Nov 1, 2020

Ronald Stöferle et al. on intuition and investing

No amount of studies can make up for a lack of intution, including the study of the Austrian School. An artisan may gain a deeper understanding of his own work, gain self-confidence, and perhaps occasionally a good idea by the study of the history of art, but it can never replace talent and craftsmanship. Books as a medium stand in the great occidental tradition of theoria, but practical books about economic topics are as a rule of little value.

This is so because economy means change.  Entrepreneurial success means doing something different than has been done hitherto.  It is similar with investment success: it requires seeing things others do not see.  This ability to see is primarily a talent, secondly down to practice, and only thirdly accessible to rational conception.  Many banks prefer not to hire academics for their trading operations, as they think too much and do not have enough intuition.

~ Rahim Taghnizadegan, Ronald Stöferle, Mark Valek and Heinz Blasnik, Austrian School for Investors (2015), p. 71



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