xxxxxxxxxx 1: SAME AS EVER (MORGAN HOUSEL) 29.01.2024: The book is seen as a continuation of Morgan Housel’s previous work, “The Psychology of Money,” with a focus on understanding the psychology of people and behaviors that endure over time. The book emphasizes that while the world is constantly changing, certain fundamental principles and human behaviors remain consistent. It serves as a reminder that despite uncertainty, there are aspects of life that can be relied upon. It underlines that certain instincts remain unchanged, even as circumstances evolve. Reading more books is presented as a means to develop better filters and frameworks for making sense of the news. The idea is that exposure to various perspectives enhances decision-making. The advice is to plan like a pessimist and dream like an optimist. This suggests a balanced approach to decision-making, acknowledging risks while maintaining a positive outlook. While some find the book enjoyable, others note that it doesn’t present exceptionally new or insightful ideas. It is mentioned that the content echoes concepts from other works by authors like Nassim Taleb, Matt Ridley, Ray Dalio, and Robert Greene. Morgan Housel’s love for stories and his narrative style are praised. The use of anecdotes is mentioned as a way to illustrate the lack of rational explanations for many twists and turns in the world. The book encourages reflection on the unpredictability of the future and the role of chance in shaping events. It raises questions about how the world might be different under alternative scenarios. The author suggests a strategy of being both a pessimist and an optimist. Saving like a pessimist and investing like an optimist is proposed as a balanced approach for long-term financial planning. Overall, the reviews suggest that “Same as Ever” offers a thoughtful exploration of human behavior and decision-making, prompting readers to reconsider their approach to finance, life, and uncertainty. Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids. xxxxxxxxxxxxxxxxxxxxxxxxxxx 2: EXTRACTION (TAKING OUT, Extracting, Retrieving, Removing/Removal, Separating, Isolating, Zoning Out): (A) Extract the “redundant or disturbing or an interfering” part (or property) of an object (or system), (B) Extract only the “necessary or useful” part (or property) from an object (or system), (C) Extract only the desired (required or non-required) function (in terms of time or space or interaction or condition) from a multi-functional system or object. EXAMPLE: Separate Smoking Areas/Zones, Vacuum Cleaning, Chromatography, Flashlight, Automated Teller Machines, Split-ACs, Using Fiber Optics (& Frequency Based Separation or Extraction of Signals), Weeding Out, Film Editing. Read More: EXTRACTION 3: LOCAL QUALITY (Non-Uniform, Heterogenity, Diversity, Non-homogenous): (A) Change an object’s (or system’s) structure or property from uniform (or homogeneous) to non-uniform (or heterogeneous), (B) Change an object’s (or system’s) external environment from uniform (or homogeneous) to non-uniform (or heterogeneous), Make each (different) part of an object (or system) perform a different useful function, (C) Make a part of an object (or system) perform a direct opposite function (in time or space) or with respect to its other parts, (D) Make each part of a system to function in a locally optimized condition, Let each part of an object (or system) to be placed in conditions most suitable for its function/action. EXAMPLE: Grip support on tools, Bakelite holders in heating utensils, Aerodynamics protrusions, using water for sharpening or contouring glass edges, Corrosion Protection Coatings, Swiss-Army Knife, Color Box, Pencil with eraser, hammer with nail puller, Photo chromatic Lenses, Night-vision viewfinder, Refrigerated drugs or medicines. Lunch box with compartments optimized for different types of food (hot or cold, solid or liquid etc), Multifunction tools like screwdrivers (multi-head), Ultrasonic drills, Read More: LOCAL QUALITY 4: ASYMMETRY: (A) Change or replace symmetrical form (s) with asymmetrical form (s), (B) Vary the degree of asymmetry, if an object (or system) is already asymmetrical, change an object’s (or system’s) or property or form to suit the asymmetry in the external environment EXAMPLE: Electric furnace with asymmetrically placed electrodes, Encryption System, Key- Lock, Contact Lens or Multi-Focal Lens Spectacles, Bulb- Socket (Threads), Ergonomic Seat (Back-Support) or Pillow or Mouse, Dust Filters, Asymmetrical Cement Mixing Vessel. Read More: ASYMMETRY 5: CONSOLIDATION (MERGING, Combining, Joining Integrating): (A) Consolidate homogeneous (identical, related) objects in space or objects destined for contiguous operations or functions, (B) consolidate homogeneous (identical, related) or contiguous operations or functions in time (to action or performance together at the same time) EXAMPLE: Bifocal Lens, Networked Personal Computers, Microprocessors (IC) – Multiple Consolidated Circuits & Functions, Lawn Mover with Grass Collector, Venetian or Vertical Blinds – Vanes Operating in Parallel, Telephone Network (Data, Voice, Video), Medical Diagnositics – Simultaneous Multiple Diagnosis/Test Results. Read More: CONSOLIDATION 6: UNIVERSALITY (Multi-functionality, Universal, Standardization): Make a part or object (or system) perform multiple (several different) functions; thereby eliminating the need for other parts (or elements) or objects (or systems), Introduce or use commonly (widely or universally) acceptable standards. EXAMPLE: Sofa-cum-bed, Cycle-as-Wheel Chair, Home-on-Wheels, Houseboat, Toothbrush (with inbuilt toothpaste disposal system in handles), Bicycle or Child’s Car Safety Convertible into Stroller, Internet Communication Protocol (HTML, XML, DHTML, HTTP,), Safety Standards (ISI) Read More: UNIVERSALITY 7: NESTING (NESTED DOLL (Matrioshka) /STRUCTURES, Hierarchical, Multi-Level, Multi-Layer, Recursion, Loops): (A) Place (embed or position or put or insert) an object (or system) inside another object and so on in a recursive manner, (B) Pass an object (or system) through the cavity of another object (or system). EXAMPLE: Door-within-a-door, Stacked Chairs, Telescoping/Extendable Antenna, Suspended oil storage reservoir (that stores different products in a single unit), Nested Doll, Zoom Lens, Sewing Thread, Needle, Keyring, Lead Pencil, Capillary Action (e.g., in candles), Toilet Roll, Catheter is passed through sheath during angioplasty, Seat-Belt Retraction Mechanism, Retractable Aircraft landing Gear/Seat Belt, Mercury Thermometer, Measuring Cups, Folding Umbrella/Handle, Malls (shops within a shop), File Storage Structure (Folder Within A Folder). Read More : NESTING 8: COUNTERWEIGHT (ANTI-WEIGHT) :