Book 9 is interesting because it starts by telling us what Confucius didn’t talk about. He rarely spoke about “profit” or “destiny” because those things are complicated and often out of our control. He wanted to focus on what we can change.
So, we’re talking about Confucius. You’ve probably heard the name, maybe seen some “Confucius says” memes that are honestly kind of cringe. But here’s the thing: this guy was basically the original influencer, and he did it all without a smartphone or a single follower on social media.
Some people think direct mail and cold calling are dead, but those people are usually the ones doing it wrong. When you do these professionally and ethically, they are still power moves for finding off-market deals.
Book: Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition by John C. Bogle ISBN: 978-0-470-59748-4
Bogle calls this chapter “Happiness or Misery?” and borrows from Charles Dickens to make his point. Specifically, he pulls out Mr. Micawber’s famous formula from David Copperfield. Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
Book 8 is where we hear a lot from one of the younger students, Master Zeng. It’s a book that focuses on the long-term commitment it takes to actually have integrity.
If you want the absolute best deals, you have to go direct to the seller. When you skip the middleman, you can negotiate better prices and find hidden gems that aren’t listed anywhere. But let’s be real: this takes either time or money.
Book: Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition by John C. Bogle ISBN: 978-0-470-59748-4
Bogle opens Part III of the book with what might be the most important concept for any investor to understand. It’s called reversion to the mean, or RTM if you want to sound smart at parties. And he subtitles this chapter “Sir Isaac Newton’s Revenge on Wall Street,” which honestly tells you everything you need to know about where this is going.
Book 7 is one of the most personal chapters. It’s where Confucius talks about himself, his work ethic, and what he really values in life.
Real estate is a team sport. If you try to do everything yourself, you are going to burn out fast. That is where Level Two deals come in. Instead of hunting for every lead yourself, you can work with people who already have deals under contract.
Book: Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition by John C. Bogle ISBN: 978-0-470-59748-4
Every investor wants to find the fund that beats the market. The one that’s managed by a genius. The one that spotted the next big thing before anyone else. The holy grail of investing.