Ray Dalio, the #1 hedge fund manager in the world, says his is success is due more to learning how to deal with what he does not know, rather than what he knows.
1. Cover all that I can think off: Know all possible scenarios and their probabilities and eliminate the ones that are INTOLERABLE to you. That way it gives you the safey/ability/freedom to go for great results. -
Quote: " Know all the possibilities, think about the worst-case scenarios, and then find ways to eliminate the intolerable ones...The most important thing in playing the game (of life or the markets) is not to get knocked out of it."
2. Diverstify: (a smart rabbit has 3 burrows) to conter the unknowns
3. Put the deferred gratification ahead of the immediate gratifitication (so you will be better off in the future)
4. Triangulate amongst the smartest people possible