Robert Hagstrom,
the chief investment strategist and managing director of Legg Mason Investment
Counsel, recently wrote an article about the value of a multi-disciplinary
approach to business and investing. The
author of several excellent investing books - including The Warren Buffett
Way and Investing: The Last Liberal Art - Hagstrom discusses Charlie
Munger's "latticework" of mental models that he faithfully uses to
solve problems, investing and otherwise.
Hagstrom not only
convincingly makes the case that business schools are too isolated from the
valuable concepts and ideas from other disciplines, he offers some evidence
that things may be starting to improve.
One example is a consortium put on by the Aspen Institute entitled,
"Rethinking Undergraduate Business Education: Liberal Learning for the
Profession." It's surely not a
coincidence that the CEO of the Aspen Institute is Walter Isaacson, the
highly-regarded author of Steve Jobs' biography. After all, one of the enduring themes of
Isaacson's book is that Jobs' resounding success was made possible by borrowing
and employing ideas from a range of fields.
Despite the fact
that investors needn't become an expert in every topic, the ideal of the
renaissance man/investor exists more in theory than in practice. Articles like Hagstrom's may help to change
that.
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