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Dare to Be Wrong
Summary
This article discusses the idea that success in investing requires an acceptance of the possibility of being wrong. The author compares it to the idea of a basketball star starting out cold and attempting too few shots in a game his team lost. He suggests that failure is an inevitable consequence of trying to do well, and that one must be willing to take risks in order to strive for above average performance. The author quotes William Shakespeare and Howard Marks, and encourages readers to share the article or subscribe to the newsletter.
Q&As
What did Howard Marks write in one of his memos about giving oneself a chance to fail?
Howard Marks wrote in one of his memos that you have to give yourself a chance to fail.
What did Kenny "The Jet" Smith say on TV about a star player who started out cold?
Kenny "The Jet" Smith said on TV that the star player attempted too few shots in a game his team lost.
What did Lou Brock say about someone who is afraid to look bad?
Lou Brock said that you can beat someone who is afraid to look bad every time.
What does Mark's memo state about unconventional behavior and superior investment results?
Marks' memo states that unconventional behavior is the only road to superior investment results, but it isn't for everyone.
What advice did Vishal Khandelwal give regarding the stock market?
Vishal Khandelwal advised to trust few businesses, love even fewer, but don't fear doing wrong in the stock market.
AI Comments
👍 This article provides a great perspective on risk-taking from some of the world's most successful people. It offers an inspiring message about the importance of taking chances and being willing to be wrong.
👎 This article is too long-winded and does not get to the point quickly. It also does not provide any actionable advice on how to actually take risks in a meaningful way.
AI Discussion
Me: It's about the importance of being willing to take risks and being wrong in order to achieve success in investing. It emphasizes that conventional behavior will only lead to average performance, and that you must be able to accept the possibility of failure in order to strive for something greater.
Friend: That's interesting! It's true that in order to succeed, we need to be willing to take risks and be open to failure. But it's also important to be mindful and not take too many risks or be reckless.
Me: Absolutely. The article also talks about how it's important to assess whether you're temperamentally equipped and have the right circumstances to take risks and be willing to look wrong for a while. It's important to be aware of the consequences of our actions and to trust your own judgment.
Action items
- Take the time to reflect on the idea of “daring to be wrong” and how it applies to your own life and investments.
- Read the book “The Sketchbook of Wisdom” to gain a deeper understanding of the timeless ideas discussed in the article.
- Share the article with others to help spread the message of “daring to be wrong” and encourage them to reflect on how it applies to their own lives.
Technical terms
- Morgan Housel
- American author and investor.
- Lord Krishna
- Hindu deity.
- Charlie Munger
- American investor, businessman, and philanthropist.
- Socrates
- Ancient Greek philosopher.
- Warren Buffett
- American investor, business magnate, and philanthropist.
- Steve Jobs
- American entrepreneur and business magnate.
- Naval Ravikant
- American entrepreneur and investor.
- Howard Marks
- American investor and author.
- Kenny “The Jet” Smith
- American basketball analyst and former player.
- NCAA
- National Collegiate Athletic Association.
- Lou Brock
- American baseball player.
- William Shakespeare
- English poet, playwright, and actor.
- Vishal Khandelwal
- Indian investor and author.