Time Preference Rate. “The Marshmallow Tale” by Joachim de Posada and Ellen Singer describes the “Marshmallow Experiment” at Stanford University. The experimenter left the child alone in the room and gave the child a marshmallow, instructing the child to eat it immediately. However, if the child did not eat it within 15 minutes, the experimenter would give the child another marshmallow. Some children waited the full 15 minutes, while others stopped waiting early. These two groups were followed for 14 years, and as a result, the more patient children showed better social and mental abilities. Those who cannot tolerate waiting are said to have a high time preference rate, while those who are patient are described as having a low time preference rate. In investment, high and low time preference ratios are not necessarily good or bad because many investments depend on luck. The key is to find and stick to methods and principles that match one’s own tendencies. - Joseph’s “just my thoughts”
Knowing and doing are two very different things. Zhuge Liang, an incomparable genius who was a Chinese prime minister of the Three Kingdoms, knew the deep secret of nature. However, he suffered a great defeat in the most important battle because he wrongly appointed Ma Su as his subordinate general, even though he knew him well and had received a warning about his appointment from the late king. Personnel management is the most difficult thing in the world, and to manage it well is the key to success. - Joseph's "just my thoughts"