One of the purposes of commerce is to build strength. Gaining wealth gives us power, which is the ability to influence others. There are three main types of power: first, power gained through coercion or threats; second, power obtained through payment or inducement; and third, power gained through attraction. The power obtained through coercion, threats, payment, or inducement—that is, force or tactics—is called ‘hard power,’ while the power gained through ‘attraction’ without using force is called ‘soft power.’ Additionally, the ability to effectively achieve your goals using coercion, payment, and attraction is known as ‘smart power.’ Depending on the situation, we may need all three types; however, soft power is something that everyone admires. - Joseph’s “just my thoughts”
James Simons founded Renaissance Technologies, the leading American hedge fund investor. He was, in fact, a mathematician. The Medallion Fund he ran had also seen a 200-fold increase in Berkshire Hathaway stock yield, matching Warren Buffett's performance. It was an incredible record, plain and simple. This conclusion was a subtraction of 5% of the management fee from the fund as a GP with 44% of the compensation fee. He invested in a cutting-edge "quant system" that trades stocks using sophisticated computer-aided algorithms. To eliminate emotional interference, the finance industry excluded employees. However, they recruited doctors like him from the science and technology fields. Even having extensive financial and investment knowledge, investment is the conclusion of action. Sound judgment beyond feelings is crucial for investment, but feelings are a variable. It's challenging to become wealthy if you don't control your emotions. In other words, emotions are a...