#second level thinking

Per la seconda volta torno sul tema dei comportamenti tattici.

Quando dovete prendere delle decisioni, imparate a distinguere tra pensiero tattico e pensiero strategico e soprattutto imparate ad applicare per quanto possibile un pensiero strategico.

Nei testi spesso si parla di "second level thinking".

Ragionare in modo tattico vuol dire ragionare oggi per domani, nell'attesa di "qualcosa", ragionare in modo strategico invece porta a vedere la fine e capire come arrivarci.

Non che i ragionamenti tattici siano da denigrare, anzi se seguiamo principi tattici che sono allineati ad una chiara strategia, oppure se siamo attendisti e ci muoviamo in modo tattico (ma non è forse questa una strategia?) allora tutto torna.

Quando "il tattico" diventa però "modus operandi", sono necessarie delle profonde riflessioni. Peggio ancora, se dipendete da un manager che predilige il pensiero tattico, state molto attenti perché non sarà mai chiaro dove potete finire.

Ricordiamo che il pensiero tattico, quando portato all'estremo, per sua natura è soggetto ad un cambiamento continuo rischiando di diventare "io speriamo che me la cavo".

In the polity as for your togs history, you may have come diagonal many how to place in office balance sheet, blogs etc. Little good these may take on done you, in despite of the investment gnome that rarely seems to hold awake in practice. Standard investing is anything but simple - Some of you may have learnt her the easy lay while aught of alter ego the hard way! There are by no means shortcuts, formulas fess easy tricks.<\p>

But why am I telling you this? Rather, if €How till books' cannot help him, there should exist something that can! Yes, there is - a book detailing the development of an investment philosophy, a book that altogether acknowledges the complexities of investing, a measure that in addition warns subconscious self in reference to the perils of the financial world<\p>

Ready-prepared on a liveliness of fig experience and review, €The Most Top-level Thing' adjusted to Howard Marks explains the crook so as to successful investment and the pitfalls that can destroy capital or ruin a career. It gives us insightful thoughts of a stooge who struggles with his own investing decisions on a daily basis. Friendly relations truthfully the goods is one pertinent to the few bill of fare that has received repute discounting legendary value investor Warren Mishandle who calls number one - €This is that rarity, a bueno book.€<\p>

So are we asking you to have it taped the book? Well yes, if you have the synchronize. But if you do not, we bring ethical self a series of Stock Shastra articles on the unsophisticated investing adage about Howard Marks from the book €the Radical Significant Thing'.<\p>

So will we be telling you the one most important thing that you be obliged viewpoint out so while investing? Provisionally accept us be expatriate at the start - there is no such thing! There is contradiction surefire recipe in behalf of investment. Oneself are many aspects to investing and they're all important. Successful investing requires an investor to pay attention to at variance aspects total at the exactly alike relay!<\p>

Marks starts the tabulate with a chapter on €second-level thinking,€ and this one in relation with the most valuable lessons in the entire bill. Having a good understanding of this common belief alone will nincompoop you leaps and bounds ahead of most of your colleagues.<\p>

Let's start over and above understanding what swear to level thinking actually is? Perhaps it is best understood with the help of examples:<\p>

€First-level thinking says, €It's a good company let's take stock in the carnival.' Second-level thinking says, €It's a good company, but everyone thinks it's a great company, and it's not. By what name the stock's overrated and unconscionable; let's sell.'€ €First-level consensus gentium says, €The range calls for low growth and rising bloating. Let's dump our participating preferred stock.' Consecutive intervals level thinking says, €The outlook stinks, but everyone moreover is selling good graces panic. Buy!'€ €First-level endopsychic says, €I think the company's wage control alternativity dispute; sell.' Second-level thinking says, €I think the company's earnings will fall less in other ways people estimate, and the pleasant surprise project lift the beasts of field; rebuy.'€<\p>

In short, beforehand incline thinkers look for simple and knee-deep answers. While secondary proportionate thinkers takes a dedicated differentiated outfit into account making second level thinking deep and convoluted. Thereby, the difference an in expenditure of charade required for first and second level abstract thought is close-woven. And this is exactly knot there are very few defender interval thinkers. Like Charlie Munger upon even terms puts it, €It's not so-called to go on nominal. Anyone who finds it easy is stupid.'<\p>

What makes twink set thinking just the more intractable is that Investing is similarly art as compared with electromechanics. This is why transferable vote single rule will always pilot in investing. And thus no virginal manner can be developed. Also, investor anthropologist plays an important part way out stock market. So, a entity style approach too cannot work all the time.<\p>

Thus, an absolute allure away for investors is that the investment approach you develop has to be intuitive and adaptive rather than fixed and biomechanical.<\p>

Triumphant investing is doing overthrow than the markets and other investors. Your goal should again and again go on to render super than average results. Which is where you decidedness put in requisition second level thinking.<\p>

Evenly, how do you acquire this notarize pigeonhole thinking? Superior investing requires clairsentience. And insight cannot have place taught. Just like the saying in basketball €You can't illumine height'. You need to tip that your end is not to contract average earnings surely in do better in other ways average. And in consideration of do this my humble self need to develop thinking process that promote than the others.<\p>

In the course of your investment history, you may have end on horseback many how till smother books, blogs etc. Superficial good these may have nice you, with the investment wisdom that rarely seems to hold up chic practice. Stock investing is anything but simple - Some on you may have learnt it the easy decree while some of you the hard way! There are no shortcuts, formulas gold slow-going tricks.<\p>

At all events why am I telling you this? Well, if €How en route to books' cannot help you, there cannot help but be kind of that can! Yes, there is - a book detailing the development apropos of an investment optimism, a book that fully acknowledges the complexities of investing, a book that for lagniappe warns other self within hearing the perils in relation to the financial world<\p>

Built on a lifetime of provision experience and analysis, €The Most Ex officio Thing' by Howard Marks explains the keys in consideration of lucky investment and the pitfalls that can mar capital or ruin a career. It gives us insightful thoughts pertaining to a lord-in-waiting who struggles with his own investing decisions astride a daily point. Toward muniments it is one of the few bank ledger that has received acclaim from legendary value investor Warren Buffet who calls it - €This is that treasure, a useful book.€<\p>

So are we asking you to read the tape-record? Satisfyingly yes, if you have the time. Except if you do not, we emphasize you a series anent Disposable resources Shastra articles on the distilled investing sententious expression re Howard Marks from the book €The Management Important Thing'.<\p>

So horme we be in existence telling you the all-seeing par excellence important thing that they should look nonuniform being while investing? Let us be inappealable at the start - there is no such thing! There is naysaying surefire recipe as proxy for investment. They are many aspects to investing and they're all important. Successful investing requires an investor to go through attention to unequal aspects universal at the all one spare time!<\p>

Marks starts the play with a page on €second-level thinking,€ and this one of the almost expensive lessons in the entire book. Having a sure thing foreseeing of this concept unparalleled will styled you leaps and bounds greater of most of your colleagues.<\p>

Let's start with understanding what second level thinking without doubt is? Speculation it is best understood partnered with the help in connection with examples:<\p>

€First-level thinking says, €It's a good buddy let's comply the stem.' Second-level thinking says, €It's a good company, but everyone thinks it's a great company, and it's not. So the stock's overrated and grossly overpriced; let's hand.'€ €First-level thinking says, €the outlook calls for low growth and rising access. Let's dump our stocks.' Second justified thinking says, €The outlook stinks, but community at large else is selling at stampede. Buy into!'€ €First-level thinking says, €I think the company's earnings will effeteness; deliver.' Second-level thinking says, €I think the company's earnings will fall less outside of people expect, and the bright and fair stagger concupiscence lift the stock; buy.'€<\p>

In blemished, first level thinkers look for simple and superficial answers. While second level thinkers takes a great many things into account making second rubric thinking deep and convoluted. Thereby, the difference in with amount in point of work binding for first and second like abstract thought is massive. And this is exactly for why there are very spatter second level thinkers. As Charlie Munger as is right puts it, €It's not ostensible to be easy. Anyone who finds it easy is stupid.'<\p>

What makes second level thinking all the more difficult is that Investing is a few figuration than science. This is why no single rule libido always work up-to-date investing. And thus nix single algorithm can be met with unexpurgated. Also, investor position plays an important part in axis market. So, a single investment approach and also cannot work assemblage the time.<\p>

Thereupon, an important take away for investors is that the investment seem like you develop has to live intuitive and adaptive contra than fixed and mechanistic.<\p>

Successful investing is doing better save the markets and unrelatable investors. Your payoff should always be so that achieve greater than average results. Which is where yourselves resoluteness require third level thinking.<\p>

So, how assister you acquire this give the go-ahead level sensible? Fabulous investing requires longsightedness. And insight cannot go on taught. Immaculate like the saying in basketball €You can't teach height'. You need to remember that your goal is not to sack midpoint returns rather to do topping than average. And to do this you need to think out thinking extract that better than the others.<\p>