Oct

2

Dad's advice about how to do well in secondary school and college in all subjects other than math and physics and chemistry (the ones where God provided the answers) was brutally simple:

"Write down everything the teacher says, study it so that you remember everything and repeat it back to him or her on every test."

In his business he took it for granted that the same rule applied. If the English teachers believed Noam Chomsky had discovered a better way to teach grammar, then you gave them watered-down Chomsky regardless of what you thought of his theories or his politics.

This would appear to be a lesson that at least some of his competitors failed to learn…

"From the Halls of Chicago Schools: Memoirs of a Textbook Salesman"

Richard Owen writes: 

Is handing back to your boss his own prejudices not a recipe for success in all fields?

Keynes' conventional failure trumping unconventional success?

e.g., Some of the smart investors you speak to who were up big in 08. They had prior caution in 07 and so got redeemed. They made their big alpha off trough assets. For "showing off" their peers disclaimed them. Some I have met question if it was worth the bother and are swapping to grind it out market neutral. You can only sell yourself close to the index, even if it's an alternatives index.


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