In the end, we cannot control our luck but we can control our preparation…

Must Reads of the Week

Our favorite reads of the week and the quotes that make them worthy…

“In the end, we cannot control our luck—good or bad—but we can control our effort and preparation.”
Absolute Success is Luck. Relative Success is Hard Work. by James Clear | Life Lessons

“The problem is that the traditional approach to rebalancing pays too much attention to a misguided definition of risk, and too little attention to what investors actually want and save money for.”
A Better Way to Think About Portfolio Rebalancing by Meir Statman | The Wall Street Journal

“Sometimes, appearing to be a good advisor works in direct opposition to actually being an effective advisor.”
The invisible doctor, and rewarding incompetence by Daniel Egan | Daniel P. Egan Blog

“Hard-core stress sticks around and changes behaviors that were ingrained before the stress occurred.”
Fool Me Three Times And I Give Up by Morgan Housel | Collaborative Fund

“Developing useful skills requires going outside of your comfort zone and determining a clear plan of attack for getting better.”
Knowledge vs. Skill by Ben Carlson, CFA | A Wealth of Common Sense

“However, when markets become abnormal, pricing an asset is no longer straight forward.”
Why You Don’t Know the Price Until You Sell by Nick Maggiulli | Of Dollars And Data

“The letter has been in the Royal Society’s possession for at least 250 years, but escaped the notice of historians.”
Discovery of Galileo’s long-lost letter shows he edited his heretical ideas to fool the Inquisition by Alison Abbott | Nature: International Journal of Science

“The other thing that always strikes me during my trips to Africa is the unbridled optimism of this young generation.”
The World’s Youngest Continent by Bill Gates | Gates Notes

“How Iceland recovered from one of the most traumatic shocks experienced by any nation during the financial crisis is worth reviewing.”
Iceland Found Another Way to Clean Up a Financial Crisis by Barry Ritholtz | Bloomberg