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TIP571: Charlie Munger & The Psychology of Human Misjudgment
We Study Billionaires - The Investor’s Podcast Network
Considering Promoters' Track Records and Self-Deception in Investing
When making investments, it's crucial to consider the track record of promoters. Many investors get led astray by following recommendations from unreliable sources. It can be challenging to evaluate track records, as tweets can be deleted and prior emails are hidden. One interesting concept is self-deception and denial, as Richard Feynman said, 'You must not fool yourself.' We tend to distort reality to feel comfortable, ignoring inconsistent information. We prefer comfort over truth and deny unpleasant news.
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