“Some people get rich studying artificial intelligence. Me, I make money studying natural stupidity.” -Carl C. Icahn Icahn‘s persistence and varying perspective have given him one of the greatest track records in investing history. He pioneered the modern activist playbook which when used right, unlocks huge value for shareholders. Having a varying perspective in anything you do, paired with the knowledge and conviction to see your decisions through is how you generate differentiated results. When most people all agree on something, they’re usually wrong. Bubbles generally start with an actual vein of truth. As more people believe in the truth, prices rise, which in turn attracts even more people, fueling the upwards cycle. The principle of “reflexivity” refers to when people don’t base their decisions on reality, but on their perception of reality. As this cycle snowballs, price/perception of reality continues to detach further from actual reality. And then things blow up. This runs contrary to traditional economic theory that a market is made up of rational participants that will all make decisions in their best interests, which then SHOULD aggregate into rational prices & equilibrium. Sadly people are emotional and often make decisions based on things like FOMO. Don’t be a lemming and follow everyone off a cliff. Be like Carl. Don’t let anyone BS you. When making decisions, try to step out of your own thought process and look at them from others perspectives and try to realize if you are in a reality distortion field. This is one of the most difficult and important things to do in life, and if done well, you should find great and differentiated success.