The first was when I realized I didn’t really understand business. I could quote past studies. I could fill charts with data. I could recite various pieces of wisdom from various people. But my understanding was like a patchwork quilt of other people’s thinking. It wasn’t a real understanding of the underlying mechanics. Not really. Just descriptions of various outcomes.

So one day, I just went back to mathematics, the only thing I was ever a natural at in life. I dropped all my business training and started to look at investing as one giant math problem. I discarded all the language and began creating my own. I stopped thinking about security analysis and started reframing everything as uncertainty analysis.

And suddenly everything clicked (key moment #1). (continued)