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Deliberate Practice and Investing - Discussion on Investing Section - March 2009

Deliberate Practice and Investing - Discussion on Investing Section - March 2009

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Published by jberkshire01

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Published by: jberkshire01 on Jan 13, 2010
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07/06/2013

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Discussion on Applying DeliberatePractice to Investing and Learning
Some of my thoughts:
 –The importance of Darwinian objectivity
What do I really need to get better at?Avoidance of overconfidenceSearch out disconfirming evidence and always take it veryseriously
 –Continuously expand circle of competence and makesure things currently within circle, stay within thecircle
Learn about new businesses and industriesMake sure you keep up to date on the businesses andindustries that you already know well
 –Realize when past models/metrics are no longer valid (i.e.financial companies’balance sheets in early 1990’s comparedto today)
 
Discussion on Applying DeliberatePractice to Investing and Learning
More of my thoughts:
 –Discipline, Discipline, Discipline
Greenwald quote: “…you have to be incrediblydisciplined…If you don’t know, then you’ve got tohave the discipline not to do it. And that’s probablywhere Seth [Klarman] is the best person in theworld at. It’s really what protected [First Eagle’s]clients –because Jean Marie [Eveillard] didn’tknow –so he didn’t do any financials. You have tobe incredibly disciplined –and most people aren’t.Most people fall in love with companies anddeceive themselves about things.”

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