We Study Billionaires - The Investor’s Podcast Network cover image

TIP345: Richer, Wiser, Happier w/ William Green

We Study Billionaires - The Investor’s Podcast Network

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Humility in Investing and the Importance of Diversification

The key insight is about the importance of humility in investing, as exemplified by a successful investor who acknowledged his fallibility. Despite making over half a million investing decisions, he recognized that about a third of his choices were not wise. This humility led him to hedge against his own ignorance and fallibility by diversifying investments. He advised owning multiple funds in different market areas and warned against arrogance in believing one could pick a single advisor, investment, or entry. This lesson highlights the practical importance of acknowledging and hedging against one's own limitations in investing.

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