Mimicking the herd invites regression to the mean. Unconventional behavior is the only road to superior investment results, but it isn't for everyone. Uncomfortably idiosyncratic positions can result in short-term performance that is worse than the market or peers.
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The problem is that we're often led to believe that we need to think outside the box, but actually the most creative solutions often come from people who have gone so deep into a box that they understand the nuances and the constraints so well that they can find new pathways within it that others couldn't see.
David Epstein — EconTalk
I think the most important thing in investing and in life is having the right temperament to deal with uncertainty and the unknown. Most people, when confronted with uncertainty or unknowing, they become fearful, and their decision-making is impaired. The best investors I know are actually energized by uncertainty because they see it as an opportunity.
Dan Loeb — Invest Like the Best with Patrick O'Shaughnessy
Some people are good at putting themselves in another person's shoes. Others may struggle to relate. But psychologist Jamil Zaki argues that empathy isn't a fixed trait.
Hidden Brain