Humility, especially intellectual.
Being humble in investing isn’t about doubting yourself or believing that you are unworthy or unintelligent but it is about being humble about our intellect, it is about asking yourself if what we know or what we are doing is correct. Also are we adjusting our beliefs according to the new information being received. It is being intellectually humble.
Philip Tetlock wrote in Superforecasting that the true humility in investing is about recognizing that reality is profoundly complex, that seeing things clearly is a constant struggle when it can be done at all, and that human judgment must therefore be riddled with mistakes.
Very few investors have the nerve to say “ I don’t know” But that’s how you build humility in your investment process. If you start with “ I don’t lknow” then you are unlikely to act so boldly as to get into trouble.
Career is something everyone cares about. People spend their lives struggling in it’s betterment. No doubt it’s one of the most critical things in anyone’s lives. Then why is it very challenging for millions of people around ? What is it which sets apart an overachiever / overperformer from underachiever or underperformer.
There are so many factors which defines the success in career and most certainly Luck is overrated. As there is no substitute of hard work and relentless work ethics as celebrities like Will Smith put it.
One has to struggle, master the craft of the skill you are into and continue to beat on the craft until you become the master ofit.
There is a saying “Work your ass off until you are identified by your work and you no longer have to introduce yourself”.
In past 5 years, I have spent thousands of hours reading and watching career related resources and I have come to the conclusion that there is plenty of inspiration out there. Take some of it and work your ass off in the field you dream to be into. As there is a saying “Success is 1% inspiration and 99% perspiration” which absolutely isn’t cliché. It is the truth and one realizes it sooner or later. So if you don’t want to be victim of inspiration hoarder then take a piece of paper and write about what is it that makes your life worth living, what is it which leads to sleepless night, what is the cause which moves you. Now take a hard look into it, that’s your goal of your life. Now Take it and write down 11 ways to achieve it ( it could be anything , important part is to write the possible ways. If you could think of more then write them as well ).
Every large thing is made up of small bits or atoms and together they form some meaningful object. Same goes with Skill or the Dreams / Goals.
Once you have identified your goal, now you have to focus on achieving it by dissecting it into smaller set of goals.
History of performance on Dell computers
In IT Hardware Domain , we can't generalize the no. of years the particular Peripheral / device will last . We measure life expectancy differently using different units .
About reliability , Dell is one of the most Reliable Laptop Manufacturers.
About the failure of hardware ,
a) 2008 - 20** - companies are coming with minimalistic designs ( Slim / Small Computers ) which are as powerful as the giant ones . But internal circutary thus , is even more sophisticated , many of the chips are fused with the PCB boards .
b) 1960-2007 - PCB Boards were big , Chips had visible pins , therefore repairing with success rate > 50 % was possible .
For eg :
a) Monitors ( LEDs / LCDs ) -
Typical Life of : 10,000 to 30,000 hours ( For monitors ) / 30,000 - 40,000 hours ( For LCD LED TVs )
OEMs- LG / Samsung .
Realistic Life expectancy - Assuming 30,000 hours life , if we use it 6 hours a day , 6 days a week then it will last for about 833 days or 2.3 years .
Shikshantar's scenario - In last 3 years , we faced problem in 1 out of 15 LCD Monitors we have.
b) Hard Disks - Ref Notes (d,e,f)
Typical life : 1 month - 5 years .
Warranty offered - Post 2012 , 1 years - 3 years . Before that it used to be 3 years - 5 years . Western Digital & Seagate both reduced warranty from 3 years to 1 year(d)(e)
Though Hard Disks are very reliable yet they are vulnerable to internal errors / circuitry damages within 90 days of purchase .
Hard Disks are sensitive to temperature . Spending more than 50% of time in 40C is an indication of possible problem .
We count the usage in terms of Cycles ( Reads / Writes )
OEMs ( Used in Shikshantar ) - Seagate ( Dell PCs / Laptops ) , Western Digital ( Dell PCs ) , Toshiba ( Apple MBP )
Reliability between Vendors : Seagate is more reliable than Western Digital . WD crashes frequently as compared to Seagate .
Recommended : When it comes to data and data storage, it is never too extravagant to assume that drive will fail tomorrow , so we need to backup data accordingly .
c) Battery - In case of Laptop , after 1000 cycles typical Dell / HP battery looses about 50 % of its strength , while Apple MacBook Pro's looses 20% of strength .
d) Motherboard -
It contains hundreds of chips inside it , when it goes for repairing , any of the faulty chip found is replaced / repaired . Increase in sophistication of circuitry disallows manual repairing thus parts are repaired by OEM ( their authorized vendors )
Dell ( might ) operates like this , they collect the damaged parts , replace it with new . Sends parts to OEM , parts are installed in refurbished machines for reselling .
e) Power Supplies - For optimal life of computers , Voltage Stabilizers should be installed first , which will further provide power supply to UPSs which in turn , will power Computer Machines . Only this way we can absolutely rule out possibilities of Power surges , High Voltages which generally damages computer parts like Motherboards . ( Possible reason of Laptop's failure ) .
a) Temperature of the environment affects the life of Computer . Standard Operating Temperature of Machines is 10 to 30 degree Celsius
b) Dell purchases parts from different OEMs , assembles them . Thus we don't get warranty from OEMs but Dell which is limited .
d) Reference - http://www.theverge.com/2011/12/17/2641569/seagate-wd-hdd-one-year-warranty-reduction-2012
e) Google White Paper - Reference - http://static.googleusercontent.com/external_content/untrusted_dlcp/research.google.com/en//archive/disk_failures.pdf
Bottom line : About Dell , we have 29 Dell machines ( including PCs & Laptops ) , and in 2-3 years we faced problems in 6 Hard Disks & 1 Monitor ( Partial Functioning ) excluding this issue till date .
So , performance of Dell had been good .
Everyone aims to become wealthier. That's an intrisic motivation to many. So what's the art of becoming richer?
Fundamental lies in building multiple streams of money and money will in-flow from them.
Build a network which will help build assets.
Meet and talk to lots of people.
Start series of small businesses.
The truth is success requires years of hard work and success requires consistent work on things project skill.
written in 3.08.2014