differently, reach a different conclusion than the consensus, feel that the price should be much higher or much lower, take action on that. This is the way to be a serious outperformer. You have to see things a little differently. You have to see what you believe is the error in the consensus. So you have to see things differently. But there's another requirement. You have to be right. And most of the time, the consensus does a pretty good job of being right, and you can't habitually have a non-consensus view and expect it to be consistently right. So the requirements are, you have to think differently and better. It's not easy. And this is a lot of what Charlie Munger meant when he said that investing is not easy. And yet this is the requirement. How else can you be a superior performer unless you see things different from the crowd and better? Do you come to your investment insights or your contrarian views gradually? Or have there been instances in your life where you have this (16/32)
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