If you want to be more successful, you need to think in probabilities.
I just watched the 2000 Berkshire Hathaway Annual Shareholder Meeting because I was interested in how Warren Buffet commented in the burst of the Internet Bubble.
Warren Buffet argues that he doesn’t care if some things don’t turn out the best way. But he wants to have a “mathematical edge in every transaction”. This ensures that in the long-term, the expected value of every transaction will be maximal.
If you do enough transactions [with positive expected value] over a lifetime, no matter what the result of any single one, the group expectancy would get almost a certainty.Warren Buffet
A good way of applying this to your own life is to actually write your daily activities down, calculate the expected return on investment of your activities, and improve your intuition over the years.
For example, in my business, I am doing this with certain types of blog articles. I know how long I need to write them (and therefore, I know how much time and money I have to invest into them). I also have an expected return for each post based on my experience. So I can easily calculate the ROI as the fraction: $-return / $-investment.
Want to create your own coding business where you can apply those concepts introduced by Warren Buffet?
Start your new career as a self-employed coder now.
You don’t need any preknowledge. Just the ambition to learn! 🙂
While working as a researcher in distributed systems, Dr. Christian Mayer found his love for teaching computer science students.
To help students reach higher levels of Python success, he founded the programming education website Finxter.com. He’s author of the popular programming book Python One-Liners (NoStarch 2020), coauthor of the Coffee Break Python series of self-published books, computer science enthusiast, freelancer, and owner of one of the top 10 largest Python blogs worldwide.
His passions are writing, reading, and coding. But his greatest passion is to serve aspiring coders through Finxter and help them to boost their skills. You can join his free email academy here.