Tuesday Musings - Trying to be Consistently not Stupid

After having a conversation with Mr. POF over at Physician on FIRE  that I should post more than just my usual featured post of the month - I agreed with him, so this my attempt at creating more episodic content per week. 

I am going to call this section Tuesday Musings. Each Tuesday, I am going to post a quote and then post 100 or more words, sharing my thoughts on said quote hopefully adding some insight that you may have not thought of. 




“Wesco continues to try more to profit from always remembering the obvious than from grasping the esoteric. … It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying, `It’s the strong swimmers who drown.’ “


The problem we have is that we think we are winners or professionals.


I played basketball all throughout high school and I still play 2 - 3 times a month. If you visit any playground court you will see all kinds of guys taking 3-point shots from 4 feet behind the three point line, yelling out “ Steph Curry!” meanwhile lacking 99.9% of his talent. ( for you all who dont know basketball Steph Curry is a basketball player who is known for taking and making incredibly hard 3 point shots.)


We all like to emulate greatness. I myself spend my days, trying to invest like Warren Buffett, and Charlie Munger, reverse engineering their best and worse investment choices, looking at “ Buffett” Stock Screens etc etc.


The failures happen in our chosen fields because we try to outsmart our peers or out play them if we are talking basketball, instead of trying to play not to lose.


The goal if you are not a Steph Curry, or a Warren Buffett shouldn't be to try to pull off the things they can do, the goal is to minimize mistakes. Thinking what can go wrong if I take that low percentage shot vs getting just a little bit closer to take your shot. Figure out the opportunity cost of those two choices.

Look at each problem backwards by inverting it while minimizing your mistakes is the best way to increase your odds of success.

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