reading notes: three big things

I recently read “Three Big Things: The Most Important Forces Shaping the World” by Morgan Housel and The Collaborative Fund.

The whole thing is worth a read, but three ideas I found particularly interesting:

Transitory Nature Of Power

The takeaway is that power is transitory. It shifts when those who don’t ahve it get so fed up that they bond together to gain enough influence ot take it back. Never underestimate the power of a unified group of powerless people with a shared goal.

The Fallability Of Our Certainty

But when fundamental, unshakable views that used to be contained within tribes expose themselves to different tribes, people become shocked to learn that what’s sacred to them isn’t always a universal truth.

The Power Of Tail Events

The world is driven by tail events. A minority of things drive the majority of outcomes. It’s one of the most important concepts in investing, where a few positions may account for most of your lifetime returns.