Weekly Summary

A quote, A mental model, A Twitter thread, A sports update

A quote

“progress happens too slowly to notice, but setbacks happen too quickly to ignore.”
― Morgan Housel, The Psychology of Money

A mental model

Circle of competence:

Buffet says one should invest within their circle of competence and the most important thing is to know where the boundary of your circle is not how big it is. Your circle of competence is the stuff that you are knowledgeable about and to be successful it is far more important to know what it is that you know well and what you don’t. If you are honest with yourself and operate within the circle of competence, you can invest successfully. This sounds simple but it is not easy as all of us have an ego so it is really important, to be honest with ourselves. This would improve our decision-making abilities and outcomes.

“I think about things where I have an advantage over other people. I don’t play in a game where the other people are wise and I’m stupid. I look for a place where I’m wise and they’re stupid. You have to know the edge of your competency. I’m very good at knowing when I can’t handle something.”- Warren Buffet

A Twitter thread

Thomas Chua @SteadyCompound

Li Lu is one of the greatest investors of our time. He's spoken at CBS and Peking University, and published a book on value investing. He spoke extensively about the way to research a stock and what it takes to succeed as an investor. Here's 15 timeless lessons:

Sports Update

Ronaldo left the Manchester United vs Spurs game in the 89th minute and refused to come on as a substitute. As a punishment Erik ten Haag has sidelined him and made him train with the U21s and also he is not going to be in the squad for the Chelsea game. And rightly so no player is bigger than the club and nobody can say no to their manager and leave the game especially when this was one of their best performances. It showed Ronaldo’s character. Chelsea vs United is going to be an interesting game as United are coming in after a top-notch performance against Spurs and Chelsea drew to Brentford. Chelsea has been good under Potter and have shown improvement. Kepa has improved a lot and is in unreal form, Mount has massively improved, and Havertz is still shit. It is going to be an exciting game but I feel it is going to be a draw.