Sep 19, 2021
Mental Models discussed in this podcast:
- Second-Order Effects
- Passive vs Active Investing
- Standing on the Shoulders of Giants
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Show Outline
The full show notes for this episode are available at https://www.diyinvesting.org/Episode122
Key Observations
- I have seen many writers, presentations, and discussions around
this idea that YOU are NOT the next Warren Buffett, therefore...X
- "Don't concentrate"
- "Don't buy individual stocks"
- "Buy Index Funds"
- "You won't outperform...etc..."
- What is the impact of this?
- Is it true?
- How many future Warren Buffett level investors will never arise
because we've convinced them it is impossible?
- Imagine if we treated scientists like this.
- "You aren't the next Einstein (or Bezos or Zuckerberg)"
- The lesson: Don't even bother trying
- How many future inventions would we lose out on?
Summary:
Are you the next Warren Buffett? This question discourages potential investors from attempting to outperform. I discuss the second-order effects this has on the investing landscape and your personal financial situation.