The investors who blow up aren't dumb.
They're certain.
Munger spent 60 years building rationality like a muscle, slowly, unevenly, imperfectly. Because in markets, a fury of confidence is worth less than a quiet, honest doubt.
Certainty is expensive. Rationality compounds.
They're certain.
Munger spent 60 years building rationality like a muscle, slowly, unevenly, imperfectly. Because in markets, a fury of confidence is worth less than a quiet, honest doubt.
Certainty is expensive. Rationality compounds.