Other people's dumbness

"The world-changing doesn't give you opportunities. What gives you opportunities is other people doing dumb things." In all the years I have watched the annual Buffett and Munger show from Omaha, USA, this is one of the funniest yet truest things I have heard either of the two old men say. Leave all the theory of value investing aside, Buffett is saying. All you need is other people doing dumb things; that is one thing that the world of investing will never run out of. The Buffett and Munger show is the Q&A session of the world's most famous investors' event, the annual shareholders' meet (AGM in Indian terminology) of Berkshire Hathaway. The two old men, one 92 and the other 99, are legendary investors with decades of wisdom and experience in business and investing. The Q&A is an unscripted, candid, insightful, and of