At the Berkshire Hathaway shareholder meeting in 2013 Warren Buffet said he& #39;s owned 500 stocks during his life and made most of his money on 10 of them.

Munger followed up: "If you remove just a few of Berkshire& #39;s top investments, its long-term track record is pretty average.
In 2018, Amazon drove 6% of the S&P 500& #39;s returns. And Amazon& #39;s growth is almost entirely due to Prime and Amazon Web Services, which itself are tail events in a company that has experimented with hundreds of products, from the Fire Phone to travel agencies.
Apple was responsible for almost 7% of the index& #39;s returns in 2018. And it is driven overwhelmingly by the iPhone, which in the world of tech products is as tail--y as tails get.
And who& #39;s working at these companies? Google& #39;s hiring acceptance rate if 0.2%. Facebook& #39;s is 0.1%. Apple& #39;s is about 2%. So the people working on these tail projects that drive tail returns have tail careers.
When we pay special attention to a role model& #39;s successes we overlook that their gains came from a small percent of their actions. That makes our own failures, losses, and setbacks feel like we& #39;re doing something wrong.
When you accept that tails drive everything is business, investing and finance you will realize that it& #39;s normal for lots of things to go wrong, break, fail and fall. If you are a good stock picker you& #39;ll be right maybe half the time.
If you& #39;re a good business leader 50% of your product and strategy ideas will work. If you& #39;re a good investor most years will be just OK, and plenty will be bad. If you& #39;re a good worker you& #39;ll find the right company in the right field after several attempts. Thats if you& #39;re good
This is a summary of @morganhousel book: https://www.amazon.com/Books-Morgan-Housel/s?rh=n%3A283155%2Cp_27%3AMorgan+Housel">https://www.amazon.com/Books-Mor...
And if you like money and business...follow me. I& #39;m always tweeting about this stuff.
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