Know You Don’t Know

August 9th, 2013 by Rick Drain

 

“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

I learned that quote as an undergrad from an EE professor. It’s widely attributed to the usual amusers: Mark Twain, Will Rogers, Artemis Ward, and others.

I don’t know who said it first. I only know who said it to me, for the first time that I can remember.

Investing is overflowing with things we know that ain’t so, things we may have known but forgot, and things we think we can surmise but can’t possibly know.

In his The BIG Picture blog, Barry Ritholtz elaborates and clarifies:

On the Value of Not Knowing