The Joys of Compounding by Gautam Baid
Module Units
- 1. Introduction
- 2. Investment In Yourself
- 3. Become A Learning Machine
- 4. Obtain Worldly Wisdom
- 5. Harnessing The Power Of Passion
- 6. The Importance Of Choosing The Right Role Models
- 7. Humility Is The Gateway To Attaining Wisdom
- 8. The Virtues Of Philanthropy And Good Karma
- 9. Simplicity Is The Ultimate Sophistication
- 10. Achieving Financial Independence
- 11. Living Life According To The Inner Scorecard
- 12. Delayed Gratification
- 13. Building Earning Power
- 14. Investing Between The Lines
- 15. Decision-Making
- 16. Checklist For The Standard Causes Of Human Misjudgment
- 17. Journaling
- 18. Power Of Incentives
- 19. Avoid Physics Envy
- 20. Intelligent Investing
- 21. The Three Most Important Words In Investing
- 22. Investing Is All About Capital Cycle
- 23. Analyzing Special Situations
- 24. The Holy Grail Of Long-Term Investing
- 25. Connecting The Dots
- 26. Market Is Not Efficient All Time
- 27. The Dynamic Art Of Portfolio Management
- 28. To Finish First, You Must First Finish
- 29. Read More History And Fewer Forecasts
- 30. Updating Your Beliefs In Light of New Evidence
- 31. Opportunity Costs
- 32. Pattern Recognition
- 33. Role of Luck, Chance, Serendipity, And Randomness
- 34. Value Investor
- 35. Conclusion
Living Life According To The Inner Scorecard
The Inner Scorecard comes from within and speaks your truth. It defines who you are and how you operate based on your values and beliefs. In a nutshell, it's taking the higher road to success.
Buffett lives by his Inner Scorecard, which is one of his defining characteristics. He also believes that living with our Inner Scorecard can bring us happiness.
1. Make sure that it is passed down to your children
The author emphasizes to learn from Buffett the importance of teaching your children the Inner Scorecard principle, which his father taught him.
2. Surround yourself with people who are better than you
One of the most valuable lessons the author has learned is the opportunity to learn from my mentors, who are more experienced entrepreneurs and leaders further down the road.
3. Recognized when to walk away
The author shares his learnings from Buffett that he learned to say no to things and opportunities that did not speak his truth. He then concentrated on saying yes to the few things that were truly important to him. "The difference between successful people and really successful people is that really successful people say no to almost everything.”
4. Make the most important decisions with integrity
When leaders make decisions with integrity, you can see their true character. You don't question who they are or whether they are looking out for your best interests (because they always do).
Another lesson he learned from Buffett was that he would agree that integrity is the most essential trait to look for in a job candidate, especially during the interview process.
As he has previously stated, "When we hire people, we look for three things. We look for intelligence, initiative, or energy, as well as integrity. And if they lack the latter, the first two will kill you because if you're going to get someone without integrity, you want them to be lazy and stupid."
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