What Do We Know
Let's recap reality:
- Markets are efficient
- Luck not skill determines the outcomes in "loser's games"
- There are hard limits to investing returns regardless of how hard you try. You cannot "will" more from the market.
What Do We Do
The prescription:
- You should focus your time on areas where you can add value
- Don't make stupid mistakes
- You need a simple framework you can stick with
This wiki will focus on 2 and 3.
In the next section, we will discuss why to earn a return you must focus on its alter-ego. Risk. They cannot be separated.
(Improving your human capital only increases your top line. It also overlaps with your ability to reason better about investing. In that way, it is a lever. A force multiplier. I have the beginnings of a wiki built for that as well. I'd like to say "coming soon" but there's a lot to be added to this wiki first)