Financial Success Secrets

What does this mean for you? 

Anchoring 

Sunk Cost Fallacy

Colin and I discuss visions vs goals. What matters the most? 

Let us explore T Harv Ecker’s triangle for success. Mr Ecker has given me inspiration in many areas of my life. His triangle has 3 pillars to success. 

Recently, I read an article in which the fund manager of Norway’s pension fund told he had got inspiration on how to deal with risk from one of the world’s best alpine ski racers. I started to think and brainstorm what could I learn from the ski racer, and I also did some research. Here are my findings. 

Nicolai Tangen is the manager of Norway’s pension fund. Among Norwegians the fund is commonly known as the oil fund because it was established to invest the surplus revenues of the Norwegian petroleum sector. The fund has over US$1 trillion in assets. 

Based on interview with Brad Himel 

If you are physically not in a great state, and Richard Branson said this himself, he's like, every morning at five, I don't negotiate I get, I get physical, I do some kind of activity. So I stay in state. Because fears physical. So if I want to go take risk, and accomplish the same things in the world, it's going to be scared. So if I'm not physically ready for that fear, I'm not going to be able to take the steps necessary. This is some of the insights Brad Himel shared with us during the interview I did with him. 

A friend told me this story which is great for illustrating the three key principles for investing.  

There is nothing wrong with taking risks. It is necessary, but it requires maturity and thoroughness before doing so.  

This is a quote by an admiral in the Norwegian Armed Forces. "What does the work of an officer got to do with investing and trading?  

Investing and trading is about managing risk."