Jeremy Grantham’s GMO is out with their latest newsletter. Its always a good read. This time I noticed he started a new series. It taps into his 47 years of investing experience to bring some learning points to amateur investors like myself. It can be quite outcome bias but there are much to learn as well. We always thought when we knew a friend working in a company we invest in, or we have talked to the CEO or COO, and have sound out our doubts, we know better than the average investor what the company is about, what kind of competitive advantage they have. We have a leg up on others. And most of all, when there is shit, we are likely to know first hand. Well this is a good example of how this could blow up in our face. It is also a lesson that if ......