ポジションサイズは、この効用および幸福度を最大化することが基準。
Cut losers fast, while gradually piling up winners—maximize your psychic utility by hedging against loss-aversion.
Related:
- 2-1b2b1 ‘Inversion’ - Avoid stupid obvious bullshit you’d regret in the future
- 4-1e1 Loss aversion - e.g., the prospect of competitor buying you, and having have to acquire you later at higher cost, are the two biggest concerns which motivate potential acquirers
- 11-1c When investing, you have to address your problem. You have to hedge your risk.
- 13-1a3a1a Everyone benefits a psychic profit at the time of exchange (ex ante), but not everyone will benefit from the exchange (ex post)
- 13-1a3a1a1 Only monetary income (or loss) can be observed and measured ex post—never psychic income (or loss)
- 13-9 Man allocates everything so that each unit goes into the use with the highest prospective marginal utility on his value scale—i.e., in accordance with the principle of maximizing his psychic income
- The lesson here applies to life in general
- 2-1b2b1 ‘Inversion’ - Avoid stupid obvious bullshit you’d regret in the future
- 2-1b2b2 ‘Multiplying by zero’ - Be risk-prone but avoid ruin at all cost
- 5-2c2a Prioritize bullshit avoidance over money and prestige. Don’t waste your time.
- 5-2c2a0 Avoiding bullshit takes you far enough. Maybe the extra bit comes from really knowing about yourself.
- 9-2a3b Don’t pick up anything which has certain downside. Avoid bullshit.
- Avoid stupid people