The thing I love about investing is that it’s sort of a perpetual test of how well you understand the world. To be good at it, you have to consume lots of information, ensure that you’re interpreting that information correctly, and then organize it into frameworks and theses on which you can take action. I heard Gavin Baker from Atreides Management talk about this on the Thematic Investing podcast, and I just love this articulation. He nailed it.

“Investing is the most addicting and interesting thing I've ever encountered. It's an enormous meritocratic game of skill and chance where everyone on planet earth could compete (and many of them do) and you're competing to price risk, to price assets, accurately (more accurately than others) and understanding when something is undervalued. And the way you do that is by effectively having the most complete knowledge possible of relevant history, which could be the history of a company, current events (which is current fundamentals) and intersecting those two to develop a variant view about a differential state of the world that is not priced into an equity.”