“So learning here is social, distributed and part and parcel of a network composed of interconnected people, tools, technologies and companies.” “The power of distribution – of storing knowledge in other people, text, tools and technologies – is really the way that all these things are networked together. The really important knowledge is in the network – that is, in the people, their texts, tools and technologies, and, crucially the ways in which they are interconnected – not in any one node, but in the network as a whole. Does the network store lots of powerful knowledge? Does it ensure that this knowledge moves quickly and well to the parts of the system that need it now? Does it adapt to changed conditions by learning new things quickly and well? These are the most crucial knowledge questions we can ask in the modern world.”
Many times we, research analysts, think we have completed the puzzle. Actually we NEVER do. What we actually do is think we have completed it. At the end of the day we are just tricking ourselves. If you think twice, our job is like playing the Jigsaw game – do you remember the movie? Things are getting scary, right? So, don’t freak out and let me explain it.
Analysts are flood with information from companies, sell-side analysts and stockholders – to name a few. This is just like playing Jigsaw’s game. The game is set up, someone controls your attention. You have to figure out by yourself, just like a CIA agent, what the actual facts are. Distraction is across the corner, but the facts are buried down there. You will have to triangulate information across different sources in order to reach somewhere. Well, “somewhere” is a place where there are a lot more questions to be answered and that’s what knowledge means: knowing what you DON’T know. In other words, knowledge is ignorance acknowledgement. And so the game goes on. It’s an infinite game. Thus when you get home at night I suggest you to upgrade Munger’s lesson “Make sure you learn something new every single day” to “Make sure you end your day with more questions than when you woke up.”
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