Different Kinds of Smart

Here’s what the Collaborative Fund team has written and read lately.

What We Wrote

Different Kinds of Smart by Morgan Housel

The smartest investors of all time went bankrupt 20 years ago this week. They did it during the greatest bull market of all time. The story of Long Term Capital Management is more fascinating than sad. That investors with more academic smarts than perhaps any group before or since managed to lose everything says a lot about the limits of intelligence.

A Few Questions by Morgan Housel

Looking back, am I any good at anticipating how I would feel and react to risks that actually occurred? How many of my principles are cultural fads? How much have things outside of my control contributed to things I take credit for? What strong belief do I hold that’s most likely to change?

Ferrari Status by Ted Lamade

More is almost always considered better. Size, scale, and growth are seductive. It is what attracts new investors and fresh capital. It is what grabs attention and headlines. The trouble is that size and growth isn’t necessarily synonymous with strong performance.

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A Few Ideas

“In high school everyone was funny. Then they all stopped, and I just kept going.”
—Jerry Seinfeld

”The first step of any meaningful pursuit is to severely underestimate its difficulty.”
—Sara Hooker

”Unearned comfort is the seed of despair.”
—Dylan O’Sullivan

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