Not being angels is expensive

Almost everyone who opens up a new field does not really understand it the way the followers do.” The evidence for this is, unfortunately, all too good. It has been said in physics no creator of any significant thing ever understood what he had done.

our experience with newly-minted MBAs has not been that great. Their academic records always look terrific and the candidates always know just what to say; but too often they are short on personal commitment to the company and general business savvy. It’s difficult to teach a new dog old tricks.

The Bases of the New Creation and the Reasons Why It Is Misunderstood.

The gift of a beginner is fresh eyes.

The longer you're in a field, the harder it is to perceive new truths. Your mind is biased toward refining what you're already doing instead of exploring fresh terrain.

Take your expertise and apply it to something new.

“The problem with most people,” Samuel cut in, “isn’t that they don’t know a lot of things. Just that most of what they know is wrong.”

“The trouble with you youngsters,” Joe said, “is that if you can’t understand a thing right off, you think it can’t be true. The trouble with your elders is, anything they didn’t understand they reinterpreted to mean something else and then thought they understood it. None of you has tried believing clear words the way they were written and then tried to understand them on that basis. Oh, no, you’re all too bloody smart for that—if you can’t see it right off, it ain’t so—it must mean something different.”

In general, when you are a beginner, you cannot fathom the buddha way. Your assumptions do not hit the mark. The fact that you cannot fathom the buddha way as a beginner means not that you lack ultimate understanding but that you do not recognize the deepest point.

They didn't put two and two together. They didn't even know what they knew. I don't know what's the matter with people, they don't learn by understanding; they learn by some other way — by rote, or something. Their knowledge is so fragile!

sometimes you meet a super smart charismatic entrepreneur, but you cannot understand their business.

100% of those times, I've lost money as an investor.

There are many who know many things, yet are lacking in wisdom.

The truth is that you must continue to learn and there are certain things where you are still a complete novice.

They know too many things they should not know and they do not know some things they need to know.

Wide diversification is only required when investors do not understand what they are doing.