Summary

This text discusses the difficulty of achieving greatness as an investor and explains why it is so difficult to do so. It highlights various traits that great investors have, such as confidence and an intense desire to learn from their mistakes, as well as traits that most investors share, such as an MBA or high IQ. It explains that the ability to compound money at 20% forever requires the right skills and knowledge from a young age and that reading or studying can only take you so far. Ultimately, it states that the true sources of competitive advantage for an investor are structural and cannot be learned later on in life.