27min chapter

Excess Returns  cover image

100+ Great Investors Share Their Most Important Investing Lesson

Excess Returns

CHAPTER

Investing in Real Opportunities

The chapter discusses the importance of connecting investments with real opportunities rather than being swayed by stories or the casino-like nature of the stock market. It emphasizes the challenge of sticking to a strategy in an era of endless investment choices and advises against relying too heavily on past data. The speaker also highlights the need to document investment decisions and objectively analyze outcomes, while cautioning against conflating luck with skill.

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