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Not stupid Michel Pireu     | Business Day Friday, March 8, 2019
The older I get the more I realize how many kinds of smart there are. There are a lot of kinds of smart. There are a lot of kinds of stupid, too. - Jeff Bezos

Instead of just trying to be smart, it’s wise to think about not being stupid. – Ray Dalio

A few kinds of stupid that are prevalent in business and investing: 1. Intelligence creep: Not knowing the boundaries of what you’re good at, and assuming talent in one area signals skill in all others. 2. Underestimating the complexity of how past successes were gained in a way that makes you overestimate their repeatability. 3. Discounting the views of people who aren’t as credentialed as you are, underestimating the special knowledge they have since they’ve experienced a world you haven’t. 4. Not understanding that in the classroom the game is you vs. the test, but in the real world it’s you vs. co-workers, employees, customers, regulators, etc., all of whom need to be persuaded by more than having the right answer. 5. Closed-system thinking: Underestimating the external consequences of your decisions in a hyper-connected world, or dismissing how quickly those consequences can backfire on you. – Morgan Housel

There's an old German saying, 'We're too soon old and too late smart.' That's everybody's problem. And the reason we're too late smart is that the stupid ideas we already have, we can't get rid of! In most fields you want to get rid of your old ideas. And it's a good habit, and it gives you a big advantage in the competitive game of life since other people are so very bad at it. – Charlie Munger

This could explain why a lot of people do a lot of stupid things, as they meander through life without any discipline, plan or focus. – Craig Mee

 
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