Safeguard: Take time to distinguish real experts from imitators. Not everyone who claims to be an expert is. (View Highlight)
Think of all the money managers who borrow their talking points from Warren Buffett. They might sound like Buffett, but they don’t know how to invest the way Buffett does. They’re imitators. Charlie Munger once commented: “It’s very hard to tell the difference between a good money manager and someone who just has the patter down.” (View Highlight)
Imitators can’t answer questions at a deeper level. Specific knowledge is earned, not learned, so imitators don’t fully understand the ideas they’re talking about. Their knowledge is shallow. As a result, when you ask about details, first principles, or nonstandard cases, they don’t have good answers. (View Highlight)
Imitators can’t adapt their vocabulary. They can explain things using only the vocabulary they were taught, which is often full of jargon. Because they don’t fully understand the ideas behind the vocabulary, they can’t adapt the way they talk about those ideas to express them more clearly to their audience. (View Highlight)
Imitators get frustrated when you say you don’t understand. That frustration is a result of being overly concerned with the appearance of expertise—which they might not be able to maintain if they have to really get into the weeds with an explanation. Real experts have earned their expertise and are excited about trying to share what they know. They aren’t frustrated by your lack of understanding; they love your genuine curiosity about something they care about. (View Highlight)
Experts can tell you all the ways they’ve failed. They know and accept that some form of failure is often part of the learning process. Imitators, however, are less likely to own up to mistakes because they’re afraid it will tarnish the image they’re trying to project. (View Highlight)
Imitators don’t know the limits of their expertise. Experts know what they know, and also know what they don’t know. They understand that their understanding has boundaries, and they’re able to tell you when they’re approaching the limits of their circle of competence. Imitators can’t. They can’t tell when they’re crossing the boundary into things they don’t understand. (View Highlight)
A final note on distinguishing experts from imitators: Many of us learn about a subject not by reading original research or listening to the expert, but by reading something intended to be highly transmissible. Think of the difference between reading an academic article and reading a newspaper article. While popularizers know more than the layman, they are not experts themselves. Instead, they are good at clearly and memorably communicating ideas. As a result, popularizers often get mistaken for experts. Keep that in mind when you’re in the market for an expert: the person with real expertise is often not the person who made the subject popular. (View Highlight)
