The ubiquitous impossible triangle
In international finance, 1) stable interest rates, 2) free capital flow, 3) independent monetary policy
Public chain design: 1) decentralization, 2) security, 3) scalability
In personal investment, 1) principal safety, 2) high rate of return, 3) liquidity
Sober’s tip: The underlying logic of the Impossible Triangle requires trade-offs, not both. Investment is like this, and so is human energy. Only by focusing on large positions can you survive in the market for a long time.
