The third thing they have in common: they're very tax-efficient in their thinking. When it comes to investing, the best investor's number one question is: what's the downside? He can be wrong four out of five times and still be okay. He knows he's not going to be right all of the time, but if he risks a dollar, he'll be fine, if he risks another dollar, he'll be fine and when he makes five, he's in incredible shape. They take on the least risk possible for the highest possible return. Billionaire hedge fund manager Paul Tudor Jones wants to risk a dollar to make five. Most people think these billionaires took gigantic risks, but when you actually study the best investors, that's not how they operate. The second thing is they're all obsessed with asymmetrical risk/reward. I know what I believe is going to happen. I know for sure I'm going to be wrong at some point, so I need to protect myself through asset allocation. Unlike the talking heads who say "I know for sure what's going to happen," the best investors say "I don't know exactly what's going to happen. The best investors know they're going to be wrong. You'd need to make 100% of your $50,000 and that could take years. A 50% return on that would leave you with only $75,000. If you lose 50% of your money, how much money do you need to get back to even? Most people would say 50% but it's not true. If you lose 50% of 100 grand, you've got $50,000.
#THE BEST BUSINESS PLAN TONY ROBBINS HOW TO#
The smartest financial minds in the world universally want to make money but their first focus is on how to not lose money. The first one sounds basic but it's a mistake that the average investor makes: most investors are focused on how to make money. Robbins: There were four things that all of them had in common. Kaufman: What were the biggest takeaways from talking to legendary investors like Ray Dalio, Warren Buffett and Carl Icahn? Was there a common theme among them? We've served 400 million meals in the last four years alone and we're going to serve one billion meals over the next six years. We're donating 100% of the profits, just like the last book, to Feeding America. If I could write a book that is coming from the best minds of the planet, that can be read in a weekend and can provide a game plan whether the reader is a millennial or a baby boomer, then I have something that will be of great service.
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