Seth Klarman once said that in investing, whenever you act, “you are effectively saying, I know more than the market. I am going to buy when everybody else is selling. I am going to sell when everybody else is buying.” Q4 hedge fund letters, conference, scoops etc He called this mentality, “arrogant” and went on to say that for investors to be successful at their art, they need to temper this arrogance with “the humility of knowing we could be wrong.” Michael Mauboussin’s latest research paper focuses on the same topic but from a different angle. Titled “Who is on…
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