The Wisdom of Lord Keynes

Way back in 1925, John Maynard Keynes provided a wonderful insight on the role of speculation in shaping stock returns. Observing the predilection of investors to implicitly assume that the future will resemble the past, Keynes warned: “It is dangerous to apply to the future inductive arguments based on past experience unless we can distinguish […]

The Golden Rule

  Wisdom acquisition is a moral duty Read, read, read. Read about the great successes and great failures. And apply what you read to a framework of mental models. Learn to think like Charlie Munger. Learn social psychology. If you want to become wise and wealthy, you can’t do without it.[Source: Munger; USC 2007] Wisdom acquisition […]

Jason Zweig

Jason Zweig wrote In much of life, doing things right over and over again is a sign of skill; expert musicians, for instance, rarely hit a wrong note. And the skill of one professional musician doesn’t make it harder for the others to be equally expert. But in the financial markets, where so many investors are […]