Morgan Housel – Collaborative Fund
Rules of thumb are useful things; partly because they avoid the need for original thought on every occasion and partly because they can help avoid the risk of being over persuaded by one’s own arguments. This modestly titled post is a slightly random collection of laws, some more rigorous than others, some more widely familiar. No 5 is new to me but seems to encapsulate something important, which could be expressed even more pithily as ‘all change is irreversible. And No 11 is one which people with tendencies to strategic abstraction should chant ritually whenever they come together.
(found through Ian Leslie’s gloriously eclectic newsletter, which is always packed with gems)