sun, 01 Jun 2025 20:29:39 +0000

High up in the winter sky, two powerful forces were having an argument. The North Wind, fierce and proud, was convinced of his supreme strength. The Sun, warm and patient, listened as the Wind boasted about his ability to bend trees and create storms.

Sol Price: Retail Revolutionary & Social Innovator

Sat, 17 May 2025 18:51:17 +0000

“It’s hard to believe that a business could be worth many billions by essentially giving things away,” Charlie Munger once remarked about his favorite company, Costco. The business model seemed to defy conventional retail wisdom: a company that deliberately limited its markup to 14% on most products, yet consistently generated enormous cash flows. Last year, this approach produced nearly $7 billion in free cash flow, enabling a $6.6 billion special dividend to shareholders while funding aggressive expansion. Even more remarkably, this business maintained these results while paying its workers 30% above industry standards and providing comprehensive benefits - a combination that would bankrupt most retailers.

Shoe Dog: A Memoir by the Creator of Nike

Sat, 03 May 2025 12:08:48 +0000

Every morning at 5:30 AM, before Portland stirred to life, Phil Knight laced up his running shoes. The crisp Oregon air bit at his face as he logged his daily miles, his mind already racing ahead to the mountain of accounting papers waiting at his desk. By day, he was a CPA at Coopers & Lybrand, later moving to Price Waterhouse, methodically working through tax returns and balance sheets. But in those pre-dawn hours, with each footfall on the empty streets, he was building something else entirely.

Creativity, Inc.: Overcoming the Unseen Forces That Stand in the Way of True Inspiration

Sun, 20 Apr 2025 22:34:37 +0000

I would sit by Hamza and Anya’s bedside and read them the story of The Velveteen Rabbit. There is something magical about that dialogue that stayed with me long after they would have fallen asleep:

“What is REAL?” asked the Rabbit one day. “Does it mean having things that buzz inside you and a stick-out handle?”

“Real isn’t how you are made,” said the Skin Horse. “It’s a thing that happens to you. When a child loves you for a long, long time, not just to play with, but REALLY loves you, then you become Real.”

Ego is The Enemy

Sun, 13 Apr 2025 16:50:48 +0000

I still remember that evening in my home office, the city lights twinkling outside my window as I watched my trading dashboard light up with another successful options trade. My P&L chart looked like a hockey stick pointing to the stars. While the S&P and NASDAQ were delivering their usual single-digit returns, my portfolio had soared by triple digits in just six months through a series of increasingly aggressive options plays. Each win fed my conviction that I had discovered something special – a formula that others had missed.

Seeking Wisdom: From Darwin to Munger

Sat, 05 Apr 2025 12:32:32 +0000

A man stands alone in a vast field under a cloudless blue sky, sweat dripping down his weathered face as he methodically cuts another plank of wood. The year is approximately 2400 BCE, and to his neighbors, Noah looks like a madman. Day after day, for twenty years, the rhythmic sound of his tools echoes across the land—sawing, hammering, measuring, building.

The Elephant's Rope: Why Breaking Free isn't About Strength

Wed, 02 Apr 2025 18:18:10 +0000

In circus traditions across Indian subcontinent, there’s a peculiar method for keeping elephants in place. When the elephants are young, trainers tie them to a stake with a heavy rope. The baby elephant pulls and struggles, but the rope is too strong. After countless attempts to break free, something remarkable happens: the elephant stops trying.

Onassis: An Extravagant Life

Sat, 29 Mar 2025 08:43:34 +0000

In 1953, the most powerful oil executives in the world gathered in a New York boardroom. They had a problem: a Greek outsider was threatening their decades-long control over the oil industry. This man had started with nothing - a refugee who once worked as a $12-a-month telephone operator - but was now building ships larger than anyone had ever seen. Ships that could carry more oil, at lower costs, than the industry giants thought possible. They needed to stop him.

Quit: The Power of Knowing When to Walk Away

Sat, 22 Mar 2025 23:10:14 +0000

“Just one more workaround,” the vendor assured us, for what felt like the hundredth time. We were months into implementing a financial consolidation system and still chasing the promise of a critical feature that would make everything work: the org-by-period functionality. Like skilled craftsmen, we kept building elaborate workarounds, documenting processes, and training teams – constructing what we thought was a path to success.

But I was starting to feel like a circus performer trying to teach a monkey to juggle while standing on an increasingly wobbly pedestal.

Toyota Production System: Beyond Large Scale Production

Sat, 15 Mar 2025 16:45:22 +0000

Like most people, I used to be obsessed with to-do lists. Every Sunday night, I’d sit down and write out everything I needed to do that week. The list would stretch on and on. Work stuff, personal projects, errands, goals - you name it. I’d wake up Monday morning, look at that massive list, and attack it like a madman.

Sound familiar?

That was me being the hare from that old story about the tortoise and the hare. You know the one - overconfident rabbit challenges slow turtle to a race. I’d sprint through tasks, feel great about my progress, then crash. By Wednesday, I’d be scrolling through Twitter, telling myself I’d get back to work “in just five minutes.”

My Forty Years with Ford

Sat, 08 Mar 2025 19:59:53 +0000

History books tell us Henry Ford revolutionized the automotive industry. But in 1932, at the height of the Great Depression, it wasn’t Ford who was hunched over a drafting table in a secluded room at Ford’s engineering laboratory. It was Charles Sorensen, his right-hand man of nearly three decades, who would spend sleepless nights turning Ford’s ambitious dreams into mechanical reality.

Bird by Bird: Some Instructions on Writing and Life

Sat, 01 Mar 2025 15:11:22 +0000

There’s an old folktale about a hungry traveler who arrives in a village during hard times, carrying nothing but an empty cooking pot. The villagers, protective of their meager supplies, shut their doors and close their curtains. But the traveler, undaunted, has a plan. He goes to the village stream, fills his pot with water, and places it over a fire in the town square. From his pocket, he produces a smooth, round stone, dropping it into the water with great ceremony.

Chaos Kings: How Wall Street Traders Make Billions in the New Age of Crisis

Sat, 22 Feb 2025 17:46:53 +0000

Remember the fable of the Ant and the Grasshopper? While the grasshopper fiddled away under the warm summer sun, the ant spent its days dragging food back to its colony. “Why waste such beautiful days with work?” the grasshopper would mock. “Winter is far away, and there’s plenty of food now!” But the ant kept working, methodically storing grain, building stronger walls, and preparing for harsher times. When winter arrived with its bitter winds and frozen ground, the grasshopper found itself cold and starving, while the ant’s colony thrived in their well-stocked, fortified home.

Skin in the Game: Hidden Asymmetries in Daily Life

Sat, 15 Feb 2025 23:01:28 +0000

In ancient Babylon, around 1750 BC, King Hammurabi carved his laws into massive stone pillars for all to see. Among these laws was a principle so fundamental that it would shape civilization for millennia to come. If a builder constructed a house, his reputation, livelihood, and life were bound to its stability. Should the house collapse and kill its owner, the builder would forfeit his life. If it killed the owner’s son, the builder’s son would pay the price. The stone mason who laid each brick knew his children’s lives depended on the strength of his work. The architect who designed the structure understood that his family’s fate was sealed within those walls.

Building Shock Absorbers: From Playground to Portfolio

Fri, 07 Feb 2025 22:26:01 +0000

The call from his teacher caught me off guard. My son had been bullying other kids in class. When I confronted him at home, he broke down crying. Through his tears came the explanation: “My friends told me to do it. They said they wouldn’t be friends with me if I didn’t.”

Maybe he was trying to dodge responsibility. Kids often do. But those tears, that raw fear of losing friends - it took me straight back to my own school days.

The Lego Story: How a Little Toy Sparked the World's Imagination

Sat, 01 Feb 2025 13:26:54 +0000

Growing up in Pakistan in the 1990s, LEGO was more than just a toy—it was a luxury few could afford. I still remember visiting my cousins’ house during summer breaks, where they had entire shelves dedicated to LEGO Star Wars and City sets. While they would build X-wing fighters and space stations, I would sit quietly, watching in awe as they connected brick after brick with that satisfying click. The closest I got to owning LEGO was through knockoff building blocks from the local market, but they never quite fit together the same way.

Safe Haven: Investing for Financial Storms

Sun, 19 Jan 2025 12:50:06 +0000

The fluorescent lights of the highway rest stop flicker as you splash cold water on your face. It’s 2 AM. The harsh white light accentuates the dark circles under your eyes in the scratched bathroom mirror. Your reflection looks like a stranger – disheveled, exhausted, running on nothing but coffee and determination.

The meeting that could change everything is eight hours away. Your phone shows the route: 550 kilometers of dark highway stretching endlessly ahead. The coffee machine outside whirs to life, dispensing your third cup of the night. The bitter liquid is barely warm, but you drink it anyway.

The Autobiography of Andrew Carnegie and the Gospel of Wealth

Sat, 11 Jan 2025 12:12:33 +0000

In 1901, the richest man in the world did something unthinkable. Andrew Carnegie, who had just sold his steel empire for $480 million (over $15 billion today), announced he was giving it all away. Not to his family. Not to his friends. But to strangers—to build libraries, fund education, and create opportunities for those who, like him, started with nothing. The newspapers thought he’d lost his mind. His fellow industrialists called him a socialist. But Carnegie knew something they didn’t: wealth without purpose was worthless.

Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts

Sun, 05 Jan 2025 15:44:19 +0000

We live in a world of proclamations. “I trust him with my life.” “She’ll never let me down.” “This investment is a sure thing.” These absolute statements flow easily from our lips, shaping our decisions and relationships. But what happens when we add two simple words to these declarations? “Wanna bet?”

The question cuts through the fog of certainty like a knife. Suddenly, we’re forced to examine our confidence in measurable terms. Would we stake $10,000 on that trusted friend never betraying our confidence? Would we bet our life savings on that “sure thing” investment? The mere act of quantifying our beliefs transforms them from comfortable absolutes into careful probabilities.

Against the Gods: The Remarkable Story of Risk

Sun, 29 Dec 2024 19:24:24 +0000

Every time I make an investment decision, I pause. My 49-inch curved monitor looks like mission control - stock charts sprawled across one section, option chains on another, and a spreadsheet with more numbers than I care to count. The setup makes me feel like a Wall Street professional, even though I’m trading from my home. Before I click “execute,” I say a silent prayer. Then I usually check my calculations again, because faith is good, but double-checking numbers is also good.

Beyond Basic Put Options: Learning to Build Better Portfolio Protection

Sun, 29 Dec 2024 12:58:27 +0000

I’ve been thinking a lot about Nassim Taleb’s story of Nero Tulips in “The Black Swan.” Here was a trader who spent most of his career looking foolish, losing small amounts on crash insurance, only to make it all back (and more) in a single market collapse. What fascinates me is how he understood something that most miss: in markets, the rare catastrophic events might matter more than all the small daily moves combined.

Measure What Matters: John Malone and the Birth of EBITDA

Fri, 27 Dec 2024 12:15:58 +0000

Show me how you measure me, and I’ll show you how I behave.

This fundamental truth about incentives runs through every business decision ever made. As Adam Smith observed in The Wealth of Nations, “It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” Like a river, incentives shape the flow, speed, and direction of human behavior—often in ways that aren’t immediately obvious to system designers.

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

Sat, 21 Dec 2024 16:05:19 +0000

“My portfolio is up 70% this year,” shared a close friend in our WhatsApp investment group. “That’s almost triple the S&P 500’s returns.” The group celebrated his success, and naturally, everyone wanted to know his secret. When I asked him about the role of luck versus skill in his impressive returns, he thoughtfully considered the question. While acknowledging that luck plays a part, he emphasized how he’d positioned himself for success through months of research, financial analysis, and careful timing.

How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets

Fri, 13 Dec 2024 23:12:24 +0000

There’s an old story about a rich merchant who visits a Zen master. The master pours tea into the merchant’s cup until it overflows. Tea spills everywhere.

“The cup is full!” says the merchant. “Why do you keep pouring?”

“Like this cup,” says the master, “your mind is too full to learn anything new.”

I had the same problem when I first heard about Felix Dennis’s “How to Get Rich.” The title alone made me want to pass. But then I learned that Andrew Wilkinson, who built Tiny into a billion-dollar company, considers it essential reading.

The Fish That Ate the Whale: The Life and Times of America's Banana King

Fri, 06 Dec 2024 16:16:37 +0000

Growing up in Pakistan, I often heard people refer to my country as a “banana republic.” The term was thrown around casually in newspapers and political discussions, a stinging criticism of government instability and foreign influence. The irony was that Pakistan had nothing to do with bananas. It wasn’t until I read about Sam Zemurray that I understood the dark origins of this phrase.

The Architecture of Quality: Lessons from Pirsig to P&L

Sun, 01 Dec 2024 19:12:11 +0000

The classroom was stuffy on that Montana afternoon in 1963. A group of freshman English composition students sat at their desks, the scratch of pencils against paper the only sound breaking the silence. They’d been grading each other’s essays for weeks now, confidently marking A’s and B’s, identifying good writing from bad without a second thought.

“And what is good, Phaedrus, and what is not good—need we ask anyone to tell us these things?”

Sandcastles and Life Lessons

Sun, 01 Dec 2024 18:46:12 +0000

The following is a prepared speech for Project 2: “Writing a Speech with Purpose” in Toastmasters Pathways Level 1. The speech aims to share a personal story that connects with universal themes of change and acceptance. It was adapted from my original essay.

Introduction

“Will it stay here forever, Baba?” My five-year-old (he is currently seven at the time of this speech) son Hamza pointed at our sandcastle. We’d spent the last hour building it together on the beach. I knew my answer would upset him.

Cable Cowboy: John Malone and the Rise of the Modern Cable

Fri, 29 Nov 2024 23:26:42 +0000

EBITDA (Earnings Before Interest Tax Depreciation and Amortization) is a peculiar measure. On one hand, it offers a clean way to compare companies across industries by stripping away capital structure decisions and accounting choices. It can serve as a useful proxy for cash earnings, helping investors understand a business’s core operational performance. But there’s a darker side too - by excluding so many items, it can mask serious problems and leave room for manipulation. As someone who has spent years in accounting and reporting, I’ve seen EBITDA used as both a enlightening tool and a convenient hiding place.

The Black Swan: The Impact of the Highly Improbable

Sat, 23 Nov 2024 22:55:43 +0000

In his thought-provoking book “The Black Swan: The Impact of the Highly Improbable,” Nassim Nicholas Taleb tells us a story that captures the essence of how humans deal with uncertainty. In a fortress perched on the edge of a vast plain, a young officer named Drogo begins his watch. Each morning, he scans the horizon for signs of the legendary Tartar invasion. Each evening, he reviews the fortress defenses, checking every detail, preparing for the battle that will define his life. Days become months, and months become years. The grand invasion, the moment that would give meaning to all his preparation, never comes. Drogo spends his entire life waiting for a momentous event that never arrives, missing the life that passes by while he waits.

Navigating Options for Portfolio Protection: Lessons and Experiments

Sun, 17 Nov 2024 20:57:00 +0000

Nassim Taleb, the author of The Black Swan and Antifragile, often illustrates the dangers of unforeseen events with a story he calls the “Turkey Problem.” A turkey lives a comfortable life for 1,000 days, fed and cared for by humans, believing that each day reaffirms its safety. On the 1,001st day, Thanksgiving arrives, and the turkey’s world changes drastically. Taleb uses this story to show how past stability can lull us into a false sense of security, leaving us unprepared for sudden, catastrophic events.

A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market

Sat, 16 Nov 2024 12:41:06 +0000

I thought I had found the perfect strategy. Selling put options on quality stocks seemed like a no-brainer - either I’d collect the premium, or I’d get assigned shares at a price I was willing to pay. When assigned, I’d sell covered calls to generate additional income. The strategy was working beautifully, beating market returns, and I started dreaming about the day this income would surpass my salary. The math looked compelling - a steady 2-3% monthly return would compound into something meaningful over time.

Becoming Trader Joe: How I Did Business My Way and Still Beat the Big Guys

Fri, 08 Nov 2024 21:29:12 +0000

Let me tell you about my first time at Trader Joe’s.

I was in Maryland one winter, stuck in a hotel with two kids while Sana was away at business meetings. If you’ve ever had to entertain children in a hotel room during winter, you know the feeling of desperately seeking ways to pass time.

There was a Trader Joe’s a block away from our hotel. I’d never been to one before - we don’t have them in Dubai. At first, it was just my escape plan - a place to load up on snacks while attempting to win ‘Dad of the Year’ with my hotel-room-bound kids. But I kept going back because something about the place felt different from regular grocery stores.

Ice Breaker: Building Better Foundations

Sat, 02 Nov 2024 13:16:51 +0000

Couple of months after my daughter was born in 2022, my wife told me that she has had enough of me, and things looked bad. This had happened after yet another angry outburst on my part. Not only at her, but it had started with the security guard. That September evening as I sat, reflecting on where my life was heading, I wondered how I had gotten here. On the surface I had everything, I was a qualified chartered Accountant, a CFA charterholder, I had a good job as a finance Director and a very loving family. But I was angry all the time. I was in self destruct mode.

The Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway’s Vice Chairman on Life, Business and The Pursuit of Wealth

Sat, 02 Nov 2024 10:35:15 +0000

Charlie Munger never sought the spotlight. For decades, he sat beside Warren Buffett at Berkshire Hathaway’s annual meetings, occasionally interrupting his partner’s explanations with a characteristically blunt “Warren, that’s not quite right.” This willingness to speak truth, even when uncomfortable, helped shape one of the greatest business partnerships in history.

In 1965, when Buffett had already bought control of Berkshire, Munger offered advice that would prove transformative. Despite not having a dime invested in Berkshire at the time, he told Buffett to stop buying mediocre businesses at cheap prices - the strategy Buffett had learned from his mentor Ben Graham. Instead, Munger insisted, they should buy wonderful businesses at fair prices.

Never Enough: From Barista to Billionaire

Sun, 27 Oct 2024 19:08:32 +0000

I once heard a story about a fisherman who lived in a small coastal village. Every morning, he would take his small boat out to sea, catch a few fish, return by noon, and spend the rest of his day playing with his children, taking siestas with his wife, and enjoying evening drinks with his friends.

One day, a businessman from the city noticed his routine and approached him. “Why don’t you stay out longer and catch more fish?” he asked. The fisherman replied, “Why would I do that?”

Antifragile: Things That Gain from Disorder

Sun, 20 Oct 2024 20:04:47 +0000

Imagine facing a monster with multiple heads. You swing your sword, slice off one head, and feel accomplished. But then, two new heads grow back in its place. That’s the Hydra from Greek mythology. It doesn’t just survive attacks - it gets stronger from them.

Nassim Taleb would call the Hydra “antifragile.” In his book “Antifragile: Things That Gain from Disorder,” Taleb introduces this concept. It’s a new way to think about how things react to chaos, stress, and uncertainty.

Crypto Confidential: Winning and Losing Millions in the New Frontier of Finance

Fri, 11 Oct 2024 23:12:09 +0000

Every time we invest, aren’t we hoping the price will go up? But if we’re relying solely on that hope, are we just waiting for a bigger fool to come along?

This question cuts to the heart of the greater fool theory, a concept that’s particularly relevant in the world of cryptocurrency. It’s a game where each investor hopes to sell to someone else at a higher price. But what happens when you’re the last one holding the bag?

Outlive: The Science and Art of Longevity

Tue, 08 Oct 2024 17:44:16 +0000

It’s a common sentiment: we’d die for our kids. But what’s truly challenging, and perhaps more important, is living for them. Our children don’t want our sacrifice; they want our presence. They want us around, active, engaged, and healthy. Not just for a moment, but for years to come.

The desire to live longer is nearly universal. We all want more time - more sunrises, more laughter, more moments with loved ones. Yet death remains the great equalizer, the inevitable end to every story. As a Muslim, I’ve been raised with the belief that the time of death is preordained. It’s written, unchangeable. So, in the face of this certainty, what’s the point of trying to extend our lives?

Essentialism: The Disciplined Pursuit of Less

Sun, 29 Sep 2024 17:48:29 +0000

Warren Buffett once posed a thought experiment to a group of students. He asked them to imagine they could have any car they wanted, but it would be the only car they’d own for the rest of their lives. ‘How would you treat that car?’ he asked.

The answer is obvious. You’d maintain it meticulously. You’d protect it from damage, service it regularly, and treat it with the utmost care. You’d be selective about when and how you use it, ensuring it serves you well for years to come.

Beyond Luck: How Positioning Shapes Our Lives and Careers

Fri, 27 Sep 2024 16:34:41 +0000

Growing up in Pakistan, cricket was my thing. It was the thread that connected me to my dad. A former army man who claimed he could have played first-class cricket had he not joined the army during the 1971 war, my dad was still an impressive player even in his late 40s. His love for the game was infectious, and I found myself captivated by every aspect of cricket.

Men and Rubber: The Story of Business

Sat, 21 Sep 2024 22:57:43 +0000

Ever wonder how a small-town rubber company became a global tire giant? That’s the story of Firestone, and it’s more than just rubber meeting the road.

In 1900, Harvey Firestone kicked things off in Akron, Ohio. He started small, making rubber tires for carriages. But Firestone wasn’t just about the product - he had a vision that went way beyond tires.

As cars started taking over the streets, Firestone pivoted. He saw the future was in automobile tires, and boy, was he right. The company grew like wildfire, and soon Firestone tires were everywhere.

The Big Leap: Conquer Your Hidden Fear and Take Life to the Next Level

Sun, 15 Sep 2024 15:09:22 +0000

Have you ever achieved something significant, only to feel like you don’t quite deserve it? If so, you’re not alone. This feeling is known as imposter syndrome.

Psychologist Pauline Rose Clance, who coined the term, describes it as “the phoniness in people who believe they are not intelligent, capable or creative despite evidence of high achievement.”

I’ve wrestled with imposter syndrome. Each success, from academic achievements to career milestones, has felt a bit hollow. Even passion projects, like this blog, haven’t been immune. I’ve had this blog for seven years, but for most of that time, I kept it private.

Grinding It Out: The Making of McDonald's

Sat, 07 Sep 2024 19:19:45 +0000

Ever wonder how a 52-year-old milkshake mixer salesman became the mastermind behind one of the world’s biggest fast-food empires? That’s the story of Ray Kroc and McDonald’s.

Ray wasn’t your typical entrepreneur. He spent decades grinding it out in various jobs - selling paper cups, working as a real estate agent, even playing piano in bands. But it was his keen eye for opportunity that changed everything.

In 1954, Ray stumbled upon a small burger joint run by the McDonald brothers while on a sales call in California. What he saw there wasn’t just another restaurant. It was a revolution in the making.

Thinking Outside the Binary Box: How to Create Options When None Seem to Exist

Sun, 01 Sep 2024 13:19:26 +0000

Life often seems to present us with either-or choices. Stay or go. Risk or safety. Present comfort or future security. At first glance, these are mutually exclusive. Can either have this or that?

From time to time, I grapple with one of these dilemmas.

I left my home in Pakistan for a place where gleaming towers rise from the desert sands. It’s a modern oasis of opportunity, offering what some call golden handcuffs. The pay is great, but there’s a catch - it doesn’t come with long-term security.

How Big Things Get Done: The Surprising Factors Behind Every Successful Project, from Home Renovations to Space Exploration

Sat, 31 Aug 2024 18:30:11 +0000

A few years ago, I was involved in an Enterprise Performance Management (EPM) implementation. Our goal was simple: increase operational efficiency and streamline financial reporting processes. We were convinced we had found the perfect solution, a cutting-edge SaaS product that promised the newest and best features.

But as we dove deeper into the project, things started to unravel:

Our initial 9-month timeline stretched into two years.
The product struggled to meet our specifications, falling short of operating at the required scale.
We kept waiting for crucial functionality to be released, causing further delays.

Despite these red flags, we kept pouring more resources into the project. The deeper we got, the harder it became to communicate the mounting costs and missed deadlines up the chain. Ultimately, the project failed to deliver the desired results, despite our enormous investment.

Storyworthy: Engage, Teach, Persuade, and Change Your Life through the Power of Storytelling

Fri, 23 Aug 2024 22:24:25 +0000

Matthew Dicks is right — every one of us has a story to tell. Whether on stage or on the page, we all possess narratives waiting to be shared. But the art of storytelling isn’t just about having a tale; it’s about how well you can tell it. And in my case, I discovered I had some work to do.

A colleague who brought this to my attention, their words as blunt as they were eye-opening, said, “You need to work on your storytelling skills.” Faced with such candid feedback, I had two choices: ignore the critique and pretend the problem didn’t exist or take action to improve.

The Little Book That Still Beats the Market

Sun, 18 Aug 2024 18:57:57 +0000

Most of us, myself included, are drawn to financial markets. Depending on how you approach it, call it trading or investing. There’s this allure, this promise of financial freedom that keeps us coming back. But here’s the thing – if we look at the track record of retail traders, it’s not exactly a highlight reel. It’s more like a blooper reel.

Why do we keep at it? There’s something about the whole process that lights up our brains. Is it the dopamine rush? It’s not unlike the rush a gambler feels in Vegas, only instead of slot machines, we’re watching candlestick charts. The question is: are we really investing, or are we just feeding an expensive habit?

The Rebel Allocator

Sun, 11 Aug 2024 16:24:39 +0000

Ever wondered why some businesses thrive while others struggle? Why some businesses have longevity and others wither away after a burst of success? Often, it comes down to capital allocation - a concept that’s crucial yet frequently misunderstood. At its core, capital allocation is about doing more with less to create value for customers. And when we talk about customers collectively, we’re really talking about society as a whole.

At the most basic level, it’s how you decide to spend money. But it’s even deeper than that. Successful capital allocation means converting inputs like money, materials, energy, ideas, human effort, into more valuable outputs. It’s that transformation process.

The Basic Laws of Human Stupidity

Sat, 03 Aug 2024 11:48:26 +0000

Ever felt like the world’s out to get you? Don’t worry, you’re not alone. We all sometimes think our bad luck is part of some big plan to mess with us.

But what if it’s not that complicated? What if most of our daily headaches aren’t because of some evil plot, but just… people being stupid?

That’s where Carlo Cipolla comes in. He’s an Italian economist who wrote a funny little book called ‘The Basic Laws of Human Stupidity.’ Cipolla says a lot of our problems might be better explained by human stupidity than by any master plan.

So Good They Can't Ignore You: Why Skills Trump Passion in the Quest for Work You Love

Fri, 26 Jul 2024 22:43:08 +0000

Have you heard the story of the Chinese bamboo tree?

For the first four years after planting, you see no visible signs of growth. Not a single sprout above the soil. But if you’re patient and keep watering and nurturing it, something amazing happens in the fifth year.

The bamboo suddenly shoots up, growing as much as 80 feet in just six weeks.

Now, here’s the million-dollar question: Did the bamboo grow 80 feet in six weeks, or did it grow 80 feet in five years?

Anything You Want: 40 Lessons for a New Kind of Entrepreneur

Fri, 19 Jul 2024 21:26:00 +0000

Derek Sivers didn’t set out to start a business. He just wanted to sell his music online. But in 1997, his friends asked him to help them do the same. This led to the birth of CD Baby. In his book “Anything You Want,” Sivers shares his journey through 40 bite-sized essays. He takes us from those early days to 2008, when he sold the company for $22 million.

The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution

Sun, 14 Jul 2024 10:53:44 +0000

How important is it to understand what you invest in?

It’s a question that’s been debated for ages in the investing world. Warren Buffett and Charlie Munger, two of the most successful investors of our time, swear by the concept of “circle of competence.” They believe that you should only invest in companies and industries that you deeply understand.

But what if there was another way? What if you could consistently make money in the markets without knowing a thing about the assets you’re trading?

Superforecasting: The Art and Science of Prediction

Sun, 07 Jul 2024 19:11:00 +0000

What is the cost of making an incorrect prediction?

Loss of Life? A few billion dollars? Sullied reputation? A lost job?

It could be any or all of these or more.

Before the Iraq War, the Bush administration made some bold claims about Iraq having weapons of mass destruction. They said these WMDs posed a serious threat to the U.S. and its allies and used this as the main reason for invading Iraq.

Meditations

Sat, 29 Jun 2024 19:20:44 +0000

In the movie “Gladiator,” do you remember the scene where Maximus, played by Russell Crowe, reveals his identity and faces Commodus?

The atmosphere is charged with tension as the crowd watches. Maximus, wearing a helmet that conceals his identity, turns slowly to face Commodus, who is eager to see who this mysterious gladiator is.

As Maximus removes his helmet, the suspense peaks. The crowd gasps, and the arena falls silent. He reveals himself to be the once-great general, now a gladiator. Locking eyes with Commodus, he delivers his famous line, declaring his allegiance to the true Roman Emperor, Marcus Aurelius.

The Most Important Thing: Uncommon Sense for the Thoughtful Investor

Sat, 22 Jun 2024 23:16:53 +0000

A degenerate gambler down on his luck. No matter how carefully he placed his bets, he always seemed to come up short. One day, he heard about a race with only one horse in it. It seemed like a sure thing, a chance to finally turn his fortunes around. So, he took all the money he had set aside for rent and put it on this lone horse.

The race began, and the gambler watched with anticipation as the horse took off from the starting gate. But halfway around the track, the horse suddenly veered off course, jumped over the fence, and ran away into the countryside.

How to Make a Few Billion Dollars

Sat, 08 Jun 2024 14:57:43 +0000

It’s 2018, and XPO gets hit with a “short” report. The stock takes a beating, losing 26% in a single day.

But instead of getting into a mudslinging match with the short-sellers, Brad Jacobs and his team stayed focused on what mattered. They knew the facts in the report had been twisted, and they were confident in XPO’s financial health. In fact, they realized the whole thing had actually made their stock a bargain.

The Theory That Would Not Die: How Bayes' Rule Cracked the Enigma Code, Hunted Down Russian Submarines, and Emerged Triumphant from Two Centuries of Controversy

Fri, 31 May 2024 20:34:17 +0000

When Bayes’ friend Richard Price was sorting through his papers, he stumbled upon an essay with an intriguing title: “An Essay towards solving a problem in the Doctrine of Chances.” As Price read through the old document, a formula caught his eye.

Price was so captivated by the ideas in the essay that he dedicated the next two years of his life to exploring and developing them further. Finally, he sent the polished work to the Royal Society of London, where it was published in 1763. The publication sent shockwaves through the mathematical community, and Bayes’ name was etched into the annals of history.

The Most Important Thing: Cutting Through Noise and Confusion for Clarity

Sun, 26 May 2024 17:02:56 +0000

People are destined to suffer when communication from leadership is misdirected, unclear, or misunderstood.

Consider a physician who left a written order for a nurse treating an earache: ‘Two drops, twice a day, r. ear.’ The nurse, reading the note, opened the medicine and then directed the patient to turn over, putting the eardrops in his rectum.

The somewhat amusing anecdote is narrated by Robert Cialdini in his book “Influence: The Psychology of Persuasion. We don’t know whether the ear infection was cured from this method of administration of ear drops but it is meant to illustrate how, humans have been programmed to follow leaders. In his talk, Psychology of Human Misjudgments, Charlie Munger talks about how our society is formally organized into dominance hierarchies, with culture augmenting the natural follow-the-leader tendency of man.

Let My People Go Surfing: The Education of a Reluctant Businessman

Fri, 24 May 2024 22:37:33 +0000

Let My People Go Surfing is part biography, part company memoir by Patagonia founder Yvon Chouinard. The first third of the book is an inspiring story about Yvon following his passion and finding his calling. The rest of the book shifts to a manual on designing business systems that align with nature’s grand design.

Yvon created Patagonia to challenge conventional wisdom and introduce a new style of responsible business. Patagonia and its two thousand employees show the business world that doing the right thing can be both good and profitable. Although Patagonia is a private company and its detailed financials aren’t publicly disclosed, it’s estimated to generate about $1 billion in annual revenue and $100 million in profit. This success demonstrates that a commitment to sustainability and ethics can go hand-in-hand with financial performance

The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success

Sun, 19 May 2024 15:11:24 +0000

The Outsiders by William Thorndike Jr. is a master class in how to allocate capital. Thorndike profiles eight CEOs he calls “outsiders”. Why outsiders? Because they think and act differently from most other CEOs.

These outsiders are Tom Murphy of Capital Cities, Henry Singleton of Teledyne, Bill Anders of General Dynamics, John Malone of TCI, Katharine Graham of The Washington Post Co., Bill Stiritz of Ralston Purina, Dick Smith of General Cinema, and Warren Buffett of Berkshire Hathaway.

The Quantum Pause: Delaying Decisions to Increase Optionality

Sun, 12 May 2024 21:15:23 +0000

The Cat Inside the Box

Imagine a cat is placed inside a sealed box, and inside the box, there is also a bit of radioactive material, a Geiger counter (a device that detects radiation), a hammer and a small vial of poison. If the radioactive material emits radiation, the Geiger counter detects it and activates the hammer. The hammer then strikes the vial poison, breaking it and releasing the poison, which would kill the cat.

The Art of Learning: An Inner Journey to Optimal Performance

Fri, 10 May 2024 16:52:03 +0000

Josh Waitzkin the inspiration for the movie Searching for Bobby Fischer, is no stranger to creating change in his life. He won his first National Chess Championship at nine and later became a Tai Chi Push Hands champion. His life has been all about learning to adapt and excel.

In his book “The Art of Learning,” Waitzkin shares lessons from his chess and Tai Chi mentors. This stuff applies way beyond board games or martial arts. It’s wisdom for learning, life and education.

Thinking Fast and Slow

Thu, 02 May 2024 10:56:15 +0000

Have you ever wondered why you reach for the chocolate bar instead of the apple, even when you know which one is healthier?

System 1 operates automatically and quickly, with little or no effort and no sense of voluntary control. System 2 allocates attention to the effortful mental activities that demand it, including complex computations. The operations of System 2 are often associated with the subjective experience of agency, choice, and concentration.

Thinking In Systems

Sun, 28 Apr 2024 19:02:40 +0000

Let’s talk about this amazing book, “Thinking in Systems” by Donella Meadows. It’s one of those rare gems that can change the way you see the world, no matter what you do for a living. The book is all about stepping back, looking at the big picture, and understanding how systems work before you try to change them.

Donella Meadows, who wrote the book passed away in 2001. But her ideas are more relevant than ever. She teaches us how to analyze and solve problems at every level, from the smallest issues to the biggest challenges facing our world.

The Waiting Game: Finding the Right Moment to Decide

Fri, 19 Apr 2024 10:42:55 +0000

A decade back, I met this girl named Sana. We hit it off right away. Things were going great. But a few months in, Sana’s like, “So, what’s the deal? Are we going somewhere with this? I’m at a point in my life where I’m ready to settle down, get married.” But me? I hadn’t really thought about it.

Getting married is one of those life changing irreversible decisions? It’s not like choosing which apartment to rent. This is more like deciding to move to a new country or putting down payment on a property. It’s one of those irreversible decisions, and the stakes are high. This a decision that lies in the fourth quadrant of our decision matrix. I mean, if it goes wrong, it’s not just your bank account that gets steam rolled. The psychological and emotional cost is bound to knock you down.

Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

Tue, 16 Apr 2024 09:12:30 +0000

Poor Charlie’s Almanack is a strange name for a book.

It is actually a tip of the hat to Benjamin Franklin, one of Charlie Munger’s heroes. Back in the day, Franklin wrote this book called “Poor Richard’s Almanack.” It was full of all sorts of useful tidbits—weather forecasts, advice, you name it—and it was written under this quirky pseudonym, “Richard Saunders.” Franklin used “Poor Richard” to come off as an everyman, doling out wisdom in a way that was really humble and relatable.

The Snowball: Warren Buffett and the Business of Life

Wed, 10 Apr 2024 19:25:06 +0000

The personally revealing and complete biography of the man known everywhere as The Oracle of Omaha. The legendary Warren Buffet has never written a memoir, but he allowed Alice Schroeder access to explore directly with him and with those closest to him, his work, opinions, struggles, triumphs, follies, and wisdom.

What did I get out of it?

I have classified lessons into four buckets, as they relate to my health, career, money and relationships:

Setting the Frame: Separating Problem Definition from Problem-Solving

Mon, 08 Apr 2024 10:40:43 +0000

Hans Christian Andersen’s classic tale “The Emperor’s New Clothes” is a story rich in wisdom about the dangers of vanity, pride, and the fear of appearing foolish. The story revolves around an emperor who cares more about his appearance and clothing than anything else. Two swindlers arrive at the city, claiming to be weavers who can create the most magnificent clothes, with a special quality: the clothes are invisible to anyone who is unfit for their position or hopelessly stupid.

The Richest Man in Babylon

Sat, 06 Apr 2024 16:45:43 +0000

George S. Clason lays out guidelines on how to build wealth over a lifetime. These straightforward steps take incredible self-discipline and can have life-altering implications if followed.

What did I get out of it?

I discovered this book in 2018, a few months after becoming a father. At the time, I was in debt and had virtually no savings. Reading it was a turning point in my life.

The straightforward wealth management principles it presents can be transformative if learned early enough. Applying them has allowed me to turn my life around.

The Psychology of Money

Sat, 06 Apr 2024 06:57:04 +0000

Morgan Housel’s Psychology of money is about our relationship with money.

What did I get out of it?

Few lessons I took from the book:

One of the most transformative lessons from the book revolves around our motivations for purchasing things. Housel argues that we often buy items with the belief that they will impress others and garner respect. However, when we examine this notion from our own perspective, we realize that we are rarely truly impressed by the shiny new possessions of our friends and family. Instead, we tend to believe that these items will enhance our own image and earn us admiration. This paradoxical thinking rarely yields the desired results.
It’s not about being smart or good at math. It’s about behavior. We all have different fears, dreams, and ideas about money. If you understand how you think about money, you can see these patterns. Once you see them, you can use the power of your mind to change your life. People often teach finance like it’s all about math. You put numbers into a formula and it tells you what to do. But humans have emotions, we’re not machines. A lot of finance books talk about technical stuff like picking stocks or making the perfect portfolio. But doing well with money is more about controlling your emotions and impulses than about technical skills.

Who Should Read It?

“The Psychology of Money” is a book that everyone should read, regardless of whether they have clearly defined financial goals and are on track to achieve them, or if they feel behind and in need of guidance.

Stacking Up: Navigating the Complexity of Decision-Making

Fri, 29 Mar 2024 12:47:57 +0000

Life is full of decisions, from the seemingly trivial to the monumental. Each choice we make, no matter how small, contributes to the overall structure of our lives. Recently, a simple game of Jenga with my son provided an insight into this concept.

As we began the game, the tower stood tall and stable, a sturdy foundation of wooden blocks. We took turns carefully selecting and removing blocks, each of us trying to maintain the tower’s integrity. With every move, the structure became increasingly precarious, teetering on the brink of collapse. Then, inevitably, one block too many was removed, and the tower came crashing down.

Playing the Long Game: Risk Management Lessons from Costco and Charlie Munger

Sat, 09 Mar 2024 07:21:12 +0000

Costco operates with the lowest gross margins among major US retailers but boasts the highest returns on invested capital. This impressive profitability, coupled with operating margins similar to competitors, stems from Costco’s efficient operating and business model.

The late Charlie Munger, a longtime Costco board member (from 1997 to his death in 2023) used to call Costco the perfect business.

It’s seemingly simple business model rests on five key pillars:

Navigating Complexities: The Prisoner's Dilemma and Its Implications for Personal and Professional Decisions

Sun, 25 Feb 2024 12:55:19 +0000

There is a story of a stalemate in Uber’s corporate history.

This was a time when the company underwent a substantial shareholder reshuffle, marking a turning point in its trajectory.

In August 2017, Dara Khosrowshahi, former CEO of Expedia, stepped into the role of Uber’s CEO. He took the reins from Travis Kalanick, the company’s co-founder, who had resigned under intense pressure from key shareholders, including Benchmark Capital. Kalanick’s departure came in the wake of a series of scandals that had rocked Uber, ranging from allegations of sexual harassment to a major lawsuit from Waymo and revelations of questionable business practices.

Shifting Perspectives: From Past Precedents to Future Fortitude

Sun, 11 Feb 2024 18:13:43 +0000

In another lifetime, a younger version of myself watched as my father, a man who had devoted the best years of his life to military service, faced a calamity that would redefine our future. His dream to transition from the disciplined life of an army officer to the uncertain world of entrepreneurship led him down a path filled with risk and ambition. Ignoring cautionary advice, he ventured into this unfamiliar territory by securing loans that would soon become unsustainable. The business floundered, leaving in its wake financial devastation characterized by mortgaged property and a multitude of debts. This period marked the most challenging phase of our lives, casting a long shadow over my father’s spirit and significantly altering my perspective on money, debt, and the unpredictability of life.

The Art and Science of Persuasion: Exploring Robert Cialdini's Core Principles

Sun, 28 Jan 2024 18:15:30 +0000

In the 1997 film “The Devil’s Advocate,” a memorable scene unfolds around a chess game between the two main characters, Kevin Lomax (played by Keanu Reeves) and John Milton (portrayed by Al Pacino). Lomax is a talented lawyer who has never lost a case, and Milton, his mysterious boss, is later revealed to be the Devil.

The chess game represents more than just a clash of wits. It is a strategic exchange where every move and word has a deeper significance. Milton, commanding and charismatic, subtly shapes the conversation and the game. He uses his role as Lomax’s boss and his engaging personality to create a persuasive environment. Instead of giving direct orders, Milton influences Lomax by tapping into his desires and aspirations.

A Journey Through Time: The Enduring Legacy of Al-Zahrawi and the Quest for Life's Work

Sat, 13 Jan 2024 08:03:27 +0000

While listening to David Senra and Patrick O’Shaughnessy’s podcasts, I am struck by a recurring term: ’life’s work.’ This concept, a frequent topic in their dialogues, led me to explore historical figures who embodied this ideal. Among them, Abul Qasim Khalaf ibn al-Abbas Al-Zahrawi, known in the West as Albucasis, stands out. Living in the 10th century in Cordoba, within the Umayyad Caliphate in Spain, his dedication to medicine offers a compelling illustration of what it means to commit to a life-defining work.

Understanding Uncertainty and Making It Work

Fri, 29 Dec 2023 08:04:04 +0000

For the past five years, I’ve been diligently investing in ETFs through dollar-cost averaging, much like I persistently try to improve my fitness levels, though with noticeably more financial sweat than physical. At the start of the year, despite getting battered through 2022 on equities, I had set a fairly ambitious dollar amount target for my investment portfolio. This goal was a part of my larger plan to hit a specific number by the time I turn 40, which is looming on the horizon.

Navigating Cognitive Drift: Aligning Actions and Values

Sun, 17 Dec 2023 14:20:50 +0000

In my quest to grasp the undercurrents of human behavior, I stumbled upon a realization that has altered my perspective: our actions are largely shaped by incentives, often overshadowing the black-and-white notions of right and wrong. This epiphany didn’t strike me in a moment of grand revelation; rather, it was a gradual awakening as I navigated the complexities of everyday life.

My initial encounter with the intricate play of incentives began at home, in my role as a father. I found myself grappling with the challenges of parenting, particularly in encouraging positive behavior in my son, Hamza. My approach was straightforward: reward good behavior with toys. Each time Hamza exhibited kindness, discipline, or athletic prowess, he would receive a toy of his choice. Initially, this strategy seemed successful. Hamza’s behavior improved, and I thought I had cracked the ultimate parenting hack.

Navigating Complexity with Simplicity: Creating Systems That Work for All

Sat, 09 Dec 2023 11:19:55 +0000

In the challenging economic landscape of post-World War II Japan, the Toyota Motor Corporation stood as a modest automotive manufacturer, grappling with inefficiencies and uncertainty – a reflection of the nation’s broader struggles.

The transformational journey of Toyota began with an insightful realization by Eiji Toyoda. He envisioned a leaner, more efficient production system for Toyota, a vision that would soon revolutionize the manufacturing world. At the heart of this transformation was Taiichi Ohno and his groundbreaking concept of “jidoka,” or “automation with a human touch.” This concept marked a significant departure from the existing manufacturing norms.

Beyond the High Score: Understanding the Pull of Average

Sun, 26 Nov 2023 15:18:02 +0000

Cricket has always been more than just a sport to me; it’s a cherished pastime that evokes fond childhood memories of playing with my dad and younger brother in our backyard. Despite my deep affection for the game, I must admit that my skills have always been squarely average. When playing indoor matches with friends, I would often find myself contributing modestly, never quite standing out in the team.

The Power of Selective Focus: A Lesson in Prioritizing for Success

Sat, 25 Nov 2023 09:44:54 +0000

The story of the Wright brothers, Orville and Wilbur, is a fascinating chapter in history that epitomizes the essence of focus and prioritization. In the early 20th century, these two brothers from Dayton, Ohio, embarked on a journey to achieve what many considered impossible - powered flight. Unlike many of their contemporaries who were also chasing this dream, the Wright brothers had limited resources and no formal training in engineering or aviation.

Embracing Imperfection: The Value of Completed Endeavors Over Unfinished Perfection

Sun, 19 Nov 2023 15:19:01 +0000

In the heart of Renaissance Italy, a story unfolded that encapsulates the essence of human endeavor and the pursuit of perfection. In the early 1500s, renowned artist Michelangelo was commissioned to create a series of 12 apostles for the Cathedral of Florence. His work on the first statue, Saint Matthew, began with fervor and promise. Michelangelo, known for his meticulous attention to detail and his pursuit of perfection, embarked on this ambitious project with his usual passion.

Perception and Prejudice: The Pervasive Power of the Halo Effect on Our Decisions

Sat, 18 Nov 2023 11:20:23 +0000

The story of Cinderella, a familiar fixture on children’s bookshelves, starkly divides the world into good and evil, beauty and ugliness, the oppressed and their oppressors. Cinderella herself, portrayed as both stunningly beautiful and exceptionally kind, stands in sharp contrast to the difficult life she leads. Her character transcends mere fiction, becoming a symbol of virtue and resilience in adversity.

In contrast, her stepsisters, who live under the same roof, are depicted as the opposite. They are portrayed as both mean-spirited and physically unattractive, their appearance reflecting their unpleasant personalities. The story ties their negative behavior to their looks, suggesting that their meanness stems from their lack of beauty.

The Unintended Obituary: How Alfred Nobel Changed His Story

Sun, 12 Nov 2023 17:46:24 +0000

In the late 1800s, Alfred Nobel, a Swedish inventor and industrialist, experienced a profound and unusual wake-up call. Nobel, who had amassed a fortune from his invention of dynamite, faced a unique turn of events when his brother Ludvig died in 1888. Due to a mix-up, a French newspaper mistakenly published Alfred’s obituary instead of Ludvig’s. The obituary was scathing and condemned Alfred for his invention, labeling him as “The merchant of death,” and stating that he “became rich by finding ways to kill more people faster than ever before.”

Unraveling the Knots in Our Minds: Tackling Real and Imaginary Worries

Fri, 10 Nov 2023 08:27:39 +0000

In 1914, Ernest Shackleton embarked on an Antarctic expedition, a journey that soon turned into a fight for survival. His ship, Endurance, became trapped and eventually crushed by ice. Shackleton’s leadership in the face of real, life-threatening challenges was remarkable. He focused on tangible problems, like rationing food and keeping morale high, rather than succumbing to fear or despair. His story is a powerful example of distinguishing between actual problems and unhelpful worries.

Through the Prism of Possibility: How Our Choices Sculpt Our Unpredictable Lives

Sun, 05 Nov 2023 15:18:36 +0000

In life, our every decision—whether made with deliberate intent or left to chance—acts as a catalyst that shapes our destiny. Ted Chiang’s story, “Anxiety Is the Dizziness of Freedom,” introduces us to the prism: a conduit to the varying paths unfolded by our choices. This fictional device is far more than a mere plot element; it serves as reflection of the countless trajectories our lives could take at each juncture.

Beyond the Surface: Challenging Our Perceptions of Understanding

Sun, 29 Oct 2023 11:45:33 +0000

In the late 1990s, Long-Term Capital Management (LTCM), a hedge fund managed by a constellation of financial wizards including Nobel laureates Myron Scholes and Robert Merton, epitomized the pinnacle of financial acumen and innovation. The fund, armed with sophisticated mathematical models, promised to outsmart the market, leveraging complex strategies to yield unprecedented profits. Initially, their approach seemed infallible, as they navigated the financial seas with apparent ease, racking up significant returns. However, their perceived mastery over market dynamics was put to the test during the Russian financial crisis in 1998. The market, chaotic and unpredictable, deviated from LTCM’s meticulous models, revealing the fragility of their understanding. The fund’s highly leveraged positions, once a source of strength, became its Achilles’ heel, leading to staggering losses. In the end, LTCM’s story serves as a humbling reminder that even the most brilliant minds are not immune to the illusion of explanatory depth, and that our understanding, no matter how sophisticated it appears, can lead to catastrophic outcomes when we fail to grasp the intricate complexities and inherent risks of financial markets.

Why Dodging Pitfalls Is Just as Crucial as Achieving Brilliance

Fri, 27 Oct 2023 17:52:46 +0000

In Herodotus’s “Histories” Book VIII we find the tale of Greek general Themistocles. Outnumbered and facing a formidable Persian navy at the Battle of Salamis, Themistocles didn’t rely on a grand, heroic act to claim victory. Instead, he won by carefully avoiding mistakes and luring the Persians into a well-orchestrated trap. This disciplined approach echoes down the ages, reminding us that the path to success isn’t always paved with brilliance; sometimes, it’s about avoiding the pitfalls that would have us stumble and fall.

Building Castles in the Sand: Understanding Life Complexities from Entropy to Stability

Sun, 22 Oct 2023 17:36:23 +0000

Not long ago, my family and I took a short vacation at a beach resort. While my wife enjoyed some spa time, my son Hamza and I decided to build a sandcastle. After about an hour, we had constructed something we were proud of. However, when Hamza asked if our creation would last forever and I explained that nature would eventually reclaim it, he threw a fit. This reaction didn’t surprise me; Hamza has always been the type to build intricate Lego structures and expect them to remain untouched for all eternity. At his age, he is yet to understand the relentless force of entropy, a concept that I myself grappled with well into my twenties.

The Myopic Trap: How to Avoid a Narrow Focus

Fri, 20 Oct 2023 15:39:09 +0000

In 2008, the global financial landscape was rocked by an event that sent tremors across markets and households alike. At the epicenter of this financial earthquake was Lehman Brothers, a titan in the investment banking world that had stood for over 150 years. Its sudden fall from grace and ultimate bankruptcy was a wake-up call that reverberated through every corner of the financial universe. However, not everyone was caught off guard. Dr. Michael Burry, a one-time physician who had transitioned into hedge fund management, saw the collapse coming. By meticulously studying mortgage-backed securities, an area that most investors took for granted, Burry was able to anticipate the financial meltdown. His story became the focal point of the movie “The Big Short,” acting as a cautionary tale about the dangers of narrow-mindedness or what can be termed as ‘myopic vision.’

The Art of Being Consistent: How Ordinary Tasks Create Extraordinary Results

Wed, 18 Oct 2023 16:38:33 +0000

You might not have heard of Eugene Cernan, but you’ve likely heard of Neil Armstrong. Armstrong was the first person to walk on the moon; Cernan was the last (to date). Armstrong’s name is immortalized, but it’s Cernan who holds an extraordinary record. He flew into space three times—each mission more challenging than the last—and his career spanned more than a decade. Armstrong’s first moon step was a giant leap for mankind, but Cernan’s consistent commitment to his craft allowed him to make multiple leaps, each contributing to our understanding of space. You see, consistency mattered more than the spotlight for Cernan.

Simple Choices, Big Changes: A Lesson in Playing Life on Easy Mode

Tue, 17 Oct 2023 18:07:04 +0000

In the late 1970s, a young cricketer named Allan Border was called up to the Australian national team. The team was in shambles; they were losing badly, and morale was low. Allan Border wasn’t a prodigy, but he had something just as important: consistency. He steadily improved his game, not through spectacular shots but through meticulous attention to technique and strategy. By the mid-’80s, Border was the captain, and he led one of the most spectacular turnarounds in cricket history, culminating in a World Cup win in 1987. He didn’t rely on flashiness but on doing the basics extraordinarily well. Border’s journey exemplifies how the consistent application of simple, straightforward principles can turn a losing endeavor into a triumph.

The Pull of Conformity: How Diogenes Teaches Us to Break Free

Mon, 16 Oct 2023 14:34:09 +0000

In ancient Greece, there was a man named Diogenes who lived in a barrel. While others sought wealth and status, he chose a life of simplicity and independence. One sunny day, Alexander the Great, intrigued by the philosopher, visited him. “Ask anything of me,” said the great conqueror. Diogenes looked up and replied, “Move out of my sunlight.” The point here is that Diogenes refused to conform, even in the presence of arguably the most powerful man of his time. He lived life on his own terms, indifferent to societal norms.

The Psychology of Control: Why We Can't Grasp Randomness

Sun, 15 Oct 2023 12:51:01 +0000

Just a few centuries ago, life was a wild card. Your village could be invaded by armed swordsmen, and you’re enslaved by force, no questions asked. There is no recourse, no police and no law to give you protection. Picture being a woman in those times, where being taken as a war bride was a grim reality. Or consider, being forcefully “recruited” to fight in a war, stripped away from your home and community. The common thread? A life dictated by factors entirely out of your control.

The Invisible Armor: How Your Reputation Shields You

Sat, 14 Oct 2023 17:08:31 +0000

In ancient Rome, Marcus Aurelius, was known for his wisdom, integrity, and fairness. Even when he was fighting wars or managing the empire, people respected him because he treated everyone justly and upheld his moral principles. His reputation was so powerful that it has survived for nearly two millennia, studied and revered to this day.

Our reputation is like Marcus Aurelius’ legacy; it’s the invisible armor. It walks into a room before we do, affecting how people perceive us and react to you. Even after you leave, it sticks around, influencing how you’re remembered. You may not be an emperor or a philosopher, but the reputation you cultivate has lasting impacts on your personal and professional life.

Taking Aim at Life's Problems: The Importance of Finding the Root Cause

Fri, 13 Oct 2023 17:49:33 +0000

I remember my first-time playing pool back in 2011. I was in a remote part of southern Punjab on an audit assignment. My skills were questionable, they still are, but I quickly grasped the game’s basics: use a stick to hit the white cue ball, which in turn knocks colored or striped balls into pockets. Simple, right? But it got me thinking: What really causes those balls to go into the pockets?

The Unseen Filter for Making Better Choices

Wed, 11 Oct 2023 14:34:21 +0000

We all face decisions, big and small, every day. From deciding what to eat for breakfast to contemplating career moves, choices are a constant. Yet, how often do we pause to consider what happens after we make a decision? Here’s a simple yet powerful method I use to make better choices: I ask myself, “How much can I shape the outcome after I make this choice?”

Imagine standing at a fork in the road. One path is gravelly but well-lit, and the other is smooth but shrouded in darkness. How would you decide which to take? If you’re like most people, you’d weigh the pros and cons. But there’s a vital factor that we often overlook—our ability to affect the outcome after the decision is made.

The Allure and Illusion of Upgrading Your Life: A Journey Through the Diderot Effect

Fri, 06 Oct 2023 17:54:44 +0000

In the 18th century, Paris was a crucible of Enlightenment ideas. Among the era’s most influential thinkers was Denis Diderot, best known for his contributions to the Encyclopedia. Despite his intellectual prowess, Diderot wasn’t financially well-off—until, that is, he sold his library and found himself unexpectedly flush with cash.

This newfound wealth led him to purchase a luxurious scarlet robe. Yet, this garment soon made his other belongings appear drab in comparison. Trapped in a cycle of upgrading, Diderot found himself in financial strain and regret.

The Two Phases of Expectations: Fueling Success and Finding Peace

Wed, 04 Oct 2023 14:06:17 +0000

While you’re in the thick of your work, set your sights high. The goals you set for yourself often serve as a self-fulfilling prophecy; you’re unlikely to outperform your own expectations. So, aim high to motivate yourself to stretch your abilities and achieve your full potential.

After you’ve completed the work, it’s crucial to shift your mindset. Let go of those lofty expectations you set earlier. Holding onto them can taint an otherwise successful outcome. If you keep telling yourself it wasn’t good enough, you’ll rob yourself of the satisfaction and happiness you deserve. In the grand scheme of things, it’s not just about meeting or exceeding those high expectations, it’s also about the effort and dedication you’ve put into the task.

Hoof Taps and High Hopes: The Pygmalion Effect

Mon, 02 Oct 2023 14:53:35 +0000

In the early 20th century, a German teacher and horse trainer named Wilhelm Von Osten was convinced that animals could be taught to read and perform arithmetic. While dogs and bears failed to live up to his expectations, a horse named Clever Hans captured the world’s imagination. With a 90% accuracy rate, Hans would tap his hoof to answer mathematical questions. Scientists and laypeople alike were intrigued. Could a horse genuinely possess the cognitive ability to understand arithmetic?

The Allegory of the Modern Cave: Why Your Reality May Not Be as It Seems

Thu, 28 Sep 2023 14:38:51 +0000

Imagine you’re chained in a dark cave, facing a bare wall, unable to turn your head. A fire crackles behind you, casting shadows of various objects that puppeteers hold up on a raised walkway between you and the fire. This is your reality, shared with other captives. You discuss the shapes of the shadows, make guesses about what they represent, and even give them names. You and your fellow captives have lived your entire lives believing these shadows to be the only form of reality.

Beyond Intelligence: 'How Not to Be Stupid' in an Age of Information Overload

Sun, 24 Sep 2023 15:30:52 +0000

“Please review and check your work before submitting it. Do not rely solely on your Excel formulas and make careless mistakes.” These words, direct and pointed, lingered long after I received them. I grappled with their implication. Was this feedback an indirect way of labeling me ‘stupid’? Was it an overarching critique of my capabilities or just a comment on that specific task?

My entire life, I’ve rooted my self-worth in my intellectual abilities. Given my limited prowess in sports, my intellect was my pride. Therefore, when this feedback seemed to challenge my belief, I was driven to delve into the dynamics of intelligence and its counterpart, stupidity. Contrary to popular belief, stupidity isn’t simply the absence of intelligence.

Borrowed or Owned: Where Does Your Intellect Come From?

Fri, 22 Sep 2023 13:58:09 +0000

“Recall the fable of the crow and the pitcher? A thirsty crow discovers a pitcher with water at the bottom, but it’s too deep to reach. Ingeniously, the crow drops pebbles into the pitcher until the water level rises. This age-old tale underscores the merits of critical thinking. Yet, it begs the question: How many of us would genuinely solve a problem, and how many would resort to ‘second-hand intellect’?”

Beyond the Battlefront: A Tale of Survival and Resilience

Wed, 20 Sep 2023 13:50:50 +0000

The life journey of Alister Urquhart, as depicted in “The Forgotten Highlander,” is a testament to human resilience.

At the tender age of 19, Alister Urquhart was conscripted into the British Army during World War II and dispatched to Singapore. However, fate took a turn when the Japanese forces invaded, capturing him.

For 750 grueling days, Urquhart labored as a slave in the jungles, constructing The Death Railway and the infamous bridge on the River Kwai. During this ordeal, he was often naked and battled against the harsh elements.

The Art of Identifying The Most Important Thing: Insights from the Banana Wars

Sun, 17 Sep 2023 16:03:32 +0000

In the early 20th century, amidst the geopolitical tensions of Central America, the corporate rivalry termed the “Banana Wars” unfolded, predominantly between the behemoth United Fruit Company and the smaller, agile Cuyamel Fruit Company, led by Sam Zemurray. Central to their contention was a 5,000-acre tract of land, both deemed invaluable. United Fruit, upon discovering that this land resided in territories claimed by both Guatemala and Honduras with two separate claimants to ownership, engaged in their default approach: deploying lawyers and investigators to determine the rightful owner—a process that predictably dragged on. Zemurray, in stark contrast, recognized the primary issue at hand and acted with remarkable alacrity. Meeting both claimants, he ensured he had a clear title by addressing both parties who laid claim, effectively sidelining any potential disputes. While he might have paid more upfront, his quick action ensured he secured this strategic piece of land, leaving United Fruit embroiled in legalities.

Beyond the Rear-View Mirror: Understanding Risk and Responsibility

Fri, 15 Sep 2023 13:07:57 +0000

A mundane drive on Sheikh Zayed Road took an unexpected turn one evening. As traffic ahead halted suddenly, I found myself stopped behind a cab, hazard lights flashing urgently. An SUV, oblivious to the change, barreled toward me at high speed. Hemmed in by moving traffic to my side, a helpless glance in the rear-view mirror was all I had before the jolting impact. This event, though alarming, spurred introspection. Was it sheer misfortune, or did it underscore the necessity of the precautionary principle in our daily lives?

Time, Tasks, and Tendencies: The Intricacies of Parkinson's Law

Sun, 10 Sep 2023 18:10:31 +0000

Reflecting on my early days in public accounting in Pakistan, our audit assignments stretched from four to eight weeks. Given the readily available and affordable audit associates, our teams typically ranged from 4 to 8 members. Fast forward to my tenure at PwC in the Middle East, where the expectation shifted dramatically. Here, we aimed to complete audits in just one to two weeks, often with a leaner team of 1 to 3 people.

Chasing Metrics, Missing the Mark: Lessons from Colonial Cobras to Modern Management

Fri, 08 Sep 2023 08:24:21 +0000

During the British colonial period in India, Delhi faced a pressing issue: an overwhelming number of venomous cobras. To curb this threat, the British officials introduced a seemingly straightforward solution — offer a bounty for every dead cobra, aiming to mobilize the locals into reducing the snake population.

But, as with many policies, there were unintended side effects. Some entrepreneurial individuals recognized a lucrative opportunity. Instead of hunting cobras, they began breeding them at home. The more cobras they bred, the more they could kill and turn in for a reward. As word of this malpractice spread, the officials had no choice but to end the reward scheme. The outcome? Those home-bred cobras, now worthless to their breeders, were released into the streets, leading to an even more significant cobra menace than before.

6 Proven Strategies to Reinforce Financial Discipline with Dollar-Cost Averaging: Defeat Impulse Spending, Grow Your Savings, and Realize Your Financial Dreams

Sat, 02 Sep 2023 13:25:28 +0000

Discover the power of consistent investing and the path to financial independence.

In today’s fast-paced world, building wealth isn’t just about earning more; it’s about investing wisely. But how can one invest without large sums of money? And how can you ensure your hard-earned money grows over time? We’ll uncover the strategy that has helped countless individuals achieve their financial dreams.

The Birth of Dollar-Cost Averaging

The investment world is riddled with complexities, but amidst the noise, one strategy has stood the test of time: Dollar-Cost Averaging (DCA). Originating from the desire to mitigate risks and promote disciplined investing, DCA is not just a tool; it’s a philosophy. Picture a world where market swings don’t induce panic, and where every paycheck moves you one step closer to financial freedom. That’s the essence of DCA.

Self-worth, Creation, and the Quest for Objectivity: Balancing Pride and Perception in the Shadow of the IKEA Effect

Fri, 01 Sep 2023 08:22:38 +0000

Late one night, surrounded by the quiet of midnight, I was meticulously finalizing a presentation for the Board. To me, each slide was more than just a task; it served as a testament to my dedication and skill. Filled with anticipation, I sent it to my boss, hoping it would be met with the same enthusiasm with which I had crafted it.

However, the break of dawn brought an unexpected turn. Rather than the accolades I had hoped for, the presentation returned dotted with revision suggestions. This didn’t just feel like routine feedback; it felt like a personal affront, questioning my capabilities. A tidal wave of defensiveness rose within me. Was my effort not clear enough?

Favors Without Strings

Sun, 27 Aug 2023 12:46:38 +0000

If you’ve ever done someone a favor—be it a colleague, a friend, or anyone else—like lending money in a tight spot or using a connection to help them get a job, here’s a piece of advice: Don’t mention it again.

Avoid bringing it up in conversations or hinting that they owe you. While your genuine assistance can strengthen your relationship, constantly referencing it can do the opposite.

Over time, they might hesitate to interact with you, fearing you’ll remind them of the favor. And if you continually bring it up, especially in a belittling manner, you risk ruining the relationship altogether.

The Red Queen Effect: A Modern Parable of Perpetual Pursuit

Fri, 25 Aug 2023 07:12:21 +0000

In the heart of an ethereal land, Alice, a curious adventurer from Lewis Carroll’s “Through the Looking Glass,” raced alongside the Red Queen. As they ran, she was struck by an unsettling truth. Despite the fervor of their sprint, the surrounding environment remained eerily stagnant. “Now, here, you see,” remarked the Red Queen, “it takes all the running you can do, to keep in the same place.” This perplexing insight didn’t just captivate Alice in Carroll’s fantasy world; it resonated, providing a metaphor that’s reverberated through time, shedding light on individuals and systems battling the whirlwinds of competition, evolution, and relentless change.

Monopoly, Gambler's Ruin, and a Five-Year-Old: Insights Beyond the Game Board

Wed, 23 Aug 2023 13:21:17 +0000

A few months ago, my five-year old son (Hamza) got into board games. We started from Uno, moved on to Snakes and Ladders, until he came across Monopoly. But given that he is too young to understand the intricacies of monopoly, I decided to give him a head start by more than doubling his starting money.

This got me thinking, the game became an illustration of a question posed by the Gambler’s Ruin: if one player has a superior skill set and the other more resources, who’s likely to come out on top?

Beyond Chemistry: The Unexpected Insights from Alloying

Sun, 20 Aug 2023 15:59:34 +0000

It’s said that life, in its vast complexity, can sometimes be distilled down to fundamental principles. And to think, one of the realizations stemmed from a chemistry concept I once loathed: alloying. Alloying is, at its heart, an emergence. It’s the process by which combining distinct elements results in an outcome greater than their individual sum.

During high school, I barely spared a thought to chemistry. Therefore, I dropped the subject in favor of social sciences. But then, while studying mental models, a curious fact caught my attention. When you combine tin, with a Mohs hardness of 1.5, and copper, at 3, you don’t get what you’d expect. Instead of an average 2.25, you get bronze – a staggering 6 on the Mohs scale! This isn’t just a matter of adding two properties: it’s an explosion of potential, a leap from the mundane to the remarkable.

The Unexpected Upside: The Wide Reach of Optionality in Life's Choices

Sun, 20 Aug 2023 15:35:37 +0000

In 2015, my entire trading account and a significant part of my measly net worth was wiped out due to a series of misguided options trades. The lure of overnight riches had me speculating on the markets via options. This failure led me to swear off options entirely, attributing my losses to speculative and riskiness of options.

However, during my CFA studies, my perspective changed. I discerned that options, when utilized correctly, offer a unique safeguard against unforeseeable market movements, all the while retaining the potential for substantial returns.

Tossing the Coin of Trading: Unmasking the Reality with Ergodicity

Fri, 18 Aug 2023 15:56:48 +0000

Imagine you’re at a carnival, enjoying the lights and sounds, when you come across a coin-toss game. The excitement is palpable. You’re told that if the coin lands on heads, you’ll double your bet, but if it lands on tails, you’ll lose everything. The 50% chance of doubling your money is a siren’s call. But as you play, you realize the trick: a single loss means you’re out of the game forever.

Building Strong Narratives: The Impact of First Principles Thinking

Sat, 12 Aug 2023 09:47:14 +0000

Have you ever found yourself faced with a problem so intricate and vast that it triggers anxiety, not because you lack the capacity to solve it, but because the available data seems to render it insurmountable?

This sensation frequently emerges when we attempt to reason by analogy. The practice of solving a problem by analogy involves recalling a similar situation we’ve encountered, drawing insights from it, and applying those insights to the current circumstance.

Anchored in the Past: Sunk Cost Fallacy

Sun, 18 Jun 2023 14:56:43 +0000

Have you ever found yourself trapped in a decision, unable to let go, even when you knew it wasn’t working out?

This is known as the sunk cost fallacy, a cognitive bias that influences our decisions based on past losses rather than potential future gains. Understanding this phenomenon and how it plays out in our lives can be crucial in making rational decisions. Today, I’ll share a real-life example from my professional life, which can help unravel this fascinating, yet potentially devastating, psychological quagmire.

The True North: Crafting My Personal Mission Statement

Sun, 28 May 2023 14:25:13 +0000

Every individual embarks on a unique journey through life, a voyage that can sometimes seem directionless. A personal mission statement serves as a compass for this journey, pointing consistently towards one’s true north. In this post, I will share my voyage through the depths of self-reflection, as I navigated towards creating my own personal mission statement.

The Starting Point

As part of a coaching program, I was tasked with creating a personal mission statement. This wasn’t merely an assignment, but an invitation to delve deeper into my core values and desires. At first, it seemed like a daunting task. However, my prior exposure to the ancient philosophy of Stoicism provided a strong foundation for my introspection.

Reflections and Roadmap: Journey Towards Self-Improvement

Fri, 26 May 2023 11:23:15 +0000

I’ve always found solace in the written word, using it as a tool to record, reflect, and drive personal growth. To hold myself accountable to my goals, I decided to create this public journal, a space where I share my experiences and the insights gleaned along the way.

Recently, I embarked on a new coaching program to break free from the inertia of my mid-level management career. There’s much to discuss about this program, and I’ll do so in future posts. Today, I want to shed light on an introspective exercise from the first worksheet of the program - an honest appraisal of various aspects of my life.

What good have I done today?

Mon, 01 May 2023 10:32:20 +0000

Back from vacation and I spent the past two hours sifting through my email and clearing the inbox. I have this OCD of keeping my inbox (both personal and work) at 0 unread. The emails which are expected to take longer to go through, process / be replied to are opened in a new window (I use Outlook desktop app for all my emails) and are kept open until I have been through them.

Harsh truths

Mon, 26 Dec 2022 06:50:13 +0000

I’m a fan of harsh truths. Someone recently linked me to this post on harsh truths from 2012 that went mega-viral back in the day.

It’s quite good, though I’d argue that several on the list are all really one single harsh truth (that you have to create something of value to be valued).

The few that struck a chord (with a few thoughts from me in italics):

The world only cares about what it can get from you. Everyone you encounter needs something. You are either valuable (by providing those things that are needed) or not (because you cannot provide any of them) and the world will treat you accordingly. This is true professionally in the context of what valuable skills you can build to fill what others need and personally in the context of what valuable emotional support you can provide to your family and friends. We should all strive to be valuable to those around us.
What you are inside only matters because of what it makes you do. As discussed in the framework, my view is that actions create identity. We have to DO in order to BE. It’s not enough to say that we are a good person on the inside if we don’t do good things for other people.
Everything inside you will fight improvement. I agree with this. For most people, the internal wiring makes it much easier to just stay the same. It’s painful to change and grow, so we avoid it. We make up excuses and do all kinds of mental gymnastics to tell ourselves that’s ok. But we’re better than that, and we are made to do more than that. You get one shot at life, might as well try to make the most of it!

Character Alarms

Mon, 26 Dec 2022 06:40:30 +0000

There is a concept called Character Invention that many of the most prominent executive coaches teach to their clients.

The general idea is pretty simple:

We all have a level of fear and imposter syndrome associated with performing certain acts. Depending on your situation, you might feel it around public speaking, performing a musical act in front of a crowd, hitting the gym hard, or being the parent or partner you know you can be. This can be crippling.

Focus on the next step

Tue, 11 Oct 2022 08:04:33 +0000

Where you focus can hold you back.

Focusing on the outcome makes the gap between now and the finish line seem larger than it is.

Yesterday I wanted to go for a long run. That little voice in my head said “Imagine running for 90 minutes. Dude, you didn’t sleep well, and that’s a lot of effort. Let’s save our energy and check Twitter instead.”

Taking the first step seems impossible when the gap between now and your desired outcome seems large.

Busy

Sat, 17 Sep 2022 09:19:55 +0000

“The problem isn’t that you’re too busy. You are too busy, but that’s not the problem. If you view being busy as the problem, there is no solution. You will always be too busy, and that will never change. As Andy Grove once noted: “A manager’s work is never done. There is always more to be done, more that should be done, always more than can be done.” The problem is that you’re acting like a firefighter instead of a fire marshal.”

Simplicity

Sat, 17 Sep 2022 09:14:07 +0000

IKEA founder Ingvar Kamprad on simplicity:

“There have to be rules to enable a lot of people to function together in a community or a company. But the more complicated the rules are, the harder they are to comply with. Complicated rules paralyse!

Historical baggage, fear and unwillingness to take responsibility are the breeding ground for bureaucracy. Indecisiveness generates more statistics, more studies, more committees, more bureaucracy. Bureaucracy complicates and paralyses! Planning is often synonymous with bureaucracy.

Making sense

Sat, 17 Sep 2022 09:12:40 +0000

When you see someone doing something that doesn’t make sense to you, ask yourself what the world would have to look like to you for those actions to make sense.

Don't negotiate with yourself

Mon, 30 May 2022 15:18:10 +0000

The person who carefully designs their daily routine goes further than the person that negotiates with themselves every day.

The most successful people I know follow a routine to ensure the most important projects get the time they need.

A successful and busy acquaintance decided to write a book not long ago. I asked him how he planned to do that given all of his responsibilities at home and the office. He simply said, “I get up at 5, make a coffee, and write from 530 to 7 every day. I’ve been doing it for 9 days now and I’ll do it until the book is done.” I knew right then he’d finish his book. Why? Because he designed part of his life to accomplish that goal.

Grit

Mon, 23 May 2022 05:54:48 +0000

The irony is that this ‘fake it till you make it’ tactic is the exact opposite of how truly successful people live. They live with authentic vulnerability because they know that the world always connects more with your grit than your shine. They might show up for the shine, but they will stay because of your grit.

Joshua Medcalf on grit

Over and over again

Mon, 23 May 2022 05:51:18 +0000

The greatest threat to results are boredom and impatience.

The only way to become good at something is to practice the ordinary basics for an uncommon length of time. Most people get bored. They want excitement. They want something to talk about and no one talks about the boring basics. For example, we know that dollar-cost averaging into an index fund is likely to generate wealth, but cryptocurrency will give us a bigger thrill. Boredom encourages you to stop doing what you know works and do something that might work.

The 24 hour rule

Mon, 25 Apr 2022 06:48:44 +0000

There is a rule that has helped me put failures and victories into their proper perspectives.

The 24-hour rule states that you turn the page every day. No matter what. You can celebrate or cry but tomorrow you turn the page. Tomorrow is a new day.

We all know the person at the office that hangs on to the past. They remind of us of the project they worked on 10 years ago that was a success. Or they let a temporary defeat turn into a permanent one. They are anchored to the past and it prevents them from seeing the future.

Positive asymmetry

Mon, 07 Mar 2022 10:55:01 +0000

Linear games are won by working harder than others. And the harder other people work, the higher the bar. You need to work harder and harder, just to stay in the same relative position.

Asymmetry is different. Even people who understand asymmetry consistently underestimate its power.

Positive asymmetry happens when you have a lot of upside and little downside. Negative asymmetry is when you have little upside and high downside. Finding hidden or overlooked asymmetry is the key to an unstoppable advantage. And there is a lot of it hiding in plain sight.

Discipline vs Consistency

Mon, 21 Feb 2022 08:10:29 +0000

One of the most practical life skills that no one talks about is turning discipline into consistency. Discipline will only take you so far. It’s hard to be consistently disciplined.

Relying on discipline to do what you know you should do requires a lot of effort. But what if you could take that discipline and turn it into something that happens without much effort?

Consider a twelve-year-old who has about an hour of homework a night with his Grade 7 class. If he relied on discipline to get that homework done, it would be a mess. Sure, some nights it would be easy but other nights it wouldn’t. We can almost hear the excuses now. “I don’t feel like doing it now. I’ll do it later.” In the end, what he did would depend on how he felt.

Discipline

Sun, 13 Feb 2022 14:59:33 +0000

If small changes create big results, then why is success so elusive?

The answer boils down to a single word: discipline. Not many people have consistent discipline when times are good. Even fewer in times of stress.

Anyone can do something once. Not everyone can do it consistently. Eating healthy for a meal is common. Eating healthy all week is not. Working out occasionally is common. Working out a few times a week is not. Going to bed on time is easy. Doing it for a week is not.

Active vs Passive stability

Mon, 31 Jan 2022 07:26:45 +0000

There are two types of stability: passive and active. Most people don’t understand the difference until it’s too late. Passive stability requires no intervention.

A ship in the ocean is passively stable. The captain can take a nap and the power can go out and the ship will still ride out the storm. Active stability is different.

Active stability requires constant intervention. A modern jet is actively stable. It has little inherent stability without constant intervention.

Playing in hard mode

Mon, 24 Jan 2022 15:26:05 +0000

“Every battle is won before it’s ever fought.” — Sun Tzu

While most of us would never choose to play life on hard mode, that’s exactly what we do when we put ourselves in a bad position. One way to visualize this is through the lens of billiards. We become so focused on making the first shot that we fail to consider how we position the ball for the next shot. When we go to take the next shot, it’s harder than it had to be.

You are what you think and do

Mon, 17 Jan 2022 15:02:40 +0000

Environment is the hidden force that guides behavior. One reason it’s so effective is that it speaks to your subconscious mind and not your conscious mind.

Default behaviors love the path of least resistance. Not only does our environment choose that path but it pushes us in that direction.

Most of the time when we think of ’environment’ we think only of our visible environment. Consider your house. Seeing a bag of chips on the counter makes eating healthy harder. In the same way, removing chips from the house altogether makes eating them harder. To get a bag of chips you have to get in your car and go to the store.

Do less but do better

Sun, 02 Jan 2022 14:05:16 +0000

Any energy that goes into what doesn’t matter comes at the expense of what does.

With a little extra time, you can raise the standard from good enough to great.

Narrow the focus. Raise the standard and set yourself apart.

Premeditatio Malorum

Thu, 30 Dec 2021 06:21:42 +0000

Seneca once said, quoting Fabius, that the only inexcusable thing for a commander to say was, “I did not think that could happen.” And of course, he is right: The job of the leader is to be prepared, to have a plan, to anticipate all possible and probable outcomes. Whether it’s a military campaign, a creative project, or a business negotiation. This is why the Stoics practiced premeditatio malorum and made a point of always doing their ‘hard winter training.’

Humility

Mon, 08 Nov 2021 08:20:29 +0000

“It is impossible for a man to learn what he thinks he already knows.” — Epictetus

Humility is the anecdote to arrogance. Humility is a recognition that we don’t know, that we were wrong, that we’re not better than anyone else.

Humility is simple to understand but hard to practice.

Humility isn’t a lack of confidence but an earned confidence. The confidence to say that you might not be right, but you’ve done the diligence, and you’ve put in the work.

Truth

Sun, 17 Oct 2021 15:05:41 +0000

We tend to think that what we think is true. And because we think something is true, we ignore information that might tell us it’s not true.

Charles Darwin deliberately looked for thoughts that disagreed with his own. He wrote, “whenever a published fact, a new observation or thought came across me, which was opposed to my general results, to make a memorandum of it without fail and at once; for I had found by experience that such facts and thoughts were far more apt to escape from memory than favorable ones.” Darwin was out for truth, not to confirm his view of the world.

Avoidance

Sun, 10 Oct 2021 11:02:52 +0000

There is nothing that gets in the way of success more than avoidance. We avoid hard conversations. We avoid certain people. We avoid hard decisions. We avoid evidence that contradicts what we think. We avoid starting a project until we’re certain of the outcome.

To justify our avoidance, we lie to ourselves. We tell ourselves that we’re noble — we don’t want to hurt someone’s feelings. We tell ourselves we don’t want to offend others. We tell ourselves that things will get better. We tell ourselves that things will get easier. We tell ourselves that we can avoid the real issue without any impact. We tell ourselves we’ll start when the time is right.

About

Mon, 01 Jan 0001 00:00:00 +0000

My Ledger is written by me, Nauman.

I have named the blog My Ledger because apart from being an accountant, that is how I would characterize my learning experience so far – chronicling and recording whatever piques my interest. I have set up this site to help keep myself accountable and (hopefully) offer some insights and inspiration by distilling what has been worthwhile to me.

Who am I?

I was born and raised in Pakistan, primarily in Islamabad and Lahore, before moving to Dubai in 2012. As a Chartered Accountant by profession, I obtained my CFA Charter in 2017, coinciding with the birth of my son, Hamza. While the two events may not be directly correlated, life has a way of presenting unexpected coincidences.

Now

Mon, 01 Jan 0001 00:00:00 +0000

What am I doing Now

I’m currently in Dubai.

Updated 28 June 2025, from my home.

What’s Happening?

Summer vacations have started and I have a few things planned:

Build a PC with Hamza
Learn Paddle - how original - but I figure this can be done when I take Hamza for his football lessons
There is this thing at work that needs to be done and executed

Strong Opinions, Weakly Held

On Health

Daily exercise trumps sleep recommendations. I’ll sacrifice sleep down to 5-6 hours without hesitation if it means protecting my workout routine. The conventional wisdom of needing 7-8 hours feels overstated for my body.
Regular health checkups have their place, but there’s wisdom in not knowing everything. Sometimes medical ignorance truly is bliss — constant health monitoring creates anxiety without necessarily improving outcomes.
Protein-centric eating provides the foundation for physical performance, though I’ve learned to accept my sweet tooth rather than fight a losing battle against it.
~~Conventional medicine deserves our primary trust, though I recognize this view is shaped partly by my skepticism of alternative approaches my mother champions~~
- Since developing serious disc herniations that compressed my spinal cord and nerve roots, I’ve found acupuncture provides legitimate relief when conventional treatments fell short
Lifestyle factors within our control deserve our focus more than genetic predispositions we can’t change. The things you can influence daily matter more than what you were born with.

On Wealth and Investing

Pay yourself first. No wealth strategy works without the discipline to consistently set money aside before spending. This non-negotiable habit underpins everything else.
You can’t save your way to significant wealth. The math doesn’t work. Real wealth requires investing and achieving meaningful returns on your capital.
ETFs and dollar-cost averaging build security, not generational wealth. They’re the foundation, not the full structure. If you want to create lasting wealth across generations, bigger bets are necessary.
~~As a retail investor, I can act as “the house” by selling options (act as the insurance company) and following smart money strategies~~
- Retail investors cannot truly “be the house” - we lack the multiple paths and hedging capabilities that institutions possess
- Market makers have structural advantages that no retail strategy can replicate, no matter how sophisticated your approach
Diversification matters, but so does conviction. I dabble in various investment types but always size positions so no single bet can wipe me out. The goal is asymmetric risk-reward.
Generational wealth can only be built through asymmetric bets. The path to true wealth isn’t through steady, predictable returns—it requires positioning yourself to capture exponential upside while managing downside risk.
Risk management trumps return chasing. The investor who avoids getting knocked out of the game ultimately wins, which means protecting your downside even while taking shots at big upside.

On Family and Relationships

~~Everyone eventually walks out on everyone else, so self-reliance is the only true security in relationships~~
- Personal independence, especially financial, creates a foundation for healthier relationships rather than dependent ones
- When life gets difficult, the true nature of relationships is revealed - and many don’t survive the test
- Yet I recognize my emotional intelligence is a work in progress, and this defensive stance might be protecting me from vulnerability rather than reflecting reality
True success isn’t measured by net worth but by how you’ve impacted the lives of those around you. The quality of your relationships might be life’s most meaningful metric.
The emotional intelligence needed for lasting relationships isn’t innate - it’s learned through experience and reflection.

On Work and Vocation

My day job is a means to an end, but that doesn’t exempt it from the pursuit of excellence. Everything that carries my name is part of my identity.
Excellence isn’t optional – it’s a reflection of character. The quality of your work speaks volumes about who you are, regardless of whether the work itself is your passion.
The 1% better philosophy transforms ordinary days into meaningful growth. Going to bed slightly improved from when you woke up compounds into extraordinary results over time.
The more you learn, the more you realize how little you know. True wisdom begins when you recognize the vastness of your ignorance.
~~Imposter syndrome is something to overcome or eliminate~~
- Imposter syndrome might actually be a sign you’re pushing boundaries and growing. The discomfort signals you’re in new territory.
- A growth mindset doesn’t eliminate the feeling of being an imposter – it just gives you the courage to proceed anyway.

World View

People aren’t fundamentally good—they’re fundamentally tribal. The goodness we celebrate in humanity typically extends only to those who resemble us.
Human compassion has boundaries that become painfully apparent when resources grow scarce. Our tribal nature reveals itself when things get difficult.
~~Humanity is inherently altruistic and caring~~
- Reality check: What we call “humanity” is often just in-group preference that disappears when applied to those outside our circle
- When shit hits the fan, the tribal lines harden and our concept of who deserves compassion narrows dramatically
Control what you can control. Living in my own carefully curated bubble gives me agency in a world where broader influence is largely illusory.
News consumption rarely improves your life or decision-making. Information that doesn’t impact your sphere of influence often serves only to increase anxiety without providing actionable value.
~~Life isn’t fair, and that creates a feeling of helplessness~~
- Life’s inherent unfairness isn’t a reason for helplessness—it’s simply reality that needs to be recognized
- Acknowledging unfairness isn’t about complaining; it’s about seeing clearly so you can focus on what’s within your control
- The most practical response to life’s unfairness is adapting your approach rather than wishing for a different reality

Current Interests

Exploring AI and large language models
- Seeking asymmetric productivity gains (10x to 100x) by optimizing workflows and solutions.
- Using AI to analyze thought patterns and facilitate deep conversations on complex topics.
- Developing custom tools and code-based solutions to automate repetitive tasks.
Writing consistently
- Journaling daily on my Remarkable notebook and Mindsera to document my thinking.
- Publishing one thoughtful piece on LinkedIn weekly to build my professional brand
- Using writing as a tool to clarify thinking and share valuable insights with others
Improving communication skills through storytelling abilities and public speaking at Toastmasters after a 10-year hiatus, applying these skills to enhance both professional influence and personal connections.
Building antifragility across all domains
- Designing option structures for asymmetric investment returns and portfolio protection during market drawdowns
- Developing recession-proof career skills focused on communication and strategic thinking
- Creating win-win relationships based on service rather than transactional thinking
- Focusing on physical improvement: building muscle mass, reducing body fat, and improving mobility (with sleep quality as a foundation)
Supporting my son’s development by balancing exploration with healthy persistence in activities like Lego building, football, Minecraft, and karate, while avoiding imposing my agenda or using him to fulfill my unfulfilled ambitions.

Current Goals

I’ll be turning 40 this year. Some goals I am working towards to accomplish before my 40th birthday in October: