Temperament beats intellect in market bubbles
The guest argued that emotional temperament and the ability to resist FOMO are far more critical to long-term investing success than pure intellect.
The argument
He shared his own historical mistake of buying Healtheon at the peak of the dot-com bubble due to the psychological pressure of watching others get rich, emphasizing that investors must learn to value businesses independently rather than following price momentum.
Hear it yourself
"But that list started a little bigger than that. So talk about how you actually came to start writing this list of yours that would ultimately become a book. Yeah. So what happened was I'd observed these things over the years and different pitches, people losing money. And I it was usually even friends of mine or people I knew. But I would I kept to myself. I wasn't like, oh, I'm gonna be a writer and teach, this stuff. It wasn't really my desire. I was sort of a private person. But I just saw this happening over and over. And then what happened one time is there was a big finance event that a lot of my friends went to, part of a Facebook group."