Tuesday, March 14, 2017

How to Win (the lottery, at life, on Wall Street, on Main Street)

Folks ask me for recommended reading on "How to win at life".  This month recommendation is "The Marine Corps Way to Win on Wall Street" by Ken Marlin, Founder of Marlin Associates. Marlin shows us 11 Marine Corps principles in ways that apply to business, illustrating each principle with examples from the Tet Offensive and the Iraq War to Marlin’s decisions on Wall Street.

The Principles:

-There's no such thing as a "former marine". (not a principle in the book, but another worthy insight)
-It is not necessary to fight every battle that presents itself.
-Take a stand.
-Be the expert. Operational area expertise is in high demand.
-Know the enemy. Expanding this, I'd say know the target, their motivations, goals
-Know what the terrain is worth before fighting.
-Know yourself. What are your greatest assets ? Expertise
-Control the timing
-Take the higher ground
-It's an interconnected world -see the entanglements
-Trust and Verify
-Luck is not a plan

Source: Marlin & Associates

Adding to Marlin's words of wisdom.

"In order to win you must be prepared to lose sometime. And leave one or two cards showing" (Van Morrison). I say: In order to win...by prepared to lose it all. Some might be familiar with Hugh Hendry, the infamous hedgie founder of Ecletica Asset Management and his astonishing comeback. Most recently, Hendry bet on Brexit and the breakup of the EU. A famous bear who turned bearish is an example of courageous betting.

Why the lottery mention in the post title? Because even at the ridiculous target of winning a lottery it pays to stick to your guns.
 "Richard Lustig claims that through trial and error he taught himself how to win the lottery. And with 7 wins to his name it is difficult to believe that he is lying or merely disillusion." (via Lottery Winning.)  Lustig says "a guaranteed way to increase your chances of winning the lottery is simply by picking your own numbers versus using the "quick-pick" ticket option."  (via CBS News)

Are you "picking your own numbers" today or someone else's ?

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