The Learning Mindset for Investors with Alix Pasquet
Neckar’s Minds and Markets
There’s so much information that you have to use filters to learn. The problems you have to solve serve as filters. Also smart people, your goals, even the investments you make.
“If your behavior hasn’t changed, you haven’t learned. Learning is not sitting on a desk, and cramming your brain with knowledge that you’re going to recite one day.” “A desk is a dangerous place from which to view the world.” John le Carré
The first mindset is don’t do this job for the money. This is a very painful business. You’re constantly faced with your mistakes.
The first condition you want to create is having mentors. Stanley Druckenmiller says, if you’re early in your career, and they give you a choice between a great mentor or higher pay, tick the mentor every time it’s not even close.
So how should you study a hero? You want to study their initial conditions. What was the early context, circumstance and environment that shaped them? One thing that is often ignored by Buffett and Munger, for example, is that they grew up in the aftermath of the Great Depression. That really impacted the way they saw things. No wonder they were infatuated with value investing early on.
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