Joe Markel was comfortable stating he did not understand banks and therefore would not own them, demonstrating intellectual humility and circle-of-competence discipline; this is a valuable lesson that investors do not need to have an opinion on every sector and should not feel pressure to participate in sectors they don't understand.
factualpending
Speaker
Bogamill BaronowskiEvidence Quote
“he told us, "I don't understand banks and I don't own them."”
Source
The Compounders Hiding in Plain Sight | Joseph Shaposhnik on Finding Decade-Long Winners— Excess ReturnsCreated: 8/11/2026, 7:25:53 AM
My Notes
Loading notes...