“All We Know is We Don’t Know Nothing”

“There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.” – John Kenneth Galbraith

No one knows what the future will bring. Those that claim they know the future with certainty are lying to you and themselves.

The following memo prepared in advance for the 2001 Quadrennial Defense Review by a Pentagon staffer confirms that all we know about the future is nothing.

h/t A Wealth of Common Sense

From A Wealth of Common Sense. Click image to enlarge.

From A Wealth of Common Sense. Click image to enlarge.

We can’t control the future. We can only let it come to us. When we invest we need to focus on what we can control: our temperament, our valuation work, and the price we pay.

Sources:

“All I know is I don’t know nothin” – Knowledge by Operation Ivy

No One Knows What Will Happen (A Wealth of Common Sense)

Howard Marks: The Value of “I Don’t know” (The Investments Blog)