From The Investment Blog: You can consider yourself a person of high standards and still have debilitating blind spots. There can be whole arenas of endeavour where you may not know your standards are low or nonexistent. It’s critical to be open to that likelihood. – Jeff Bezos Some seem more than willing to offer views on just about every investment in every industry. When such behaviour is on display, healthy scepticism is usually warranted. The opinionator may use all the right terminology and may even know quite a bit about businesses across many industries. Yet it doesn’t necessarily follow that they’ll understand those businesses well enough to justify putting capital at risk. If someone, for example, were capable of evaluating the prospects of a technology business, it does not automatically mean they’ll understand how to capably judge the prospects of a steel producer. Necessarily, there’ll be different competitive dynamics, industry-specific opportunities and challenges, an...
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