There are exceptions. Those exceptions often became some of the greatest corporations in the business world. Sadly for your run of the mill corporations he is right.
Yes, - Enron, Theranos, Madoff Investments. (kidding) Of course there are, exception exists in everything, probably nothing is 100% true, all the time. The non-exceptional / things that never would change, probably would be only some laws of physics, but even those, one day (due our limited knowledge) - might change. The universe it self (some say), one day might cease to exist, - thus everything will have exceptions, because nothing is eternal.
Didn't really listen, but i was just thinking the other day how being smart doesn't help you at all. Everybody is smart these days. Traditional education provides little to ZERO EDGE. (at the same time, it's still the most proven path to success). Think about how much time you've spent in school and how much of that knowledge are you applying in your real life. I get upset just thinking about it. There are herds of geeks and nerds who will blatantly spend whole days memorizing textbooks, but they can not see farther than that. This is not my game. If i try to compete there, i've already lost. IQ is so overrated and mostly useless. Emotional intelligence and everything that comes with it, is the craft of the 21st century. There are perks to being smart, but IQ by itself means shit.
Tech: Early days of MSFT, AAPL, FB, GOOG, CSCO, INTC... Industrial: Early days of MMM... Aerospace: Early days of Hughes, Boeing Northrop... Pharma: Many of my favorite drug companies... And the people that cooked up those illegal schemes at Enron and Theranos are definitely geniuses.
Enron had Nobel Prize winners among it's board, so for sure. And Theranos - they took the guy for the coffee (who came as representative of some investors to check if the machine is functioning), while the machine was working on those blood samples. I bet that it was some looong legged administration girl, that asked him to join. (laughs) Exactly, since teachers told that Einstein was retarded. But then the guy, in his later years, was looking through windows, imagining things/events and this way solved puzzles of the physics and universe. It's one thing, when the system and others, teaches an individual of how to follow the procedure and do the things as they are supposed to be done, and it's another, when someone solves a problem by himself (alone) just looking through window. (ofcourse there was a lot of mathematical calculations involved) That's the main practical usage of iq. It's problem solving. You simply generate ideas, that others would not.
IQ up to a point is a pre-requisite for success. In some endeavors (like trading) its a pretty high point.
Nah, Einstein's teacher didn't understand ASD (Autistic Spectrum Disorder and Asperger syndrome) and confused it with retardation. In fact lots of traders have ASD/Asperger, are loners and that is why they like trading instead of working with coworkers and socializing.
Could you elaborate? Which part of trading requires IQ? How exactly does it help? I'll give my take but i would like to know what you mean.
It takes intelligence to understand the patterns and to process information to come to the right conclusions to profit in the markets.