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Here is your host, Dan Ferris.

Hello and welcome to another episode of the Stansberry Investor Hour.

I'm your host, Dan Ferris.

I'm the editor of Extreme Value, a value investing newsletter published by Stansebury.

We have a great show lined up for you today, so let's just get right into it.

Okay, it's time, of course, for the weekly rant.

Now, look, last week in the rant, I said saving money is the master skill for investors, right?

I said it was a negative skill.

It's what you don't do. You don't spend that counts. And this week, I just, I want to read you because last week I remember,

I said this whole business about a negative skill was something I learned from Nassim Taleb,

the author of The Black Swan and fooled by randomness and anti-fragile and skin in the game.

He also wrote another book called The Bed of Procrusties, Philosophical and Practical

Aphorisms.

And it's a great little book, and it's got a whole chapter called Epistemology and Subtractive

Knowledge. So, subtractive knowledge, of course,

is this idea that, you know, learning is about eliminating error. It's that negative thing we talked about.

I just want to read you a really, really great quote that kind of sums up what I meant. He says, most people

think intelligence is about noticing things that are relevant, detecting patterns. In a complex world,

intelligence consists in ignoring things that are irrelevant, avoiding false patterns. Not being fooled by randomness, I think, he might even say.

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