Gaurav Kapadia of XN had an unremarkable yet important quote from his recent podcast appearance on ILTB:
That narrowing of focus really helps you build these deep, vertical expertises and stops you from being a dilettante. What always kills people in investing is they go off piste. They become like a dilettante in something because they’re reaching for something to do, so we’ve eliminated that temptation.
ILTB
So often, especially today, I find that smart investors think they are incredibly good at understanding, dissecting, and making recommendations on topics they have no real experience in. Examples today include the price of oil, the course of the Ukraine war, etc.
It’s a helpful reminder to me to stay in my lane. That lane is investments that produce investment income in the form of dividends.