At Berkshire Hathaway’s 2013 shareholders’ meeting, Warren Buffett said, “I’ve owned 400 to 500 companies’ stocks in my lifetime, but only about 10 of them made the most money.” His lifelong friend and investment partner, Charlie Munger, added, “With the exception of some of Berkshire Hathaway’s best investment practices, long-term performance is near-average.” Many people know Warren Buffett’s return on investment better than his mistakes or failures. It’s because of those 10 companies that he succeeded in investing. If there is a positive, there must be a negative. It’s better to prepare a realistic alternative in case you fail than to try to avoid failing. Humans are probabilistic beings. - Joseph’s “just my thoughts”
Expertise is not “to know only me,” but “to make understanding others to know with what only I know for.” It is not expertise if I cannot persuade others by overwhelming them with my things. The expertise that failed to convince and communicate is called “stubbornness”. “Collective intelligence” is the expertise that succeeds in persuasion and communication, and does not mean a stubbornness that enforces consensus. - Joseph’s “just my thoughts”