Few days ago a friend asked me if I would buy TAL Education. I said no because I am in the education business and I don’t really fancy investing in another. Most would think that I would have the advantage of knowing the industry better, but sometimes as ‘insiders’ we tend to focus too much on the negative challenges – simply put it’s the “grass is greener on the other side” syndrome. I know, it is a form of bias and we should not let that affect our investment thesis. But I am human too, so I can’t be perfectly rational. Because of my unwillingness to invest in another education business, I was lucky to avoid the carnage China education stocks faced on 23 Jul 2021. What happened to China education stocks? On 23 Jul 2021, a rumour that China is going to clamp down hard on private domestic educational companies started spreading. The leaked details on the clampdown sounded serious:...