@avichal Munger is a man of great wisdom whose commentary and writings are an indispensable part of the investing canon. One idea I think is essential to push back on is “invest in what you know”. This is a fundamental Mindset flaw and surprised this view is being ascribed
to Munger, a life long learner. Some of our best investments have been in areas I knew nothing about like Sovereign debt trades in Greece and Argentina, structured credit starting in ‘07 (short then long) and privates/VC. We don’t Ape into these things but
do the requisite work to familiarize ourselves with the fundamentals and market structure of these new areas. I trust our efforts in digital currencies, blockchain and Defi will pay off.
I’ve been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas. Culturally I compare bridging the crypto world with the old as akin to finding a portal @chbetween two distinct worlds in the multiverse.
@cdixon is a brilliant mind and I enjoyed this article as an art collector and investor.
Also, maintaining healthy skepticism while also deepening one’s understanding requires one to engage in what Steve Jobs (and Fitzgerald before him) described as requisite for a superior intellect: “to maintain two opposed ideas in ones mind and retain the ability to function“
I've been fascinated for years by "mindset" since reading Josh Waitzkin's Art of Learning which referred to Carol Dwek's book by that title. We all know about the importance of a "growth" mindset versus a "fixed" mindset in every aspect of life from parenting to investing.