A mindset that can be paranoid and optimistic at the same time is hard to maintain, because seeing things as black or white takes less effort than ac… - Morgan Housel

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A mindset that can be paranoid and optimistic at the same time is hard to maintain, because seeing things as black or white takes less effort than accepting nuance. But you need short-term paranoia to keep you alive long enough to exploit long-term optimism. Jesse Livermore figured this out the hard way.