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10 Things I Learned in 2013

  1. Being wrong is part of life.  Embrace it.  More importantly, learn from being wrong so you can increase the odds that you won’t make the same mistakes twice.
  2. Stay open-minded about things.  A dogmatic view of the world is a naive view of the world.  And a dogmatic view of the economy will often lead you astray.
  3. People who think they know everything are dangerous and usually selling you something you don’t want to buy.
  4. Don’t ever confuse ideology with reality.  Politics and markets just don’t mix.
  5. Don’t ever let someone sell you fear in exchange for your time and money.  8 times out of 10 you’ll be on the losing end of that exchange.
  6. Being cruel to other people is rarely worth it (especially on the internet).   You’ll never pull yourself up by trying to tear other people down.
  7. Never be afraid to ask other people for help about something.
  8. The internet is the most amazing place and also the worst place in the world at the same time.  Try to contribute to making it the most amazing place.
  9. The Fed is a lot more powerful than we think.  Even when they’re implementing a policy that doesn’t seem to have a fundamental transmission mechanism.
  10. There’s a lot more to life than money and material goods.  In fact, obtaining the best things in life usually don’t involve money or material goods.

 

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