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When delving into serious investing, the crucial starting point is to understand and learn the best practices from top investors. Many beginners may follow flawed strategies, like random recommendations from unverified sources, which can lead to poor investment decisions. It is essential to focus on acquiring the best understanding and practices from experienced investors rather than relying on trial and error methods.
To excel in investing, learning from experts who have profound knowledge and experience in the field is invaluable. Experts often reach a level of unconscious competence where their mastery can lead to automated decisions. However, seeking feedback and guidance from seasoned investors allows beginners to gain insights, step-by-step strategies, and fundamental principles that experts may overlook or take for granted in their decision-making processes.
Mastering skills in uncertain environments like investing poses unique challenges, especially when judgment relies on numerous weakly predictive cues. Psychologists have found that in situations requiring complex decisions, simple models can often outperform human judgment. Establishing validated models and actively seeking calibrated feedback are crucial in navigating uncertain domains and honing expertise in fields like investing.
Fear and anxiety often hinder skill development, particularly in environments where uncertainties prevail. Seeking exposure to challenging situations and gradually acclimating to those fears can help individuals progress in skill acquisition. Understanding and applying the exposure principle can aid in overcoming mental blocks and reluctance, fostering growth and proficiency in various domains.
Dealing with negative feedback in skill development is highlighted as a non-linear process, emphasizing the importance of persistence and adaptation. The speaker recommends shifting feedback conversations towards constructive improvement rather than value judgments, fostering a growth mindset. Additionally, the significance of community and a brain trust in skill development is underscored, showcasing the benefits of diverse perspectives to enhance learning efficiency.
The role of focus and deliberate practice in skill enhancement is discussed, emphasizing their significance in professions and learning environments. The podcast mentions courses focused on building rare and valuable skills and cultivating concentration to combat distractions. The importance of integrating deliberate and consistent practice to improve skills over time is highlighted, suggesting a strategic approach to skill development to enhance performance and mastery.
Patrick Donley (@JPatrickDonley) sits down with Scott Young, author of Get Better at Anything-12 Maxims for Mastery, which you can apply to any domain in life. You’ll learn more about the learning challenges Scott accomplished, how to set and achieve ambitious goals, how to create a brain trust, the importance of seeking out feedback and how to effectively do it, the books that have most impacted Scott, and so much more!
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro
02:35 - How Scott got fascinated with learning and who his influences were.
06:25 - How his language learning challenge went and what worked best.
22:43 - How to achieve ambitious goals.
26:19 - Why Scott decided to write How to Get Better at Anything.
32:11 - How you can clone the investing legends.
37:31 - Why poker players make better predictions than psychiatrists.
37:31 - How to make sure you are getting good feedback.
47:36 - Why building a community is vital to mastery.
54:51 - What you’ll learn in Scott’s online courses.
And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
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Connect with Patrick: Twitter
Connect with Scott: Website | YouTube | Twitter
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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
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