The podcast explores the idea of trying too hard and the pitfalls that come with excessive effort. It discusses the influence of past experiences and career incentives, and the complexities of lying and telling the truth in service industries. It also highlights the gap between expert advice and personal choices, emphasizing the value of novice perspectives.
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Quick takeaways
Trying too hard in investing can lead to catastrophic mistakes and worse results than those who put in less effort or had less knowledge.
Experts anchored in old wisdom can fail to recognize new opportunities, hindering their success in various fields.
Deep dives
Trying too hard in investing
In investing, it is possible to try too hard and be too focused on intelligence and effort. Overcomplicating things and having a huge ego can lead to catastrophic mistakes. People from prestigious educational backgrounds often make mistakes that those with less education wouldn't. Trying too hard can result in worse results than those who put in less effort or had less knowledge.
The disadvantages of expertise from past eras
Experts from past eras can be disadvantaged by their existing knowledge and inability to accept new ideas. What was impossible in one era might become doable and successful in another era. Experts who are anchored in old wisdom may fail to recognize new opportunities. This phenomenon is observed in various fields, including technology and investing.
Career incentives and complexity
In certain fields, career incentives can lead to unnecessary complexity. Experts may feel compelled to take action and add complexity, even when simplicity is the best approach. This is particularly evident in service industries where delivering what clients want may be different from what experts know to be right. The pressure to fill time or provide value can lead to unnecessary complexity and mistakes, especially in fields like investing and medicine.
A truth that applies to almost every field is that it’s possible to try too hard, and when doing so you can get worse results than those who knew less, cared less, and put in less effort than you did.
There are mistakes that only an expert can make. Errors – often catastrophic – that novices aren’t smart enough to make because they lack the information and experience needed to try to exploit an opportunity that doesn’t exist.
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