First, I had dinner with Warren Buffett about a year ago, and he pointed out that for a piece of information to be worth pursuing, it should be important, and it should be knowable. These days, investors are clamoring more than ever for insights regarding the macro future, because it’s important: it moves markets. But there’s a hitch: Warren and I both consider these things largely unknowable. He rarely bases his investment actions on them, and neither does Oaktree.
“If you wish to improve,” Epictetus [first-century Greek philosopher] once said, “be content to appear clueless or stupid in extraneous matters. ” One of the most powerful things we can do as a human being in our hyperconnected, 24/7 media world is say: “I don’t know.” Or more provocatively, “I don’t care.” Not about everything, of course – just most things. Because most things don’t matter, and most news stories aren’t worth tracking. (Emphasis added)
Listen to what is said but don’t believe that to be a fact. Its okay to be pessimistic about new knowledge. Don’t believe in the so called Experts but rather take into account that they may be wrong and plan accordingly. If you are aware of yourself, it is easier to change the path that you have made for yourself. Learning to ask certain questions and learning to reject certain knowledge is the key to success.