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December 31, 2019 - May 22, 2020
When people don’t really understand what they’re doing, they are cargo cultists, unlikely to get the results that they seek.
company. Cargo-cult science appears to be a scientific endeavor, but it does not rigorously follow the scientific method (see Chapter 4). Cargo-cult investors might try to copy what they see others investing in, but they do not understand the reasons behind the investments, and so their investments don’t perform as well in the long run.
You don’t want to be a cargo-cult super thinker, using mental models without really understanding them, and therefore not getting their benefits.
expand what Warren Buffett calls your circle of competence. The inside of the circle covers areas where you have knowledge or experience—where you are competent—and in those areas, you can think effectively.