54: Outsourcing Your Thinking; Wall Street "Flavor Of The Month"
"In the end you just have to think for yourself."
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Thinking for yourself
The clip below from the 1999 Berkshire Hathaway annual meeting is short but powerful.
Buffett reminds us of two important truths in investing:
Wall Street has different interests than you. They carve up the investment universe into different “flavors” which amount to not much more than marketing. If the public will have an interest in something, they’ll sell it to you (cough cough, crypto…)
You have to think for yourself. Even if you hire someone to manage your capital, in the end, you are responsible. You can’t outsource your thinking.
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Stay rational! —Adam
