SNIP: But to make money they didn't hve and didn't need, they risked what they did have and did need. That is foolish. That is just plain foolish. It doesn’t make any difference what your IQ is. If you risk something that is important to you for something that is unimportant to you it just does not make any sense.
https://novelinvestor.com/buffetts-l...al-management/
Cordially,
Duces.
Very few people begin with the end in mind, have approximated what "enough" is, or are aware of the hedonic treadmill. I think those are some key things to consider.
For those accumulating, knowing the difference between investing and speculating is huge - as well is knowing that our risk tolerance is different from our risk CAPACITY, is a giant. While accumulating, having different assets with reduced correlation can be a huge benefit as well.
https://www.shootingfordollars.org/p...-risk-capacity
https://www.shootingfordollars.org/p...cation-finance
Another Buffett quote:Originally Posted by jeep45238
Early on, write your desired obituary – and then behave accordingly.
Seneca knew. In his second letter to Lucilius he addressed this when he wrote that a man should have what is necessary (defined in context as what is required for health), but no more than what is enough. "Enough" was interpreted as when more (money, sex, power, etc) would not make a difference in the recipient's life.
If I remembered where I put the book I could probably offer you a more complete response. Apologies.
Duces.
I opened this wondering what Jimmy Buffett had to say about risk.
Well as the great philosopher Willie Nelson opined, "There's more old drunks than old doctors."
One story that I read as a young man and has stuck with me through the years, is Leo Tolstoy's How Much Room Does a Man Need. Apparently not much. Anything more than about 6' x 2' is a nice bonus.
https://en.wikipedia.org/wiki/How_Mu..._a_Man_Need%3F
It's 5 o'clock somewhere.
In the P-F basket of deplorables.
I sometime wonder how much hedonism is basically living to impress other people by flexing on them?
"You win 100% of the fights you avoid. If you're not there when it happens, you don't lose." - William Aprill
"I've owned a guitar for 31 years and that sure hasn't made me a musician, let alone an expert. It's made me a guy who owns a guitar."- BBI
Larry Swedroe and William (Bill) Bernstein have written quite a bit on this topic and they are two of my favorites on the subject.
Swedroe addresses the "need, ability and willingness" to take on additional risk in one's investments.
Bernstein eloquently addresses the topic of "When You've Won The Game, Stop Playing"
There's nothing civil about this war.
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