Why "variolation" might be a cure for speculation
Thanks for this article.
" A surgeon, for example, cannot fake his skills. Incompetence would quickly reveal itself and result in an exit from the field of medicine. The same is not true in the field of investing, but many people don’t realize that."
Really great point, here.
Smart, young people, too, can have difficulty perceiving that the experience and patience of older persons is superior to quick and fast in some occupations, because it can look slow and stodgy to them. Again, for the same reasons, because superior results are seen only over a considerable length of time.
Good lesson. I enjoy when you write about your personal financial experiences, because they drive the point home much more viscerally.
There are a lot of people who don't even realise they are speculating, especially in the crypto!
Excellent column and one many can relate to.....thanks!
You were lucky, with Level 3. You didn't invest a lot of money, and you learned a good lesson.
I once read an opinion that the worst early experience an investor could have, was making a large speculative bet, _and having it succeed_.
. . . That person is in danger of confusing "good luck" with "brilliance".
I've just finished reading Michael Lewis' "Panic". It's a good source for stories of professionals who fell into that trap.
. Charles Cohen