82000u is the biggest amount of money I “lost” on TermMax—note the quotation marks, because I never actually put this money in; it’s the portion I failed to earn.
Three missed opportunities. First: the pre-market auction in March, with a scale of 6 million u. The chance to participate at a discounted rate was right there. I hesitated for a week because “the details weren’t published, and the valuation couldn’t be calculated accurately”—afterward, based on how the auction was settled, I can estimate that I missed about 17,000u. Second: the deeply discounted FT when market sentiment hit a low point. I observed that discount in the market, did the calculations, and ultimately didn’t buy—based on how that batch of FTs redeemed at maturity, I estimate I missed about 50,000u. Third: the RLUSD deposit phase. I studied data from the Leaderboard, judged that the official team was buying deposits, but I didn’t switch positions because it felt like too much hassle—missed about 15,000u. Total: 82,000u.
These three have one thing in common: it wasn’t that I couldn’t understand. It’s that I understood it but didn’t take action. The value of analysis is in decision-making, not in reading. I got the direction right quite a few times, but the number of times I actually acted was too few—the difference in between is the missed opportunity ledger.
I pasted this account on the first page of my memo, and next to it I wrote one line: “The distance from analysis to decisions is the distance from profit to cash in hand.” Next time I finish tallying the books, first ask myself, “Did I act?”
@TermMax #TermMax
Three missed opportunities. First: the pre-market auction in March, with a scale of 6 million u. The chance to participate at a discounted rate was right there. I hesitated for a week because “the details weren’t published, and the valuation couldn’t be calculated accurately”—afterward, based on how the auction was settled, I can estimate that I missed about 17,000u. Second: the deeply discounted FT when market sentiment hit a low point. I observed that discount in the market, did the calculations, and ultimately didn’t buy—based on how that batch of FTs redeemed at maturity, I estimate I missed about 50,000u. Third: the RLUSD deposit phase. I studied data from the Leaderboard, judged that the official team was buying deposits, but I didn’t switch positions because it felt like too much hassle—missed about 15,000u. Total: 82,000u.
These three have one thing in common: it wasn’t that I couldn’t understand. It’s that I understood it but didn’t take action. The value of analysis is in decision-making, not in reading. I got the direction right quite a few times, but the number of times I actually acted was too few—the difference in between is the missed opportunity ledger.
I pasted this account on the first page of my memo, and next to it I wrote one line: “The distance from analysis to decisions is the distance from profit to cash in hand.” Next time I finish tallying the books, first ask myself, “Did I act?”
@TermMax #TermMax