The Importance of Competency in Investing

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Graham: The default for all of us is to benchmark ourselves against our peers. David Tepper is a good example, if you invested one million with his fund in 1993 it is worth well more than $150 million today. Graham: You'd have a difficult time deciding what benchmark or comparable fund to judge himself against. This is basically another way of saying you want to be incomparable.

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

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