Of course there are times you should risk things on an uncertain outcome, and be willing to move on to the next opportunity - trying to hold on to a declining situation is often motivated by a sunk-costs fallacy.īut I've heard the 'miss shots you don't take' thing proffered too many times as an excuse for ego-driven, risk-indifferent, and resource-wasting decisions and I'm pretty tired of it. This exhortation has an implicit assumption of endless resources, which are typically not available in the real world. ![]() If you imagine the metaphor of a gun, it's your limited supply of bullets. If you're imagining the metaphor of a ball game, it's possession (and thus time and position). It ignores the fact that there's an opportunity cost to missed shots. You miss 100% of the shots you don't take! It's much better to make like Elon Musk and use your money for what it is: a way to wield influence to make the world more like you would like it to be. Given that money is so fictitious and somewhat meaningless, it is a shame to give into primal hoarding impulses, just so one can see the number in one's bank account go up like a high score in a video game. I wake up one morning, and bam, I am wealthy! Why? Because someone said so and typed a number into a computer. Once I got approximately into the f-you money level of income, it became crystal clear how fictitious money is in the first place. Keeping money in a bank account or publicly-traded stock does not particularly make the world a better place. If creative endeavors are profitable, you can use the resulting money to fuel more creative endeavors, thus making the world a better place. You will make more money that way, especially when you take a long-term view. ![]() You are better off taking the mental energy you would have expended on "investing" and subsequently worrying about your money, and instead funneling it into your creative endeavors. ![]() Here's a nice thread about Jonathan Blow's view on investing:
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