Book Review Thinking in Bets by Annie Duke

Winning and loosing are only loose signals of decision quality.

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Thinking in Bets

  • Separate outcome quality from decision quality
  • Separate luck from skill
  • Quality of life = Σ of our decision quality + luck
  • Resulting – change the strategy just because a few hands didn’t turn out well in the short run
  • Results are beyond our control
  • „Hindsight bias“ – „I should have seen it coming“
  • Type I error = false positive
  • Type II error = false negative

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Book Review – The Courage to Be Disliked by Ichiro Kishimi and Fumitake Koga

The psychology of Alfred Adler (1870-1937) – a rival of Freud

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We determine our own lives according to the meaning we give to past experiences.,204,203,200_.jpg

Takeaway – My notes and quotes from the book

  • This world is astonishing simple and life itself is, too
  • You live in a subjective world that we ourselves have given meaning to
  • Alfred Adler is in line with Greek Philosophy
  • We are not determined by our experiences, but by the meaning we give them
  • We do not suffer from the shock of our experiences – the so-called trauma – but instead we make out of them whatever suits our purposes
  • If he thinks, “I can’t … because I was abused by my parents”, it’s because it is his goal to think that way. His real goal is “not going out.” He is creating anxiety and fear as his reasons to stay inside. Why doesn’t he want to go out? So his parents will worry. So he can get all his parents’ attention. If he takes one step out of the house, he’ll become part of a faceless mass whom no one pays attention to. He’ll end up average, or less than average. And no one will take special care of him.
  • Everyone of us is living in line with some goal
  • You did not fly into a rage and then start shouting. You got angry so that you could shout. To fulfill your goal of shouting, you created the emotion of anger.
  • Anger is a tool that can be taken out as needed. It can be put away the moment the phone rings, and pulled out again after one hangs up. Anger is a means to achieve a goal. Personal anger is nothing but a tool for making others submit to you. Anger is a form of communication, and that communication is possible without using anger.
  • You are not controlled by emotion. When you fly into a rage and shout at another person, it is “you as a whole” who is choosing to shout. Emotions don’t somehow exist independently. It is a lie to separate “I” from “emotion” and think, “It was the emotion that made me do it.”
  • You are not controlled by the past. The Freudian etiology that is typified by the trauma argument is determinism, and it is the road to nihilism. Freudian etiology denies our free will and treats humans like machines.
  • You should arrive at answers on your own, and not rely upon what you get from someone else

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Keine Investment Zauberformel von John C. Bogle

Ein Buch über Index Investing vom Begründer der Vanguard Fonds

Keine Investment Zauberformel

Ein kleines kompaktes Buch zum Thema Index Investing, was aus dem deutschen Titel so nicht unbedingt hervorgeht. Etwas treffender ist da der Titel der Originalausgabe The Little Book of Index Investing: The Only Way to Guarantee Your Fair Share of Financial Market Returns (Little Book Big Profits).

John Bogle wendet sich darin an die breite Schicht der Amateuranleger mit einer einfachen Botschaft:

Gehen Sie einfach mit ihrem gesunden Menschenverstand an die Aufgabe heran: spielen Sie das Gewinnerspiel, indem Sie Unternehmen kaufen, spielen Sie nicht das Verliererspiel indem Sie versuchen, den Markt zu schlagen.

Seine Paradigmen des Indexing lauten dabei

  • langfristige Geldanlage
  • breitmöglichste Diversifizierung
  • minimale Kosten
  • die Anleger bekommen garantiert den vollen, ihnen zustehenden Anteil am Marktertrag

Es ist schon schlimm genug, dass man das Marktrisiko eingehen muss. Nur ein Narr nimmt das zusätzliche Risiko auf sich, dass er noch mehr Schaden anrichtet, indem er seinen Sparstrumpf nicht richtig diversifiziert. Umgehen Sie dieses Problem – kaufen Sie einen gut geführten Indexfonds und besitzen Sie den gesamten Markt. – William Bernstein, Autor von The four pillars of investing

Am Ende des Buches präsentiert John Bogle dann die Antwort auf die spannende Frage: Was soll ich jetzt machen? „Keine Investment Zauberformel von John C. Bogle“ weiterlesen

Das Trading Tagebuch von Thomas Vittner

So funktioniert echtes Trading in der Praxis


Zum Mitnehmen: Das ist meine Liste der Kernaussagen die ich beim Lesen des Buches notiert habe. Sie enthält sowohl Zitate aus dem Buch als auch meine eigenen Gedanken.

Wer nichts weiß, muss alles glauben

  • Welche übergeordneten Trading-Strategien existieren und worauf spricht Ihr gewünschter Zielmarkt besser an? Eine gute Strategie funktioniert nicht in jedem Markt.
  • Bei einem Zeitausstieg wird ein Trade nach einer bestimmten Anzahl von Tagen beendet. Dies kann zur Eröffnung geschehen oder zum Börsenschluss.
  • Quantitative Handelsansätze: die Regeln bauen auf historischen Fakten auf und die Strategie wurde mittels Backtesting entwickelt.

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Book Review – Coherence by Alan Watkins

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People don’t buy things because they think they want them, they buy them because they feel they need them.


Takeaway – My notes and quotes from the book

  • a VUCA world: volatile, uncertain, complex, ambiguous
  • it’s energy management not time management that will transform results
  • the E-bank – Deposits/Withdrawls – things, situations, people, events
  • manage your energy levels
  • highlight the top 3 energy accumulators and energy drains
  • when we spend time in the past or future we rob ourselves of life

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Book Review – The Millionaire Fastlane by MJ DeMarco

Crack the code to wealth and live rich for a lifetime!

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Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful, lest you let other people spend it for you. ~ Carl Sandburg

Takeaway – My notes and quotes from the book

  • Instead of trading my time for money (manual labor), I traded it into a business system—industrialized wealth production. In my situation, time was working for me, not against me.
  • If you have a passive income that exceeds all your needs and lifestyle expenses including taxes, you’re retired.

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