I have always felt that "understand it before you invest" (while resonating with everyone who agrees with and shares the mindset of the person saying it) always amounts to little more than "don't be wrong about it" to everyone else.
"Understand it before you invest" is good advice, but how do you check your understanding? Quick thoughts: ● Explain what it is, the problem it solves & how it creates more value than alternatives ● Describe at least 2-3 scenarios where it might not make sense to invest & why https://twitter.com/sknthla/status/982986515960745984 …
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It's a widespread misconception — that "understanding" means "able to predict outcomes in advance with 100% certainty." A person who truly understands what they're doing should do better *on average* but still fail sometimes, & those with little understanding can still get lucky
End of conversation
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Just applied this to habits in my morning journal. Thanks
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