It is a very simple idea to use the power of compound interest

It is a very simple idea to use the power of compound interest  Smart people are easily attracted by complex things, and underestimate the great influence and importance of simple ideas. But Monish Pabrai is a full pragmatist, and he will not fall into this trap. "It is a very simple idea to use the power of compound interest, a very simple idea to imitate, and a very simple idea to be honest." He said. However, when you apply some powerful ideas with great enthusiasm, the cumulative effect is "incomparable".

Does 10000 hours theory work?


I read an interesting book < the talent code > a few days ago.

We have all heard the saying "10000-hour talent theory" more or less.

The general meaning is that you can become an expert or top expert in a field after working hard for 10000 hours.

In fact, psychologists have indeed studied similar phenomena.

It is found that there are world-class experts in many fields. It takes about 7-10 years to hone their skills before becoming famous.

The exact time may not be exactly 10000 hours.

Our ultimate goal is not to be the first in the world, but even if we can reach the world's top-level, it is also very good.

The key lies in:

• do you have to be a genius to reach the world's top-level?

• the day after tomorrow, or can we get the top skills through training?

If it is the former, it means that no matter how hard you try, you can't reach the world-class level;

If it is the latter, it means that there are ways to do it.

Try to break through your limits

There are indeed geniuses in this world who can greatly shorten the time to achieve success.

But if you want to succeed, the day after tomorrow's efforts are also very important.

The effort here is not to simply repeat 10000 hours, but to break through their own limits.

Suppose there is a person who slides down the slope of the ski resort every day and practices repeatedly for 10000 hours. What will be the result?

This person will be very skilled in skiing, but it is difficult to say, so he can acquire world-class skiing skills.

Spending a lot of time practicing doesn't necessarily lead to success.

This requires specific practice conditions.

deep practice 

What are the conditions?

Let's think about how children learn to walk.

A newborn child can't walk.

But first, parents will show their children how to stand and walk.

Will encourage children to stand up and move forward.

Once successful, they will give affirmation and praise, and children will get a sense of achievement.

If you fail and fall, it doesn't matter. Repeat the previous process.

After repeated many times, children acquire the skill of walking.

It was the same when we were at school.

In every exam, some questions must be right and some wrong.

The wrong question can be practiced again and repeated several times, and this knowledge point will be learned.

Set a goal that slightly exceeds your current ability.

This goal can't be too big. It's meaningless to be blindly frustrated. It's a little higher than your current ability.

At the same time, know what the right approach is and try to do it right.

It doesn't matter if you fail. Just repeat it again.

Repeat this several times, just like a child walking, and eventually succeed.

In this way, one's own limit will be broken.

Then set a higher goal and continue the same process.

This is another premise of the 10000-hour Theory: intensive practice.

Just a simple repetition may stay in your "comfort zone" all the time. Even if you repeat for 10000 hours, you can't breakthrough.

"Intensive practice" + "10000 hours" is equivalent to world-class talent.

The difficulty lies in persistence

Is that all right?

In fact, it's not. Here's another important premise: no matter what you do, it's not easy to stick to 10000 hours.

Let alone intensive practice, it is not easy to adhere to the ordinary practice.

Persistence itself is a very scarce ability.

It's like "buying funds and holding them for five years".

It doesn't require any effort, injury, or sweat. Just hold it.

But there was also a fund manager who shared data during the live broadcast:

The income of his fund in the past five years ranks among the top of all funds, but only 0.4% of investors can really hold it for five years.

For example, the proportion of 985 in the Shandong province college entrance examination is 1.4%.

Adhering to long-term investment is three times more difficult than being admitted to 985.

Adhere to the daily change, the issuance of valuation table and the fixed investment···

The difficulty lies in persistence.

There is no good way to insist.

Children are managed by their parents and can persist at school.

Once there is no restriction after graduation, many people may no longer adhere to it.

Find something you love very much.

When doing this, I don't feel bitter and tired, but I feel a sense of excitement in my heart.

What is this?

For many people, it may take more than ten years, but they may not be able to find it.

But as long as you find it, you can stick to it in time.

Love + correct method + persistence

Summarize several conditions of the 10000-hour theory.

• find what you like and love.

• find the right methodology and path in this field.

• set challenging goals and be not afraid of making mistakes. If there are mistakes, just correct them.

• then persist for more than 10000 hours.

This is not necessarily the first in the world, but it is certainly better than inefficient persistence.

You can also become a top expert.


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