Why genuine knowledge building and the ability to learn effectively in investing is difficult, and how we try to work around those challenges.

Highlights:

• Context setting: What does "epistemology" mean, and why did we get excited about it in relation to investing?
• What is knowledge? How do you create it?
• • The two founding blocks: Inductive and deductive reasoning
  • A contrast in knowledge approaches and evolutions—e.g., the airline industry vs. astrology
• The resonance behind the learning, trying to "win by not losing"
• How we aim to build knowledge by "closing the loop" on inductive learning:
• • Journaling, timestamping, governance (and the Mawer Lab)
  • Forecasting tournaments and "adjacent games"
  • Also: Learning isn't cost free
• Drawing from the wisdom of crowds—what conditions help foster learning within an organization?
• ChatGPT and AI: Potential implications for the learning process in investing