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.—-Charlie Munger
Warren Buffett and Charlie Munger think that some of their advantage is just in trying not to do anything stupid. Indeed, it is doing stupid stuff that is usually the problem in investing. Of course, it doesn’t seem stupid at the time—indeed, it usually seems very compelling—which is why it is difficult to recognize and stop. I follow with my contribution to the genre.
HT: Morgan Housel and Abnormal Returns