{"id":895,"date":"2021-05-14T01:41:32","date_gmt":"2021-05-14T01:41:32","guid":{"rendered":"https:\/\/salarydistribution.com\/affiliate-marketing\/2021\/05\/14\/the-9-best-books-i-read-in-2020-key-takeaways\/"},"modified":"2021-05-14T01:41:32","modified_gmt":"2021-05-14T01:41:32","slug":"the-9-best-books-i-read-in-2020-key-takeaways","status":"publish","type":"post","link":"https:\/\/salarydistribution.com\/affiliate-marketing\/2021\/05\/14\/the-9-best-books-i-read-in-2020-key-takeaways\/","title":{"rendered":"The 9 Best Books I Read in 2020 (+ Key Takeaways)"},"content":{"rendered":"<div>\n<p><span><strong>Reading is steroids for your mind.<\/strong> I can\u2019t believe that for $10 and a few hours, I can learn what took someone a lifetime to figure out.\u00a0<\/span><span><br \/><\/span><span><br \/><\/span><span>When I first started reading business books, I was obsessed with motivation and mindset. I wanted to become an entrepreneur and needed all the motivation I could get. <\/span><span><br \/><\/span><span><br \/><\/span><span>As I start running affiliate marketing campaigns, I studied every marketing and copywriting book I could get my hands on to boost my conversions. Then I hired my first employees. My daily Kindle reading was about leadership and management.<\/span><span><br \/><\/span><span><br \/><\/span><span>What am I reading these days? I\u2019ve realized how little I know and how many blind spots I have in my mind.<\/span><span><br \/><\/span><span><br \/><\/span><b>The quality of your thinking determines the quality of your life.<\/b><span> If that\u2019s the case, then it makes sense to try and improve your thinking.<\/span><span><br \/><\/span><span><br \/><\/span><span>The best way to do that is to try and learn different perspectives and how others think. <\/span><\/p>\n<p><span>Here are some of my favorite books, and a few lessons that I gathered from them.<br \/><\/span><\/p>\n<h2><span>My 9 Favorite Books this Year<\/span><\/h2>\n<h3><a href=\"https:\/\/amzn.to\/2MSYxOo\"><span><span>1. Mastery<\/span><span> by Robert Greene<\/span><\/span><\/a><\/h3>\n<p>\u00a0<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/Mastery-by-Robert-Green-351x500.jpg\" class=\"ncube-custom-class aligncenter wp-image-13767 size-medium sp-no-webp\" height=\"500\" width=\"351\"><\/p>\n<p><span>My high school psychology class introduced me to Maslow\u2019s Hierarchy of Needs.\u00a0 \u00a0<a href=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/maslow-needs2.webp\"><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/maslow-needs2.webp\" class=\"ncube-custom-class aligncenter wp-image-13778 sp-no-webp\" height=\"469\" width=\"630\"><\/a><\/span><\/p>\n<p><span>The different rows made sense, but I couldn\u2019t understand what self-actualization meant. It took me over a decade later to internalize the meaning.<\/span><\/p>\n<p><span>Here\u2019s the formal definition: <\/span><b>Self-actualization is achieved when you\u2019re able to reach your full potential.\u00a0<\/b><\/p>\n<p><span>You know what kept me up at 2 am every night trying to make it in affiliate marketing? I wanted that 4 Hour Work Week Lifestyle. I wanted to have enough money and just live it up in Asia.<\/span><\/p>\n<p>And I achieved that years later. I moved to Vietnam around 2012. I traveled around Asia for fun, only worked a few hours a day, and I had no stress or responsibilities. I engineered the perfect life for myself.\u00a0<span><br \/><\/span><span><br \/><\/span><span>But I slowly spiraled towards depression. I couldn\u2019t understand <\/span><b>why<\/b><span>. This is the life I wanted.<\/span><\/p>\n<p><span>I chatted with a friend and he gave me some advice. \u201cWhat were the happiest periods of your life and why?\u201d<\/span><\/p>\n<p><span>The happiest period came when I was first learning affiliate marketing. Yes, that period was stressful and full of anxiety. But that period was also the one that had given me the most learning and growth.\u00a0<\/span><span><br \/><\/span><span><br \/><\/span><span>I decided to leave Vietnam because it was making me too complacent. It\u2019s hard to feel the need to hustle if you can easily live on $1k a month. (<em>This mentality is what motivated me to move to NYC later on<\/em>)<\/span><\/p>\n<p><span>Everyone has a great struggle in life that defines them. Mine is feeling as if I\u2019ve lived up to my full potential. I haven\u2019t yet and it\u2019s something that drives me in a healthy way. <\/span><span><br \/><\/span><span><br \/><\/span><span>This feeling led me to discover the book <\/span><i><span>Mastery<\/span><\/i><span> by Robert Greene. In this book, Greene dissects the lives, behaviors, and habits of various masters. <\/span><span><br \/><\/span><span><br \/><\/span><span>These masters included famous ones from the past such as Mozart, Einstein, and Da Vinci. He also includes many modern masters that aren\u2019t as well known.<\/span><\/p>\n<p><b>A few tidbits that I learned:<br \/><\/b><br \/><b>1. Move towards resistance and pain. <\/b><span>It\u2019s easy to focus on our strengths because it\u2019s comfortable. We have to put ourselves in situations that challenge us. <\/span><span><br \/><\/span><span><br \/><\/span><span>Let\u2019s say I\u2019m sparring against someone I\u2019m \u201cbetter\u201d than in Brazilian Jiujitsu. I could use my best moves and defeat them over and over. But that doesn\u2019t make either of us better. Instead, I purposely put myself in positions that I\u2019m weak in. It\u2019s uncomfortable to the ego, but I\u2019m learning more than I normally would. <\/span><span><br \/><\/span><span><br \/><\/span> <b>2. Extreme focus + time. <\/b><span>These masters dedicate hours to their craft each day. Complete concentration. And they do it for decades.<\/span><\/p>\n<p>It\u2019s becoming harder in the modern age. There are distractions everywhere. Social media is training us to seek immediate gratification. <span><br \/><\/span><span><br \/>The world\u2019s only going to become even more distracted. There\u2019s a competitive advantage to be able to cultivate your focus.<\/span><\/p>\n<p>Start small. Meditate for five minutes a day. Go to the gym without your phone and headphones. Delete <strong>ONE <\/strong>social media app from your phone.\u00a0<b><br \/><\/b><b><\/b><br \/><strong>Read More:<\/strong> <a href=\"https:\/\/charlesngo.com\/the-most-important-skill\/\">The Most Important Skill<\/a><\/p>\n<p><b>3. Mastery requires obsession.<\/b><\/p>\n<p><span>It\u2019s hard to compete with someone who\u2019s obsessed. Obsession means they\u2019re thinking about their craft all the time. It means they would rather work than go out with friends or play video games.<\/span><\/p>\n<p><span>We all have natural inclinations and you have to discover them.<\/span><\/p>\n<p>It\u2019s hard to <b>become <\/b><span>obsessed with something. Going fishing is the most boring thing ever for me, yet some people out there can\u2019t stop thinking about it!<\/span><span><br \/><\/span><span><br \/><\/span><span>The most important step with mastery is to figure out what your calling is. Don\u2019t let society, your peers, or your parents steer you away from it.<\/span><\/p>\n<p>It\u2019s simple for me\u2026<strong>what doesn\u2019t feel like work when you do it? <\/strong>What can you easily lose track of time doing?<\/p>\n<p>The world is becoming more competitive.<\/p>\n<p>Companies have finally realized the benefits of remote work. Being average can cut it if you\u2019re one of the few programmers in Iowa. But companies are realizing they can get better and cheaper employees if they start looking for talent outside their local city.<\/p>\n<p>The antidote to this is mastery. <strong>Be so fucking good at your craft that you\u2019re irreplaceable.\u00a0<\/strong><\/p>\n<h3><a href=\"https:\/\/amzn.to\/3cYVkrr\"><span><span>2. Billion Dollar Brand Club<\/span><span> by Lawrence Ingrassia<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/Billion-Dollar-Brand-Club-by-Lawrence-Ingrassia-329x500.jpg\" class=\"aligncenter size-medium wp-image-13768 ncube-custom-class sp-no-webp\" height=\"500\" width=\"329\"><\/p>\n<p><span>Dollar Shave Club. Warby Parker. Casper Mattress. <\/span><span><br \/><\/span><span><br \/>This book goes into details on how some of the biggest D2C companies started.<br \/><\/span><span><br \/><\/span><span>Some interesting things:<\/span><\/p>\n<ul>\n<li><b>One early investor passed on Casper Mattress<\/b><span><span>. He thought, \u201cHow often do people buy new mattresses? Every ten years?\u201d Later on, he expressed regret. He didn\u2019t realize that houses have multiple bedrooms. And he underestimated the sleep economy. Items such as pillows, bedding, and bed platforms have high margins.<\/span><\/span><\/li>\n<li><b>The Machines are Taking Over. <\/b>How do you pick a winning product idea? <span><span>Some people \u201cscratch their own itch\u201d. Others research the marketplace. There are now companies that are building brands <strong>solely based on data<\/strong>. One software is called AIMEE. They leverage AI and data to identify product opportunities. They specifically analyze bad reviews of competitor products in order to find opportunities.<\/span><\/span>It makes me think about the role of A.I. and building brands a decade from now. Imagine a company where A.I. picks the product, Copy.AI writes all the copy, and all the traffic is automated. We\u2019re closer to that reality than most people realize. We\u2019re going to start seeing a lot of 8 figure companies that are run by 1 person + a virtual assistant + an army of robots.<\/li>\n<li><b>There are various \u201cformulas\u201d on how to come up with a product idea. <\/b>My favorite part is reading about how the entrepreneurs came up with their ideas. And there are also \u201cformulas\u201d they use. One of the founders looks for <span>niches where the incumbents have high prices, zero innovation, and bad customer experiences.\u00a0<\/span><\/li>\n<\/ul>\n<p><span>The biggest value in the book is showing constant problem-solving. There\u2019s no \u201cblueprint\u201d to follow in business. It\u2019s literally solving one problem after another on a daily basis.<\/span><span><br \/><\/span><span><br \/><\/span><span>Warby Park ran into an issue where people were cautious of ordering glasses without being able to try them on.<\/span><\/p>\n<p>They innovated by sending people six glasses to try on from home. They opened in-person stores several years later. And now, Warby Parky has developed an augmented reality app to see how the glasses fit you.<\/p>\n<h3><a href=\"https:\/\/amzn.to\/3cYVkrr\"><span><span>3. Tao of Charlie Munger<\/span><span> by David Clark<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/Tao-of-Charlie-Munger-by-David-Clark.jpg\" class=\"aligncenter size-full wp-image-13769 ncube-custom-class sp-no-webp\" height=\"499\" width=\"371\"><\/p>\n<p><span>Charlie Munger is the Vice Chairman of Berkshire Hathaway, and most well known as the business partner of Warren Buffett. <\/span><span><br \/><\/span><span><br \/><\/span><span>I watched one of his speeches over a decade ago. That video introduced me to the concept of mental models. And it showed me so many physiological biases that affect our everyday thinking.<\/span><\/p>\n<p><span><strong>Watch:<\/strong> <a href=\"https:\/\/fs.blog\/great-talks\/psychology-human-misjudgment\/\">Charlie Munger on the Psychology of Human Misjudgement\u00a0<\/a><br \/><\/span><span><br \/><\/span><span>I started reading this book because the investing world\u2019s getting a little crazy. GameStop, AMC, and Dogecoin have dominated the headlines for the past few weeks. I wanted to read a book that would ground me a bit. <\/span><span><br \/><\/span><br \/><strong>Some of my Favorite Quotes:<\/strong><\/p>\n<ul>\n<li><strong>Try not be stupid rather than trying to be intelligent. <\/strong>It\u2019s <strong>way <\/strong>easier to avoid dumb mistakes than it is to focus on making brilliant moves.In poker, there\u2019s a concept called \u201c<strong>leaks.<\/strong>\u201d These are the mistakes you make over and over that leave money on the table. One of my \u201cleaks\u201d was that I\u2019d only raise preflop if I had a <strong>MONSTER<\/strong> hand. Overtime people knew to avoid going in if I raised. It was way easier for me to become better at poker by fixing my leaks than trying fancy techniques.<\/li>\n<li><strong>Wait for the right opportunity.<\/strong> <strong>All of the humanity problem stems from the man\u2019s inability to sit quietly in a room alone.\u00a0<\/strong><\/li>\n<li><strong>Overconfidence destroys even the smartest among all. <\/strong>Everyone thought real estate would never go down right before the 2008 crash. There were cults formed around so many alt coins that ended up becoming scams.I\u2019ve been overconfident before on decisions and it ended up burning me. Drop the ego.Seek others who are willing to play Devil\u2019s Advodate. Look for holes in your ideas. The truth is more important than being right.<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/amzn.to\/2MN9UYt\"><span><span>4. The Psychology of Money<\/span><span> by Morgan Housel<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/The-Psychology-of-Money-by-Morgan-Housel-324x500.jpg\" class=\"aligncenter size-medium wp-image-13770 ncube-custom-class sp-no-webp\" height=\"500\" width=\"324\"><\/p>\n<p><span>I\u2019ve been obsessed with personal finance for the past decade. But diving into financial independence, there\u2019s nothing \u201cnew\u201d to learn. <\/span><span><br \/><\/span><span><br \/><\/span><span>Every book is a variation of pay off debt, invest in index funds through retirement accounts, and wait several decades. <\/span><\/p>\n<p><span>The math of money is important. But what matters more is the behaviors and psychology that affect money. <\/span><span><br \/><\/span><span><br \/><\/span><span>A mathematician may understand how bad the odds are in roulette, but that doesn\u2019t prevent them from wasting money on it.\u00a0<\/span><span><br \/><\/span><span><br \/><\/span><b>Some takeaways:<\/b><\/p>\n<ul>\n<li><b>Wealth is what you don\u2019t see. <\/b><span>What does the average person view as signals of wealth? Nice cars. Expensive vacations. Eating out at nice restaurants. None of those are wealth. <\/span><b>Wealth is having assets that make money while you sleep<\/b><span>.<\/span><span><br \/><\/span><span><br \/><\/span><span>Here\u2019s the problem: society rewards ostentatious purchases. Showing off a $100k car will get you more likes than showing off $100k in your Vanguard account. <\/span><span><br \/><\/span><span><br \/><\/span><span>So much of wealth is resisting tempting choices. It\u2019s saying no to the over-the-top, lavish weddings. It\u2019s investing money instead of buying luxury handbags.<\/span><span><br \/><\/span><span><br \/><\/span><span>\u201c<\/span><i><span>What you eat dies. What you invest lives forever.<\/span><\/i><span>\u201d <\/span><span><br \/><\/span><span><br \/><\/span><span>Person A looks like he\u2019s living the life to the world. The car\u2019s leased, and he doesn\u2019t have any money invested. It\u2019ll only take one emergency for the house of cards to come crashing down. <\/span><span><br \/><\/span><span><br \/><\/span><span><span><span>Person B looks average. He drives a Honda Civic. What people don\u2019t see? He\u2019s been maxing out his 401k since 22. He has zero debt including student loans. He has a year\u2019s worth of emergency funds saved. Who\u2019s going to be ahead a decade or two?<\/span><\/span><\/span><\/li>\n<li><b>People are playing different games. <\/b>We tend to mimic the actions of other people. The problem is we don\u2019t know their true motivates.<span>Remember when everyone was going crazy over Gamestop stock? Well, Marc Cuban chimed in to defense WallStreetBets.<\/span>When asked what they should do: \u201cIf you can afford to\u00a0<b>hold<\/b>\u00a0the stock, you\u00a0<b>hold<\/b>. I don\u2019t own it, but that\u2019s what I would do\u201dSo people felt more confident. Marc Cuban\u2019s on their side! Except he wasn\u2019t. He didn\u2019t own any GME stock personally. His game wasn\u2019t to make money from GameStop or to \u201cstick it\u201d to wallstreet. His game was self promotion.\u00a0<\/li>\n<li><b>Feeling Behind.<\/b>Rajat Gupta was the former CEO of McKinsey &amp; and Co. and\u00a0<span class=\"sh-date\" data-date-isostring=\"2021-02-06T12:00:00.000Z\">sat<\/span>\u00a0on the board of Goldman Sachs.Banks and hedgefunds were crashing hard in 2008. Rajat was at a Goldman Sachs board meeting and got valuable information: Warren Buffet was going to save Goldman Sachs by investing $5b.Immediately after the meeting, Rajat called his friend who owned a hedgefund. He told him the news and they both made bank from investing in GS before the announcement was public.Well\u2026.both of those men were convicted of insider trading and were sent to Prison.One big question is\u00a0why\u00a0Rajat did it? He didn\u2019t need the money. My man was worth over a hundred mill at this point!<br \/><span class=\"bard-text-block style-scope sh-color-black sh-color\"><br \/>Here\u2019s something I pulled from his Wiki:<\/span>\n<p><i class=\"bard-text-block style-scope sh-color-black sh-color\">Gupta reportedly began to express a certain resentment about money, as his peers in Silicon Valley and Wall Street (including McKinsey\u2019s private equity clients) at the time \u201craking in staggering amounts of money while Gupta soldiered on with a mere senior partner\u2019s millions\u201d<br \/><\/i><br \/>He felt that he was \u201cbehind\u201d because he wasn\u2019t worth a billi. He was comparing himself to billionaires and felt insecure.<\/p>\n<p>When you feel like you\u2019re behind, then you feel the need to take bigger risks to catch up.<\/p>\n<p>It reminds me of when I used to play Poker. If I\u2019m behind on chips, then the proper strategy is to start taking more risks. I\u2019m going to start bluffing and going \u201call-in\u201d more or else I\u2019ll be at a permanent disadvantage.<\/p>\n<p>That\u2019s what I\u2019m seeing now with a lot of people that are investing too aggressively. They feel like they\u2019re \u201cbehind\u201d in life and they have to catch up by taking on more risks.<\/p>\n<p>Bigger risks comes with a price: GME, XRP, and Doge all crashed within days.<\/p>\n<p>Remember that there is no \u201cbehind\u201d in real life. It\u2019s a social construct. We feel like it because we don\u2019t own a house by a certain age. Or our net worth doesn\u2019t match what some online article says we should have.<\/p>\n<p>Is that belief true or is that something society and others told you so?<\/p>\n<p>We all have our own path.<b><br \/><\/b><\/p>\n<\/li>\n<\/ul>\n<h3><a href=\"https:\/\/amzn.to\/3tNWVGn\"><span><span>5. Invent &amp; Wander<\/span><span> by Jeff Bezos, Walter Isaacson\u00a0<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/invent-and-wander.png\" class=\"aligncenter size-full wp-image-13771 ncube-custom-class sp-no-webp\" height=\"280\" width=\"180\"><\/p>\n<p><span>This isn\u2019t a biography or an analysis of Jeff Bezos. This is a collection of his annual letters to Amazon Shareholders. <\/span><span><br \/><\/span><span><br \/><\/span><span>If you\u2019ve studied Amazon before, then some of his principles will keep popping up over and over again.<\/span><span><br \/><\/span><span><br \/><\/span><span>Principles such as thinking long term, focusing on customer, and continually experimenting are mainstays. <\/span><span><br \/><\/span><span><br \/><\/span><span>Bezos\u2019 principles for growth aren\u2019t unique. He is unique in two other ways. The principles have remained the same over the past two decades. Most companies are <\/span><b>reactionary<\/b><span>. If the strategy isn\u2019t working, then they\u2019ll happily pivot. Reading through his shareholder letters shows how he has had the same principles consistently.\u00a0<\/span><\/p>\n<p><span>Second, he\u2019s willing to go extreme on these principles. <\/span><span><br \/><\/span><span><br \/><\/span><span>Most companies think in terms of years. He\u2019s thinking in terms of decades. Amazon started testing drones in 2013.\u00a0<\/span><\/p>\n<p><span>Amazon was unprofitable for years. Their stock was down by 80%. He wasn\u2019t reactive. Instead, he doubled down on innovation because he believed e-Commerce would take off.\u00a0<\/span><\/p>\n<p><span>\u00a0<\/span><b>Note: <\/b><i><span>You can get all the letters for free on <\/span><\/i><a href=\"https:\/\/ir.aboutamazon.com\/annual-reports-proxies-and-shareholder-letters\/default.aspx\"><i><span>Amazon<\/span><\/i><\/a><i><span> and save yourself $15. I found it worth it for the convenience of reading on my Kindle and reading Walter Isaacson\u2019s introduction.\u00a0<\/span><\/i><\/p>\n<h3><a href=\"https:\/\/amzn.to\/3rMk0Hw\"><span><span>6. Fooled by Randomness<\/span><span> by Nassim Nicholas Taleb<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/fooled-by-randomness.jpg\" class=\"aligncenter size-full wp-image-13772 ncube-custom-class sp-no-webp\" height=\"500\" width=\"329\"><\/p>\n<p><span>As soon as the pandemic began, people started using the phrase <\/span><b>black swan <\/b><span>more. <\/span><span><br \/><\/span><span><br \/><\/span><i><span>\u201c<\/span><\/i><i><span>A black swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Black swan events are characterized by their extreme rarity, severe impact, and the widespread insistence they were obvious in hindsight.\u201d<\/span><\/i><\/p>\n<p><span>I wanted to go straight to the source: Nassim Nicholas Taleb. He was the person who popularized the phrase black swan.\u00a0<\/span><\/p>\n<p><span>I actually bought his book, <\/span><i><span>Fooled by Randomness<\/span><\/i><span>, in 2009. I gave up reading it after a few hours.<\/span><span><br \/><\/span><span><br \/><\/span><span>The book was difficult to read, and I didn\u2019t understand many of the phrases and concepts. It felt as if I was trying to read calculus without understanding the basics of algebra.<\/span><span><br \/><\/span><span><br \/><\/span><span>Thankfully, I could understand most of the concepts a decade later. <\/span><span><br \/><\/span><span><br \/><\/span><span>Here are some concepts from the book. <\/span><span><br \/><\/span><span><br \/><\/span><b>Alternative histories: <\/b><span>Alternative histories are invisible histories that could\u2019ve happened but didn\u2019t due to chance\/randomness\/luck. <\/span><b><br \/><\/b><b><br \/><\/b><span>If you were to relive certain events 1000 times, what would the range of outcomes be? A dentist earns $5 million over several decades. If he were to be a dentist again in 999 other lifetimes, chances are that he\u2019d do well for himself.<\/span><span><br \/><\/span><span><br \/><\/span><span>Compare this to a janitor gambles a lot. In the current reality, he won a lottery ticket and is worth $5 million. Chances are that he\u2019d be broke in all the other realities.<\/span><span><br \/><\/span><span><br \/><\/span><span>Both of these people have the same outcomes in this life, but you want to optimize towards <\/span><b>certainty<\/b><span>.\u00a0 <\/span><span><br \/><\/span><span><br \/><\/span><b>Protect the downside: <\/b><b><br \/><\/b><b><br \/><\/b><span>There\u2019s nothing wrong with losing, but make sure you limit your downside. Downsides are \u201crules\u201d that you set to protect yourself. <\/span><span><br \/><\/span><span><br \/><\/span><span>My altcoin portfolio was worth several hundred thousand dollars during the 2017 craziness. I didn\u2019t protect myself. It went down. And it kept going down. <\/span><span><br \/><\/span><span><br \/><\/span><span>Instead, I could\u2019ve said: \u201cI bought Nano at $1. It\u2019s now worth $25. If it ever goes down to $15, then I\u2019m going to cash out.\u201d But I got greedy.\u00a0<\/span><\/p>\n<p><span>Another idea is to protect yourself from catastrophe. I\u2019m not in the supplement space. One thing I\u2019d be fearful of is the supplements being tainted, and I\u2019d be a target for lawsuits. I\u2019d make sure to invest in liability insurance.<\/span><\/p>\n<h3><a href=\"https:\/\/amzn.to\/372Xoe9\"><span><span>7. Think Like a Rocket Scientist<\/span><span> by Ozan Varol<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/think-like-rocket-scientist-298x500.png\" class=\"aligncenter size-medium wp-image-13773 ncube-custom-class sp-no-webp\" height=\"500\" width=\"298\"><\/p>\n<p><span>\u201c<\/span><i><span>It\u2019s not rocket science!<\/span><\/i><span>\u201d<\/span><span><br \/><\/span><span><br \/><\/span><span>Rocket science has a reputation of being the most difficult subject to understand. So my curiosity was ignited when I saw this book recommended by Bill Gates.<\/span><span><br \/><\/span><span><br \/><\/span><span>Varol is a former rocket scientist who worked on the projects that sent two rovers to Mars. Rocket scientists think differently. They have to because they\u2019re in the business of making the impossible, possible.<\/span><span><br \/><\/span><span><br \/><\/span><span>In this book, Varol shares various contrarian thinking strategies that we can all apply in our everyday lives.<\/span><span><br \/><\/span><b><br \/><\/b><b>Random Ideas:<\/b><\/p>\n<ul>\n<li><span>The secret to staying calm in a high stress, high stakes situation is to confront the failure head on. Face it, dissect it, and think about what would happen if it failed. In a way, this reminds me of how Stoics think about death. We fear the <\/span><b>unknown<\/b><span><span>.<\/span><\/span><\/li>\n<li><span><strong>The low-hanging fruit has already been picked. You can\u2019t beat a stronger competitor by copying them.<\/strong> You\u2019re using the same strategy, but they have more experience. This reminds me of Counter Positioning from the Book <\/span><i><span>7 Powers<\/span><\/i><span><span>. You can\u2019t produce a cheaper cheeseburger than McDonald\u2019s. ShakeShack found success by doing the opposite and targeting the high end market.<\/span><\/span><\/li>\n<li><span>Use first principles thinking. Here what that means in <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=NV3sBlRgzTI&amp;t\"><span>Elon Musk\u2019s words<\/span><\/a><span><span>.<\/span><\/span><\/li>\n<li><b>Treat success as failures, and failures as success. <\/b><span>This one was kind of a mindfuck for me to understand. Treat success with <\/span><b>suspicion<\/b><span>. It\u2019s easy to confuse skill with luck. If you YOLO\u2019ed on $GME and made a ton of money, that\u2019s not an outcome you should try to replicate. <\/span><span><br \/><\/span><span><br \/><\/span><span>Failures are an opportunity to learn. I\u2019m interpreting this concept as don\u2019t place so much emphasis on outcomes, but rather <\/span><b>focus on improving expected outcomes<\/b><span>. <\/span><span><br \/><\/span><span><br \/><\/span><span>It made so much more sense to me once I tied this playing <\/span><b>poker<\/b><span>.<\/span><\/li>\n<\/ul>\n<p><span>It\u2019s a fantastic book that stretched my mind.\u00a0\u00a0<\/span><\/p>\n<h3><a href=\"https:\/\/amzn.to\/2LG5d1P\"><span><span>8. Billion Dollar Whale<\/span><span> by Tom Wright &amp; Bradley Hope<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/billion-dollar-whale-1000-1500-333x500.jpg\" class=\"aligncenter size-medium wp-image-13774 ncube-custom-class sp-no-webp\" height=\"500\" width=\"333\"><\/p>\n<p><span>This is the most interesting book I\u2019ve read in <\/span><b>years<\/b><span>. Think Bad Blood (<\/span><i><span>Theranos<\/span><\/i><span>) meets Crazy Rich Asians.<\/span><\/p>\n<p><span>A young Malaysian man named Jho Low defrauded the Malaysian government out of $4.5 billi<\/span><span>on dollars through a fund called 1MDB. <\/span><span><br \/><\/span><span><br \/><\/span><span>How? He used his connections with the Malaysian Prime Minister, enlisted the help of Goldman Sachs, and always had excuses for every action.<\/span><span><br \/><\/span><span><br \/><\/span><span>He partied with Hollywood elites, funded the <\/span><i><span>Wolf of Wall Street<\/span><\/i><span> movie, and dated Victoria Secret model Miranda Kerr. <\/span><span><br \/><\/span><span><br \/><\/span><span>The craziest thing is that it\u2019s a true story. <\/span><span><br \/><\/span><span><br \/><\/span><span>Now the Prime Minister is in prison and Jho Low has been in hiding for the past five years. This is a book about defrauding the government so I\u2019m not sure if you should have any takeaways from this book. But it was a fasinating read.\u00a0<\/span><\/p>\n<h3><a href=\"https:\/\/amzn.to\/2Z5b3wG\"><span><span>9. Station Eleven<\/span><span> by Emily St. John Mandel<\/span><\/span><\/a><\/h3>\n<p><img loading=\"lazy\" src=\"https:\/\/307ntl34wci12hk39n1c9pfv-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/02\/station-eleven-1557-2400-324x500.jpg\" class=\"aligncenter size-medium wp-image-13775 ncube-custom-class sp-no-webp\" height=\"500\" width=\"324\"><\/p>\n<p><span>Earlier this year, I was in the mood to read a book about post-pandemic life. One that didn\u2019t involve surviving zombies. My research lead me to <\/span><i><span>Station Eleven.<\/span><\/i><i><span><br \/><\/span><\/i><i><span><br \/><\/span><\/i><span>A pandemic happens called the Georgia Flu. It wipes out 99% of the population and civilization crumbles. The book takes place twenty years later.<\/span><span><br \/><\/span><span><br \/><\/span><span>It\u2019s about a group of traveling actors and musicians called the Traveling Symphony. They travel across the States performing Shakespeare in an effort to keep the arts alive. <\/span><span><br \/><\/span><span><br \/><\/span><span>\u201c<\/span><b>Survival is insufficient.<\/b><span>\u201d<\/span><\/p>\n<p><span>I love the post-apocalypse genre. However, it does get tiresome when it feels every piece of media is so grim and centered around survival. This is a story about the arts, beauty, and hope. <\/span><span><br \/><\/span><span><br \/><\/span><span>While I loved this book, I don\u2019t think too many people will. It\u2019s a slow burn. If you\u2019ve seen the movie <\/span><i><span>Ad Astra<\/span><\/i><span>, it gives me similar vibes.\u00a0<\/span><\/p>\n<h2><span>Conclusion<\/span><\/h2>\n<p><span>Patterns.<\/span><span><br \/><\/span><span><br \/><\/span><span>That\u2019s the value of reading multiple books. When you\u2019re reading books across different topics, you start noticing patterns that keep coming up.<\/span><span><br \/><\/span><span><br \/><\/span><span>We\u2019re all underestimating the role that luck plays in success, and we\u2019re all blind to how black swans could destroy us at any second.<\/span><span><br \/><\/span><span><br \/><\/span><span>We need to build margins of safety and robustness in our systems. <\/span><span><br \/><\/span><span><br \/><\/span><b>Think bigger. <\/b><span><br \/><\/span><span><br \/><\/span><span>Control the inputs. We can\u2019t control the outcomes. The world is too chaotic. What we can control is the inputs that lead to outcomes, and we can control our own <\/span><b>behaviors<\/b><span>.<\/span><\/p>\n<p>What were your favorite reads from 2020?<\/p>\n<p>By the way, I get a lot of questions in regards to how I read.<\/p>\n<p>First, I\u2019m not a fan of audiobooks. I read on a Kindle Oasis device. Reading on a Kindle helps deepen my focus compared to listening. If I want to listen while learning, I prefer podcasts.<\/p>\n<p>How do I take notes? I use the Kindle device to highlight key texts. It automatically syncs to a service called <a href=\"https:\/\/readwise.io\/\">ReadWise.io.<\/a> This service emails me 5 random highlights a day.<\/p>\n<p>I find this more useful than me spending hours taking notes, and having it lost in my notetaking system never to be seen again.<\/p>\n<p><a href=\"https:\/\/www.pexels.com\/photo\/books-1926988\/\">Photo by Ricardo Esquivel from Pexels<\/a><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/charlesngo.com\/the-9-best-books-i-read-in-2020-key-takeaways\/<\/p>\n","protected":false},"author":0,"featured_media":896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/posts\/895"}],"collection":[{"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/comments?post=895"}],"version-history":[{"count":0,"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/posts\/895\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/media\/896"}],"wp:attachment":[{"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/media?parent=895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/categories?post=895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/salarydistribution.com\/affiliate-marketing\/wp-json\/wp\/v2\/tags?post=895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}