- Plans don’t work as planned
- They are only useful if they can survive reality
- It embraces reality and leaves room for error. Something like this:
“It’d be great if the market returns 8% a year over the next 30 years, but if it only does 4% a year I’ll still be OK,”
The “unknowns”
- Life will certainly throw surprises at you. Uncertainty, randomness and chance are always part of life.
- The world is governed by odds, not certainties. Forecasting with precision is hard.