Can we really change the world ?
This chapter tells us not to subscribe to the “Great Men” theory. It is very tempting to believe that India needed Gandhi to become independent. Closer to home, it is very much harder to accept that Singapore can become the economic miracle without Lee Kuan Yew. But success is larger a series of interconnected events, and so, cannot be attributed to an individual.
How do we apply this to investing ?
I think the first thing we need to do is to start thinking about how much we hero worship the top investors.
Warren Buffett comes into mind.
It’s pretty sickening to keep hearing Warren Buffett being quoted out of context.
Price is what you pay, value is what you get.
Be greedy when other people are fearful, be fearful when other people are greedy.
We make the mistake of taking the intentional stance. That …