
Once you understand the dynamic, you stay vigilant for the trap. Spend far less than you earn. Invest the balance. Keep your options open. When others panic, you simply pivot.
Recommend you read "Same as Ever" by Morgan Housel.
Because what never changes is humans and our source code, our DNA. Expecting Google to not turn into IBM is like expecting wings to sprout from our back. The great delusion we tell ourselves is that each business is different, but each business is powered by the same human engine. That engine evolves at a glacial pace on an evolutionary time scale. When I read about the Dutch East Indian company or a guy in Mesopotamia that can’t get good quality copper from his suppliers and his servant was treated rudely, it’s all the same.
How often we analyze past near miss situations, or car accidents that did happen and change lives.
History is a chain of events, some of which are so prominent that they covered in books or passed through generations as tales.
Recent Same as Ever by Morgan Housel conveys in the first chapter literally this statement: one random thing can change entire history of humankind, especially in wars.
