posted by mark
on Mon, 12/21/2020 - 21:08
"There are known knowns. There are things we know we know. We also know there are known unknowns. That is to say, we know there are some things we do not know. But there are also unknown unknowns, the ones we don't know we don't know."
- Donald Rumsfeld
When I first heard this, I thought it was a bit odd, but as I ruminated on it, it started to make a lot of sense. In stocks, there are always unknown unknowns. A perfect example is the current pandemic. No one incorporated the pandemic in their discounted cash flow or economic model, but it was the single most impactful event of 2020!
Be smart, be well-read, be aware and be successful.
