#6 Your Task as an Investor is to Make a Few Bets, Big Bets, Infrequent Bets—All Placed When the Odds Are Overwhelmingly In Your Favor (Monish Pabrai)

This very simple key lesson which we will be speaking about today, is one of my favorites. It sounds like a no brainer, it sounds simple and even too simple, idiotic almost - but it is a genius approach to business and life.  We should break Monish's observation into three part:  The first part is about risk. In everything we do in life, in every decision we take about an unknown future, there’s an inherent risk we cannot avoid.  The second and the third parts are how to deal with that risk. First, to reduce that risk, we need to make a few Bets, big Bets, and make these bets infrequently Second, we will reduce risk if we learn how to play games where the odds are overwhelmingly in our favor I try to take Monish’s lesson and implement it in every part of my life. I think it applies to relationships, to business, to the way I select the books or podcasts I read and listen to even. How I invest my time. Take this knowledge and use it, transform it into wisdom by practice and repetition.