So you have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. A… - Charlie Munger

Instead, you must do your multidisciplinary thinking in accord with Ben Franklin’s prescription in Poor Richard:52 “If you want it done, go. If not, send.

And deprival-superreaction syndrome also comes in: You’re going to lose the whole thing if you don’t put in a little more. People go broke that way because they can’t stop, rethink, and say, “I can afford to write this one off and live to fight again. I don’t have to pursue this thing as an obsession, in a way that will break me.

So you can get very remarkable investment results if you think more like a winning pari mutuel player. Just think of it as a heavy-odds against game full of bullshit and craziness with an occasional mispriced something or other. And you’re probably not going to be smart enough to find thousands in a lifetime. And when you get a few, you really load up. It’s just that simple.