25 Jun '15, 9am

Known Unknowns in Investing

The term ‘known unknowns’ originated from United States Secretary of Defense Donald Rumsfeld during a news briefing regarding weapons of mass destruction in Iraq. I first came across this phrase a couple of years ago and it has had a profound impact on my perception of knowledge and investing. Reports that say that something hasn’t happened are always interesting to me, because as we know, 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. And if one looks throughout the history of our country and other free countries, it is the latter category that tend to be the difficult ones. -Donald Rumsfeld We have talked about the 80-20 rule of investing in …

Full article: http://thefinance.sg/2015/06/25/known-unknowns-in-investing/

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