On the bright side, although most of you will not be able to compound money at 20% for your entire career, a lot of you will turn out to be good, above average investors because you are a skewed sample, the Harvard MBAs. A person can learn to be an above-average investor. You can learn to do well enough, if you're smart and hardworking and educated, to keep a good, high-paying job in the investment business for your entire career.
You can make millions without being a great investor. You can learn to outperform the averages by a couple points a year through hard work and an above average IQ and a lot of study. So there is no reason to be discouraged by what I'm saying today. You can have a really successful, lucrative career even if you're not the next Warren Buffett (Trades, Portfolio).
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