You may have noticed  students who just try to remember and pound back what is remembered. Well, they  fail in school and in life. You've got to hang experience on a latticework of models in  your head.  What are the models? Well, the first rule is that you've got to have multiple models—  because if you just have one or tw... See more

It's not given to human beings to have such talent that they can just know everything  about everything all the time. But it is given to human beings who work hard at it—who  look and sift the world for a mispriced be—that they can occasionally find one.  And the wise ones bet heavily when the world offers them that opportunity. ... See more

The economist, philosopher, and writer Henry Hazlitt sums up the dilemma: In the modern world knowledge has been growing so fast and so enormously, in almost every field, that the probabilities are immensely against anybody, no matter how innately clever, being able to make a contribution in any one field unless he devotes all his time to it for ye... See more