I can think, I can wait, I can fast. These words from the book Siddhartha by Hermann Hesse are useful in today’s times. Not just in life, but in personal finance and investing. Thinking is a skill that all of us can improve. We can learn about the fundamental mental models from each major field to help with decision-making. We can cultivate thinking of second- and third-order effects of unfolding events. We can ask better questions. Waiting is an under-rated skill. But it’s the only one that lay investors may have an advantage over professional investors. One framework for succeeding in investments suggests investors have informational, analytical or behavioural advantages. Investors who can wait the longest before needing to sell have an advantage over the best of fund managers who may have to sell into a falling market to pay out redemptions. Fasting is something I was taught as a teenager, and something I have re-discovered more recently (in the form of intermittent fasting). Beyond food, fasting in the areas of other material things and media also helps to keep expenses low and mental peace high. All three combined build resilience, immunity, anti-fragility. #personalfinance …see more