I think this quote actually comes from Rudyard Kipling not Friedrich Nietzsche
"The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself."
Interesting application of the cave, but perhaps an even more interesting challenge to it. Just as stock returns aren't the simple playing out of the Platonic valuation ideal (NPV of future cash flows), many salient features of the world are also essentially intersubjective. (I've heard it argued that ancient Greek thought was yet to achieve free-standing, explicit personal introspection; if so, the intuition that truth is a shared construct may have been a more native register for Plato than us. The guy worked in _dialogues_, after all...)
That said, just because our holdings are subject to the flickering shadows chased by others doesn't mean we shouldn't see them--firms and shadows--as clearly as possible. I'm just past the introduction, but am already confident in recommending to you _Unbiased Investor_(2023). [https://www.amazon.ca/Unbiased-Investor-Reduce-Financial-Stress/dp/1394150083]
Author is a long-time advisor and does some behavecon research and lecturing at a respectable Canadian univ. Book is a tour of cognitive biases and their deleterious effects on making and managing investments.
You might groan, as I did, at the appearance of Vermilion as her first example. (Illustrating that a substantial market slide does not correspond to a discount to value. I didn't find much consolation in her point of reference: the 2014 high water mark of $77.92. Maybe some.)
I think this quote actually comes from Rudyard Kipling not Friedrich Nietzsche
"The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself."
Philo,
Interesting application of the cave, but perhaps an even more interesting challenge to it. Just as stock returns aren't the simple playing out of the Platonic valuation ideal (NPV of future cash flows), many salient features of the world are also essentially intersubjective. (I've heard it argued that ancient Greek thought was yet to achieve free-standing, explicit personal introspection; if so, the intuition that truth is a shared construct may have been a more native register for Plato than us. The guy worked in _dialogues_, after all...)
That said, just because our holdings are subject to the flickering shadows chased by others doesn't mean we shouldn't see them--firms and shadows--as clearly as possible. I'm just past the introduction, but am already confident in recommending to you _Unbiased Investor_(2023). [https://www.amazon.ca/Unbiased-Investor-Reduce-Financial-Stress/dp/1394150083]
Author is a long-time advisor and does some behavecon research and lecturing at a respectable Canadian univ. Book is a tour of cognitive biases and their deleterious effects on making and managing investments.
You might groan, as I did, at the appearance of Vermilion as her first example. (Illustrating that a substantial market slide does not correspond to a discount to value. I didn't find much consolation in her point of reference: the 2014 high water mark of $77.92. Maybe some.)
Keep of the great work.