The Power of Optionality
Motley Fool Hidden Gems Investing
The Motley Fool
4.3 • 3.1K Ratings
🗓️ 7 May 2023
⏱️ 31 minutes
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| 0:00.0 | Imagine things getting worse is easy. It's cheap. It's very cheap to imagine how things go wrong. |
| 0:06.3 | Because that is the probable destination. That's the S entropy. The intracurbie is most things |
| 0:13.3 | are going to fail. Most things are going to break. It's easy to imagine and breaking. It's much |
| 0:18.6 | harder to imagine how things work well. And we have this problem right now with AI. It's far |
| 0:24.8 | easier to imagine all the ways that it doesn't work and harder to imagine how it works. |
| 0:33.0 | I'm Mary Long and that's Kevin Kelly, founding editor of Wired magazine and author of the new book |
| 0:40.0 | Excellent Advice for Living. Motleyful co-founder David Gardner caught up with Kelly to discuss |
| 0:46.4 | a key financial concept that applies to all aspects of life, the imagination required of optimists |
| 0:53.1 | and how Amazon won through optionality. This is an excerpt from a full interview, which you can |
| 0:58.8 | listen to on the Rule Breaker investing podcast. We'll put a link in the show notes for you. |
| 1:07.2 | I asked you ahead of time if you would consent to me randomizing different pages of your book |
| 1:14.0 | and then just picking my favorite quote off that page and doing the interview that way and you |
| 1:19.2 | said you would allow us to go where our Wimbs here in this case my dice take us. And so |
| 1:25.6 | that's where we're going to start Kevin. I lined up about eight quotes here and this was randomly |
| 1:31.5 | chosen. In fact, the order we'll be talking through these was itself randomly chosen. I guess a |
| 1:37.0 | less lazy interviewer would have actually sculpted everything, but I'm this is how I roll and I think |
| 1:42.4 | you're really good with that too. So let's start with the first quote for each of these. I'm just |
| 1:46.6 | going to spot you up and there might be a story or an anecdote that you have in mind or simply |
| 1:53.2 | additional thoughts you have for each. And I kind of love that the first one I randomized was from |
| 1:59.5 | page 85. And this is what you write on page 85. All the greatest prizes in life in wealth, |
| 2:08.5 | relationships or knowledge come from the magic of compounding interest by amplifying small, |
| 2:17.3 | steady gains. All you need for abundance is to keep adding one percent more than you subtract |
... |
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