November 26th 2009
Inside the Mind of the Turtles. How the world’s best traders master risk. Curtis M. Faith
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Inside the Mind of the Turtles. How the world’s best traders master risk. Curtis M. Faith. 2009. ISBN 9780071602433. The follow up book to the Way of the Turtle, takes a more rounded view of the role of risk and the impact of risk avoidance on modern life. He believes one should take control of risk before it takes control of you. This is an important book. You may remember my review of Covel’s book on Turtles.
Faith followed-up his success as a trader to continue as a software entrepreneur and then a venture capitalist. He found that many decisions in life worked out well if he used the same thought processes he developed as a trader. If you are looking to talk to a venture capitalist his analysis of their approach to risk is mind changing.
Later in the book he points out the reasons why this process would work in education and rebuilding US infrastructure, but that the status quo greatly prevents this. He even makes a very good case as to why companies buy the “wrong” products, despite many people knowing better. He has seven guiding principles:
- Overcome fear
- Remain flexible
- Take reasoned risk
- Prepare to be wrong
- Actively seek reality ( my personal favorite)
- Respond quickly to change
- Focus on decisions, not outcomes (also a favorite)
Well written, just the right length, this book will hold your attention. Politicians and young people would especially benefit from the insights. Thank you McGraw Hill again.
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Category: Leadership, Lifeskills, Management
