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”
If you don’t know your identity , you also don’t recognize the power given to you, nor do you know when to use it. It is only because of who I am that I understand where I stand and what power I possess. Identity determines what I should do. If you don’t understand what to do, you don’t know when and what power to apply. Identity is not fixed; it develops or evolves according to circumstances and times. Therefore, identity is an attribute that one should constantly examine. - Joseph’s “just my thoughts”