This statement by Ben Graham is a good one that deserves deeper consideration and commitment to memory. I’m interested specifically to know if it can be applied to real world scenarios, or if it is limited to the investment realm only. The rules that apply in the investment universe are very, very different to those which apply in the physical universe where all of us humans live and breathe. They’re parallel universe’s, but there is some crossover.
To explore this idea, one might ask, “is it enough to aim for a satisfactory result, or should we seek out super over performance in other areas of our “physical universe” lives?” e.g. formal education, family, sport etc. Specifically, if it is relatively easy to achieve a satisfactory result in any area of endeavour, then should we be studying and aspiring to the satisfactory achievers rather than the outliers? For me the answer to this question is “yes” for the following reasons:
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