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At this stage, an investor begins to consolidate multiple influences into a unique strategy going beyond his or her original mentor or mentors. Warren Buffett may have been at this phase of his development in the 19ies when he said, I'm now 15% Phil Fisher and 85% Ben Graham. Level 2 investors who evolved to Level 3 shed habits of imitation in favor of their own investment style with their own idiosyncratic strengths.

The Playing Field by Graham Duncan is BY FAR the best piece of writing I've read on the journey we must all make to reach mastery in our fields. While Graham writes about the journey to master the art of investing, everything in it is broadly generalizable.

In Graham’s view we must all progress from apprentice, to professional, to self-actualization, operating at scale with impact, and eventually (if we make it) mentoring the new generation. It’s a wonderful meditation on mastery — what it is, what it looks like, and most importantly the journey to get there.

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Notes & Transcript

Find my full notes, top highlights, and transcript for this episode at outlieracademy.com/playing-field.

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