Weekly Mixtape for September 6th, 2020

Happy Labor Day Weekend—no week in review video, but a few articles.

Week In Review Articles

The WSJ: U.S. Unemployment Rate Fell to 8.4% in August as Hiring Continued

The WSJ: Stocks Fall in Another Volatile Session

The WSJ: SoftBank’s Bet on Tech Giants Fueled Powerful Market Rally

Weekly Mixtape

Morgan Housel: Save Like A Pessimist, Invest Like An Optimist “Save like a pessimist means you acknowledge the cold statistics of how common bad news is. It’s common at the global, national, local, business, and personal level. Save heavily, knowing with certainty that you’ll need a cushion to deal with the next banana peel. Be a little bit paranoid, knowing the assumptions you hold today could break tomorrow, and you’ll need enough room for error to make it to the next round.”

John Rekenthaler: Presidential Elections Don’t Matter (For Investments) “Nor do presidential elections much affect the general economy. This statement, I realize, is more controversial than dismissing their investment implications.”

The Basis Point: Writing Is The Best What To Discover What You Think “Some people freeze up when they can’t process what they’re taking in fast enough. I’m fast, but I think I’m too fast. I offer fast decisions to clients, colleagues, family, and friends, but those decisions are clearer when I’m writing every.”

Ron Carson: The Case For “Bio Hacking” Your Way To A More Meaningful And Enjoyable Life “The goal here was to focus on the things that are really important to you, the things at the top of your list, to make them stronger. But you also don’t want to ignore your weaknesses—the things you like least about the way you show up. You want to improve those as well.”

Maureen Wright: Are You Smarter Than A Fifth Grader “I brought it back to the importance of goal setting. Whenever there is a goal, financial or otherwise, you are going to be more successful if you write that goal down and take the necessary steps to prepare for that goal. In the case of financial goals, the preparation is saving money.”

The Growth Equation: Redefining Success So It Doesn’t Crush Your Soul ‘Everyone wants to be successful. But few people take the time and energy to define the success they want. As a result, they spend most, if not all, of their lives chasing what society superimposes on them as success. Examples include a bigger house; a faster car; a more prestigious position; greater relevance on the internet. Yet, even if someone finally attains these so-called successes, they are often left wanting.”

Vanity Fair: Why Sheryl Sandberg, Bill Bradley, and Oprah Love Mellody Hobson ” “She is a sponge, always looking to soak up other people’s words to live by, advice about how the world works, how to develop character, how to build an organization. It isn’t just to get ahead. It’s on a deeper level. She is always seeking this profound wisdom.””

Kristin Wong via New York Times: How to Add More Play to Your Grown-Up Life, Even Now “Play offers a reprieve from the chaos, and it challenges us to connect with a key part of ourselves that gets lost in the responsibilities of adulthood, especially during a crisis.”

Chris Tomolonis: It’s A Grind ‘My best advice is to step back for a second look at the big picture.   Maybe find an old mortgage statement and see how much you have paid down.  Look at all old tax returns.  Review your budget.  Focus on a positive outcome and run with it.  Somehow, someway, you have made progress.  Learn from your failures.  Never give up hope, never give up your dreams.’

Thomas Kopelman: The Most Important Financial Metric to Track “The reason net worth is the most important metric to track is because it patches together all the small pieces to give you a holistic view of your financial picture. It captures everything you OWN vs everything you OWE and tells you if you currently own more than you owe.”

All About Your Benjamins: The Psychology Of Money By Morgan Housel

Disclaimer: Nothing on this blog should be considered advice, or recommendations. If you have questions pertaining to your individual situation you should consult your financial advisor. For all of the disclaimers, please see my disclaimers page.