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This is an awesome thread by @paraschopra — some #InvestingParallels below /0
1/ Investors tend to think of investing as a formula (like physics) because its simpler to visualise: Good mgmt+good biz+industry tailwinds = good investment outcome. But business is like biology. There is evolution, mutation, reaction, reflexivity, etc which cannot be modeled
2/ Evolution & mutation like aspects bring in uncertainty and hence probability. Not just at the biz level but also at the investor level since investing strategies operate in a context. They lose their edge if widely followed
