I'd never seen anything like it...
Porter Stansberry was one of the smartest kids I knew growing up. He's a passionate human, and he's great in a debate – he can beat you in your favorite argument, any time.
People as smart as Porter are rarely wrong. And most of them – when they are wrong – have a really hard time "switching teams."
Switching teams requires two things: 1) admitting you are wrong, and then 2) wholeheartedly embracing the new "correct" thinking.
Porter has the ability to switch teams faster than anyone I have ever met. Switching teams requires a unique combination of humility and (oddly enough) confidence.
So my personal differentiator between "smart" and "truly brilliant" is simple: It's how quickly you are willing to switch teams when you are proven wrong.
I bring this up because last week, I got to know a guy who also falls into this camp...
I'm talking about Whitney Tilson. You might have seen one of his essays here in DailyWealth on Friday.
You'll likely see his name come up a lot more over the next few weeks. Here's one reason why...
Whitney built his career as a value investor, modeled on the writings of legendary investors Benjamin Graham and Warren Buffett. He beat the market year after year for his first dozen years and managed hundreds of millions of dollars through his fund business.
But, as he explained at a private investor conference last week in South Carolina, Whitney came to realize that there is a better way to invest...
Despite his respect for the teachings of the value investing legends, he found what he knows is a better way. So he is "switching teams."
To investment outsiders, this may not sound extreme. But to value investing pros who worship at the church of Graham and Buffett, it's blasphemous.
To me, his decision isn't that important in itself. What really impressed me is that Whitney did what Porter does... He saw a better way, and he switched teams.
That requires admitting that, to some extent, you were wrong – which most smart people don't like to do. And it requires that rare blend of humility and confidence.
Changing your mind isn't a loss... In fact, it can make you that much better and more effective at what you do. But it takes both guts and wisdom to understand that.
Before last week's conference, I didn't know much about Whitney Tilson. But he meets the standard of a smart guy switching teams – my standard for a "truly brilliant" human.
After what I learned, I will start paying attention to him going forward. I encourage you to do the same.
Fortunately, that's easy to do...
Whitney is holding an online event on Wednesday, April 17 to unveil his newest project – and to share a moneymaking idea that's unlike anything on Wall Street. Porter will be there... which to me seems only fitting.
As a chance to hear from one of those rare "truly brilliant" humans, I urge you to check it out...
Good investing,
Steve
P.S. At his event, Whitney will explain his unique investing style... He'll discuss how he finds the kind of ideas that could double or triple your money. And he'll even share the No. 1 retirement stock he believes you should own today. Plus, if you like what you hear, you'll learn how to follow his work in the future, too.
I'm confident you won't want to miss this... Click here for the details.
Further Reading
"While the rest of the investment crowd is busy looking for the next way to get rich quick, I strongly suggest taking a different route," Whitney says. Catch up on his full essay in DailyWealth right here: The 'Cocktail-Party Indicator' Can Save (or Make) You a Fortune.
It's a major problem for people who want to build an investment education... Where do you go for insight? Like Whitney, Dan Ferris knows it's good to start out with the pros... and he's compiled an essential list right here.
"You're so lucky, Steve... You've gotten to meet and work with all these famous guys." But the truth is, it's NOT luck. There's a secret to doing what I've done...
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