In another brilliant post, Morgan Housel brings some extremely important points:
- One of the most persistent fallacies is the reflexive association of wealth with wisdom,” investor Ed Borgato tweeted this week.
- Another is the association between intelligence and good decisions.
- Intelligence increases the ability to fool yourself with elaborate stories about why something happened.
- … the smarter and more creative we are, the more elaborate stories we can tell ourselves to justify our poor decisions
- Intelligence pushes you toward the idea that complex problems require complex solutions.
- Even when a problem requires a complex solution, the ability to communicate it in simple terms is indispensable to getting people to take you seriously.
Read the full post here
There are stories of some intelligent and brilliant investors in the book “Riding The Roller Coaster – Lessons from financial market cycles we repeatedly forget”. The list is quite illustrious.
#RidingTheRollerCoaster – 262