1. Judge less.
At least half the people doing things with money that you disagree with are playing a different game than you are. You probably look just as crazy in their eyes.
2. Figure out what game you’re playing, then play it (and only it).
So few investors do this. Maybe they have a vague idea of their game, but they haven’t clearly defined it. And when they don’t know what game they’re playing, they’re at risk of taking their cues and advice from people playing different games, which can lead to risks they didn’t intend and outcomes they didn’t imagine.
-Morgan Housel, “Play Your Own Game.” Collaborative Fund. May 13, 2021
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