William Morris said: "If you want a golden rule that will fit everything, this is it: Have nothing in your houses that you do not know to be useful or believe to be beautiful". What is the equivalent for our mental houses?: Barry Ritholtz: More Signal, Less Noise: "ere are some things you need to understand if you want to decrease the noise...
...More Signal, Less Noise
News is Old—it is misnamed and not especially forward looking;
Data first and foremost; avoid the anecdotes and narratives;
Everyone talks their book (i.e., Whats their agenda?)
Recognize what financial chatter is merely idle gossip;
What is within your control? What is not?
Understand empiricism and probability analysis;
Eliminate all sources that are biased, or are not driven by your goals, or have a different agenda; (Delete money losers with Extreme Prejudice)
8. Understand the concept of time, and the long game
- Separate what is for Fun and what is for Real
10. Refining your process is your goal. Get that right and the outcomes will improve naturally; Your consistent focus should be to keep yourself concentrating on that which truly matters and learning to reduce or even better, ignore that which does not...