Bombastic billionaires (#424)

Simon Shares

• US elections, everybody nows who won except the orange one and the GOP.
• Vaccine news from Pfizer and BioNTech has changed market behaviour. Banks and consumer stocks now the rage while tech and gold is falling.
• Locally banks are flying.

Fini15 daily chart

Interesting to see the JSE All Share up circa 14.4% over the last 6. months yet its biggest constituent Naspers only up 3.71% over the same period. A lot of underlying and broad strength. @SimonPB @CAPITALSIGMAza @smalltalkdaily

— Mark Tobin (@mtobinwex) November 11, 2020

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Bombastic billionaires*

Somebody strikes it big in one field, and now they think they're the smartest person in any field.

A CEO of a successful company leaves to start a new company, they just assume it'll work and investors believe them. We see this all the time.

The successful business person thinks they know how to run the government.

Heck, we see it during this pandemic when suddenly every second person was (and often still thinks they are) an epidemiologist.

There are some exceptions; Elon Musk and Steve Jobs two who come to mind.

The successful person also readily ignores the role of luck in their success. Fooled by Randomness by Nassim Nicholas Taleb.

The answer is simple. Just because somebody is great in one area, do not assume that they have any skills in any other area.

* Phrase stolen from Anton Harber

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