— Bill Bonner
— Joseph Tussman on the importance of aligning with general principles
What the pupil must learn, if he learns anything at all, is that the world will do most of the work for you, provided you cooperate with it by identifying how it really works and aligning with those realities. If we do not let the world teach us, it teaches us a lesson.”
Albert Einstein once said,
‘Wisdom is not a product of schooling but of the lifelong attempt to acquire it.’
Business success doesn’t necessarily go to those with the best product. It goes to whoever is the most persuasive. George Soros may be one of the brightest minds in finance, but he would fail miserably as a financial advisor. Not one person in ten who reads his books understands what the hell he’s talking about.
Most business edges are found at the intersection of trust and simplicity. Both rely on the ability to tell customers what and why you’re doing something before losing their attention.
This is one of the crazy things that gets harder to do the smarter you are. There’s a bias called “the curse of knowledge,” which is the inability to realize that other people with less experience than you have don’t see the world through the same lens you do. I saw this firsthand when a financial advisor told an utter novice grandmother that a higher bond allocation (which she wanted) didn’t make sense “because of the slope of the yield curve.” She had no idea what this meant, and told me experiences like this eroded trust since she couldn’t distinguish her confusion from his obfuscation.”
Intelligence is great, but it’s easily muffled by four things: Ego, the inability to change your mind, the inability to communicate with others, and the unwillingness to compromise with a team.”
The Spiral Staircase P. xix
We should probably all pause to confront our past from time to time, because it changes its meaning as our circumstances alter.”