Walt Disney gained worldwide fame with the animated film ‘Steamboat Willie,’ but Disney’s first studio went bankrupt. By the mid-1930s, he had produced over 400 animations, most of which suffered heavy losses. In 1938, Snow White and the Seven Dwarfs made $8 million in just the first half—more than ten times the earnings of other films. Meanwhile, with this animation, the company paid overdue wages to its employees and recovered the losses it had sustained. An unusual event that changes everything is called a “tail event.” 40% of publicly listed companies in the U.S. stock market lose nearly all their market capitalization 10 years after going public. Business and investing, after all, are based on probabilities. No one knows what the “tail event” will be. Therefore, to succeed, you need to try small, steady, many times with little impact, even if you fail. - Joseph’s “just my thoughts”
We often find that the more intelligent people are critical of the world. However, a wise person does not use their superior abilities to blame others but to help others. When used foolishly, superior abilities can harm the world; when used wisely, they can help the world. Superior intelligence should not be judged by the extent or depth of its knowledge, but by the fruit it produces. Most of the world's abilities are judged by the value of their use rather than their effectiveness of utilization. A tree should be evaluated by its fruit, not its roots or trunk. - Joseph’s “just my thoughts”