Value Investing by Parag Parikh (English Audiobook)
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
Indian (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
1.1 Why people fail, why people fail? This was the subject of an interesting talk by brian Tracy, one of the best motivational speakers I would like to share with you his understanding of human nature, which sets the basis for this book, blending value investing and behavioral finance. Why is it that so many people fail in life? There is so much more information available today on how to be successful than ever before. Self improvement books are amongst the best sellers and bookstores, millions have read them, but the vast majority of people live their lives far below their potential, achieving far less than their capacities, permit failure is as predictable as success because it is the strength of character which separates the winner from the loser. Economists say that the inability to delay gratification is the primary reason for economic failure in life. People fail because in life they do what is fun and easy rather than what is hard and necessary. They do what is tension relieving rather than goal achieving Success and failure are more the results of habit. 90% of what we do is dictated by habits we eat the same food work in the same way, associate with the same people and act the same way when things happen to us over and over. When a habit is formed, we become comfortable with it and then we strive to remain consistent with what is familiar, even if our habits are leading to failure. We are always striving to be consistent with what we have done and said in the past. Thus we resist change of any kind. Psychologists call this tendency to become comfortable as getting into the comfort zone. Even if this comfort zone is keeping us at a low level of performance, we prefer to stay in it rather than change so a thought and you reap an act, so an act and you reap a habit, so a habit and you reap a character, so a character and you reap a destiny. All changes in our life. Start with changing our thoughts and actions so that we form habits that sow the seeds of our success and make those habits. Our masters, all understanding of human nature begins with understanding the way we are and it begins with an honest understanding of ourselves. The key is self knowledge and self awareness.