All right, no intro music anymore.

Nobody liked it anyways.

Let's just jump right into it.

Something that you see in a lot of fields,

not just in how people manage their money or manage their investments, but how people

manage their careers and their relationships, is that people tend to be pretty well aware of what they're

good at, or at least they well aware of what they're good at,

or at least they think they know what they're good at.

But they tend to be blind or ignorant to what they're bad at,

and what their flaws are. Flaws are much easier to ignore than the good

traits that you have, either because they're hard to think about or they're hard

to identify. Daniel Kahneman, the great psychologist, he says, the long-term

success of a relationship depends far more on avoiding the negative than on

seeking the positive. And I think that advice, that wisdom applies to everything.

It applies to so many different fields no matter how you invest your money, what your career is, whatever it is. In a lot of things in life you don't

need to make a lot of great decisions if you can go out of your way to avoid the bad stuff.

It's definitely true in investing. You don't need to be a brilliant stock picker. You just need to not screw up during the periods when it really matters once a decade when there's a bear market or whatever it is.

And so this episode is called Little Flaws. I say

little flaws because when most people think about what they might be bad at

they're thinking about the big things that are obvious.

I'm not good at basketball, whatever it might be, things that you have gotten feedback

on over your life.

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