Adapt
by Tim Harford
Was going through this book and read about the Palchinsky Principles and was impressed by it. Palchinsky was a Russian engineer who was advisor to the Tsar and Stalin, His views were not liked by the rulers and he was put to death by the secret police. Stalin wanted to build a mammoth dam whereas Palchinsky thought building smaller dams would be more suitable. Palchinsky principles are
- Seek out new ideas and try new things
- When trying out something new, do it in a scale where failure is survivable
- Seek out feedback and learn from your mistakes as you go along
I think the above would be very much suitable for investments / speculations also.
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