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Investors can learn the importance of planning for unexpected factors from the example of German armored units' vulnerability to field mice. Just as the commanders should have planned for the possibility of not being able to use the tanks due to unforeseen circumstances, investors should also plan for potential risks that could impact their investments. This could include market volatility, economic downturns, or changes in industry trends. It's crucial to have a risk management strategy in place to mitigate these potential impacts.
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These tanks were not poorly designed. Many have made the argument that German armored units were so well engineered that they were impractically expensive. But no engineer would think to plan for a 20-gram field mouse to disable a 25-ton steel machine. It wasn't the engineer's responsibility to plan for freak events like field mice. It was the commander's responsibility to plan that they may not be able to use those tanks for some reason.
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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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