Idiots Are Not Necessary

“It’s hard to grasp that other investors have different goals than we do, because an anchor of psychology is not realizing that rational people can see the world through a different lens than your own.”


I have held positions that are at odds with my position now. I think I can still pass the Ideological Turing Test on those ideas, but I’m less sure of that than I used to be- when you’re settled in a way of thinking, the uniqueness of that framing becomes harder to see. Your set of assumptions feel true and unalterable. Making your foundational beliefs genuinely alterable is uncomfortable and taxing.


One difference I can grok about my mindset now versus maybe a decade ago is that back then I could see failure around me but couldn’t really appreciate Chesterton’s Fence. As a result, I lived with an assumption that behind persistent problems were probably just dumb people. This is a bit of a straw man, but I didn’t have the hands-on experience to understand the sheer hairiness of even pretty common problems. Andrew Sullivan’s blog introduced me to Burkean conservatism. Over time, and especially through my work, I’ve discovered that really smart people are behind many many more large-scale shitty things than I had previously supposed, often because nature is indifferent, communication is unreliable, incentives are misaligned, and fighting chaos is generally exhausting. I think that was the theme of my earliest musings on this blog, really- for me, it was fertile ground for metacognition back in 2012-2013, and now has cooled into just another set of ‘true things about the world’ that frame how I see almost anything.


To be clear, there is plenty of arational/irrational behavior out there. But irrationality is not always a sufficient condition for large-scale, persistent problems.

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