Everything is going great in the Oldham household. Christina and I are getting into a better sleep cycle after a lot of trial and error – we discovered that Teddy only enjoys resting on top of luxurious pillows. It feels weird being a dad but I am slowly figuring out my role; every morning I rock Teddy and listen to audiobooks – probably the best way to put a person to sleep. I thought that my reading goals would be threatened with a new baby, but I am getting back to my normal pace. My most recent book was What I Learned Losing a Million Dollars by Jim Paul and Brendan Moynihan. This is a different book for me, but it was recommended by one of my favorite philosophers as one of the few non-charlatanic finance books. Essentially, those who are wealthy become wealthy through some combination of luck and skill. Some work harder than others while some get luckier than others. In all scenarios, there is a degree of egotism that impacts risk-taking. For example, take a trader who is having the year of his life. His trades never go wrong and he begins to feel more confident with his “patented strategies.” These strategies lead him to the deal of the century and he puts all his resources into one basket. Unsurprisingly, when the deal goes south, the trader convinces himself that he is right and everyone else is wrong – the final result is ruin and humility.
I want to extrapolate this scenario to all walks of life. Have you ever continued in a bad situation because of blind rationalization? Have you ever disregarded sound advice? Have you ever been too stubborn to admit defeat? I can say yes to all three. We are very good at subjectivism. Subjectivism is a flawed philosophy that argues that the “good life” is whatever an individual perceives as “good.” Put in another way, if I believe the best life is one of hoarding cat poop, then that is the best life, and no one can tell me otherwise. Subjectivism makes it very difficult for us to see that we are in a bad situation and we need to redirect. How can we fight this mental entrapment? I believe the quickest way to redirection is through prayer and advice. Seek out wisdom and you will find wisdom – if the advice is hard to hear then you are in the right spot; true loved ones will not enable you and they will help you see alternative perspectives. Don’t surround yourself by “Yes Men” – agreeance is only reasonable to a certain extent. The most successful people in the world are successful because of their luck, their hard work, and their ability to take criticism. There are much worse things to lose than a million dollars – a subjective life can lead to abusive relationships, anxiety, and a sense of isolation. Pray to God for truth, call that friend up who tells it how it is, and give yourself a long look in the mirror.