“I was driven in large part by what Warren Buffett calls “the outer scorecard” – that need for public approval and recognition, which can so easily lead us in the wrong direction. This is a dangerous weakness for an investor, since the crowd is governed by irrational fear and greed rather than by calm analysis. I would argue that this kind of privileged academic environment is largely designed to measure people by an external scorecard: winning other people’s approval was what really counted.”
