Investment philosophy is really about temperament, not raw intellect. In fact, proper temperament will beat high IQ all day.
In December 2008, as the financial world was in the process of crumbling all around us following the near collapse of the banking system and the bankruptcy of Lehman Brothers, there was another event that shook the collective trust of the investing public. Bernie Madoff's Ponzi scheme—the largest in history at almost $65 billion in fake gains promised to clients—finally unraveled after years of lies and deception.
That very same month Dr. Stephen Greenspan released ...