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Startups can leverage the investment strategies covered in "The Psychology of Money" by understanding and managing risk, utilizing wealth-building tools that require little technical skill, and overcoming cognitive biases that may hinder financial prosperity. They can apply the principle of diversification, as illustrated by Berggruen's art collection, by investing in a wide range of opportunities. While some may fail, others may succeed and compensate for the losses. This approach can help startups manage risk and potentially achieve significant returns.
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How did Berggruen acquire such an impressive collection of famous masterpieces? Luck? Skill? Horizon Research wrote that the secret was that Berggruen bought and sold thousands of pieces of art throughout his career. Most of them were probably of little value, but if a tiny percentage of those thousands turn out to be Picassos and Matisses, they can make up for all the ones that weren't. Most of Berggruen's investments could be bad, but he made enough of them that it didn't matter.
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How should investors manage the inevitabilities of risk? What are the most powerful wealth-building tools that require little technical skill? How do...
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