According to the Harvard Business Review, the financial industry has ten times more psychopaths than the general population. That is 1,000% more. One in ten is equal to Bernie Madoff, although many cannot match what he did.
Elizabeth Holmes is the most recent example of psychopathy revealed.
Writing about The 100 Most Influential People for Time, in a 2015 article, Henry Kissinger described Holmes in glowing terms – “transforming health care”, “making a difference”, “striking”, “ethereal” (too good for this world), “iron-willed”, “fierce”, “single-minded dedication”, “great charm” and more.
It is easy to see that Kissinger is better at committing war crimes than he is at judging people. He is not alone. Like Madoff, Holmes fooled many prominent people who bought $9 billion worth of shares in her company, Theranos.
Did she fool Warren Buffett?
No, she did not. In the 2016 shareholders’ meeting, Buffett noted that the Theranos star-studded board of directors had no business people. He was not interested in investing in the company.
Did she fool us, Monday Morning members?
No, she did not. We don’t pick individual stocks in our core portfolios. We invest in the American economy as a whole by buying exchange-traded funds which track the S&P 500 – effortless, evidence-based, effective.
Note the Taleb’s Turkey appearance of the chart.
Where is the habits of the Monday Morning Program, luck hardly matters.
Good luck!
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