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The Psychology of Money presents several innovative ideas. One of them is the concept of risk management in investing. It suggests that investors should focus less on technical skills and more on managing the inevitabilities of risk. Another surprising idea is the role of our brains in our financial decisions. It argues that our psychological biases often hold us back from a more prosperous future. Lastly, it presents the idea that wealth-building doesn't necessarily require high-value investments. Even small, seemingly insignificant investments can accumulate into substantial wealth over time, much like Berggruen's art collection.
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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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