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and as it says in the forward to the philosophy which I took the forward you know I never I don't know about you I never read the forwards of books but I took the forward to M very seriously and what it says in there it's not designed to to tell you how to make money and it's not designed to tell you how easy investment is or to try to make it easy and in fact my highest goal is probably to make it clear how hard it is investing is very difficult because it's it it's kind of counterintuitive and it it kind of turns back on itself all the time and there are no formulas that work so what I Tred to do in the book is teach people how to think and uh now the thoughts they should hold change from time to time but how to think I think is uh valid in the long term um so and I it's my investment philosophy and I wasn't born with an investment philosophy I you you'll hear from a lot of people if you're interested in investing who'll say well I started reading prospectuses at age eight and I didn't uh or I you know at 13 I invested my bar mitzvah money which I didn't do but and in fact when I was getting out of graduate school age 23 in 1969 so I know you can all do the math I didn't know what I wanted to do I had studied uh Finance at Wharton and accounting at uh Chicago and I knew I wanted to do something in finance but I had I wasn't very specific so I interviewed in five or six different fields uh large consulting firm small consulting firm accounting firm corporate treasury Investment Management Investment Banking six so uh you know I ended up in the investment business why because I had had a summer job in ' 68 at city in the investment research Department I liked it had fun right that's a good reason so I went there and by the way interestingly there was nothing magical about working in the investment business at that time it paid the same as all the rest all six jobs that I was offered had the same pay between 125 and 14 a year not a month and and uh and uh you know and there were no famous investors at the time investing was not a household word there were no investment TV shows uh and uh so I just did it because I liked it I liked the people and I thought that the that the investing was intellectually interesting um so I wasn't I didn't have a philosophy then when I started and that I had some things I had learned in school but I think that your philosophy your philosophy as opposed to somebody you know if you if you study decart or lock or somebody like that you learn his philosophy if you might learn a philosophy by uh studying a religion but that's not your philosophy your philosophy will come from the combination of what you have been taught by your teachers and parents and your experiences and what your experiences tell you about the things you were taught and how they have to be modified so I developed uh My Philosophy over you know I it might seem like I started writing the memos a long time ago 25 years but I had been working already over two decades at that time so I think that the integration of real life into philosophy is essential now my I prepared a few slides for today and basically the slides are here to illustrate where the philosophy came from talk to you about some of the foundations and Roots so I call it Origins and Inspirations and I hope you'll find it interesting so first of all uh not in order chronologically but hopefully in order to try to make something intelligible uh Fooled by Randomness by Nasim Nicholas TB now I who here has read that all right more people than have read my book uh and uh I think it's very important I think it's a excellent book uh with very very important ideas now don't tell nasam I tell I I said this but I tell all the people I speak to that it is easy it is either the most important badly written book or the worst written very important book that you'll ever read uh I I think it's not very clear and I think it's uh not uh well maybe there's no attempt to make it clear uh but I think a lot of the ideas are very important and uh even profound in my opinion so among other thing and and the basic theme is that in investing there's a lot of randomness
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