Rory O'Driscoll(@rodriscoll):Whenever something looks incredibly easy, and it becomes the conventional wisdom that everyone's going to make money, that’s usually when it blows up in your face. In 2019, The WSJ was writing that the best PE firms “never lost money.” The deals that those firms did right after are now blowing up. Overconfidence is a fatal error in investing. Something we probably should remember.

2026.05.05 18:58

Whenever something looks incredibly easy, and it becomes the conventional wisdom that everyone's going to make money, that’s usually when it blows up in your face. In 2019, The WSJ was writing that the best PE firms “never lost money.” The deals that those firms did right after are now blowing up. Overconfidence is a fatal error in investing. Something we probably should remember.