They say investing is a loser’s game.
It's not about the winners you hit.
It's about the losers you avoid.
The concept originates from Charles Ellis, who famously described amateur investing as a game of minimizing unforced errors, not maximizing flashy wins.
Most people focus on hitting winners. But in reality, the edge often comes from simply avoiding the losers.
I've spoken about this idea in the context of expected value and risk management, but here we'll consider it more in the realm of everyday life.
A Day Is a Loser’s Game
It’s easy to get caught up in productivity hacks, goals, routines, systems… but a successful day can be just as much about what you didn’t do.
Did you avoid the things that steal time, drain energy, and pull you further from who you want to be?
You can use temptation as a scorecard.
You don’t win by checking off a to-do list.
You win by resisting the things that would’ve derailed you.
Ask yourself:
- How many distractions showed up today?
- How many impulses did you notice, but not act on?
- How many little losses did you avoid?
Each one is a quiet victory.
Not dramatic. Not shareable. But real.
The Edge of Restraint
A well-structured life protects against downside.
You design your environment to reduce exposure to temptation.
You manage your attention. You simplify. You stay in the game.
You don’t need to be perfect.
You just need to avoid the big mistakes long enough for good decisions to accumulate.
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