The Psychology of Money - An Investment Manager\'s Guide to Beating the Market

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CHAPTER


22


“B” Is for Borrow from Other Disciplines


I not only use all the brains I have, but all I can borrow.
—Woodrow Wilson

Borrow from other disciplines. As simple as it sounds, it’s amazing
how few people do it. Instead, people—suffering from the “must-
be-invented-here” syndrome—spend weeks, months, and years
developing the same product or process that some other organiza-
tion has already invented and marketed. Maybe it’s a hangover
from American’s Puritan heritage, insisting that all progress must
involve suffering. Maybe it’s our pride: “I don’t need any help. I
can do this by myself.” (All women with male drivers in the family
can relate to this idea.) Perhaps it is because in grade school we
learned that collaborating with your neighbor is rewarded with a
trip to the principal’s office.
Beats me.
In any event, all of us should make this our first stop when we
are asked to innovate. We should ask, “Has anyone else done this
anywhere?” or a related question, “Who is the best-in-class at this?”
The philosopher Nietzsche warned us not to read too many
great books because it would deflate our self-esteem and kill our

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