Originally posted by rakeshmehta48 Originally posted by kulman I received e-mail this morning by someone who has survived 20+ years in markets. He has mentioned this: Learning is about more than simply acquiring new knowledge and insights; it is also crucial to unlearn old knowledge that has outlived its relevance.   Amazed to see such a mail through you, Kulman Ji. "crucial to unlearn old knowledge that has outlived its relevence"   I am also in the markets for 28+ years and still surviving. Rules of the game may change, but "knowledge outliving it's relevence" ??   Very difficult to apprehend.   No pun, no offence intended. I reckon you a very knowledgeable person, Kulman Sir.

Well Rakesh jee...first of all please remove wrong impression from your mind about me.

Secondly what you mentioned is absolutely true & I also agree that knowledge is all cumulative. It's the application of that knowledge which counts.

The context in which the gentleman said it was 'whatever worked in the past may not yield similar results'. It is more from that angle......maybe the word knowledge was a misnomer in that sentence. Also if you read Charlie Munger he talks about the concept of 'killing an idea'. Whenever I find it I'd send it you. It's very interesting & useful not only in Markets but in life also.

 





Edited by kulman - 07/Oct/2008 at 9:59pm

Originally posted by kulman ......Also if you read Charlie Munger he talks about the concept of 'killing an idea'. Whenever I find it I'd send it you. It's very interesting & useful not only in Markets but in life also.

Just googled for "killing an idea" +munger and got zero hits. Googled again without Munger and got tonnes, many relating to human rights, some to management principles.

I too would be interested to know Munger's take on this currently hot phrase.

Do we need any change in the structure of the TED XI after this long turmoil? There may be few who were left out earlier due to overvalued but with a good business, but now they may be available cheaper !!

Originally posted by valueman It is ridiculous but it's no more ridiculous than the way a lot of people cling to failed ideas. Keynes said "It's not bringing in the new ideas that's so hard. It's getting rid of the old ones." And Einstein said it better, attributing his mental success to "curiosity, concentration, perseverance and self-criticism." By self-criticism he meant becoming good at destroying your own best-loved and hardest-won ideas. If you can get really good at destroying your own wrong ideas, that is a great gift." -Charlie Munger

Absolutely right. Thanks Valueman.

In fact there's more on this from Munger. I shall try to get the same.