I think it’s extremely useful practice to follow momentous live events, try to figure out what’s happening, and make live bets (which you can do for example by trading Russian/European stock indices and commodities). When the event of historic importance happens at your doorstep there will be even more FUD to deal with as you’re looking for critical information to make decisions, and even more emotions to control.
I know this sounds kinda morbid, but I often ask myself the following question: what would I have done if I was a rich Jew in Vienna in 1936? This is my personal bar for my own rationality. I think it is quite likely that I will face at least one decision of this magnitude in my life, and my ability to be rational then will outweigh almost everything else I do. I know that life will only give me a few practice sessions for this event, like November 2016 and February 2020. I think it’s quite worth taking a couple of days to immerse yourself in the news because it’s hard to do right now.
George Mikes (https://en.wikipedia.org/wiki/George_Mikes) told the story of a friend of his in Hungary who was convinced that war was imminent in 1939. Someone had told his friend that some substance, I think it was red lead, was essential to fighting wars, so even though he had no idea what red lead was he borrowed as much as he could, bought red lead, and became enormously wealthy in a very short space of time. Not sure if there’s an equivalent substance for modern armies.
Yes. I think it ultimately wasn’t a momentous historical event, especially in the short-term, but it was hard to know at the time and that’s good practice for staying rational as history is happening (or not) as well.
I think it’s extremely useful practice to follow momentous live events, try to figure out what’s happening, and make live bets (which you can do for example by trading Russian/European stock indices and commodities). When the event of historic importance happens at your doorstep there will be even more FUD to deal with as you’re looking for critical information to make decisions, and even more emotions to control.
I know this sounds kinda morbid, but I often ask myself the following question: what would I have done if I was a rich Jew in Vienna in 1936? This is my personal bar for my own rationality. I think it is quite likely that I will face at least one decision of this magnitude in my life, and my ability to be rational then will outweigh almost everything else I do. I know that life will only give me a few practice sessions for this event, like November 2016 and February 2020. I think it’s quite worth taking a couple of days to immerse yourself in the news because it’s hard to do right now.
George Mikes (https://en.wikipedia.org/wiki/George_Mikes) told the story of a friend of his in Hungary who was convinced that war was imminent in 1939. Someone had told his friend that some substance, I think it was red lead, was essential to fighting wars, so even though he had no idea what red lead was he borrowed as much as he could, bought red lead, and became enormously wealthy in a very short space of time. Not sure if there’s an equivalent substance for modern armies.
What happened in November 2016? Election of Donald Trump?
Yes. I think it ultimately wasn’t a momentous historical event, especially in the short-term, but it was hard to know at the time and that’s good practice for staying rational as history is happening (or not) as well.
This exactly.