Charlie Munger summed it up best, ‘knowing what you don’t know is more useful than being brilliant’.
Investing without seeking input from others creates many challenges. The main one being the difficulty in avoiding confirmation bias. Without others to challenge us, we are innately wired to view our current investments through ‘rose colored’ glasses.
It is for this reason that many investors seek out others to test their hypotheses and theories, whether it be in investment committees for institutional investors or investment clubs for retail investors.
Another way to access the views of like-minded peers is online forums. There are many savvy investors who take the time to share their views and research on current ASX listed biotech stocks on the forum “Hot Copper”. This forum is anonymous, and it is free and easy to sign up.
While there can be a lot of fruitless or meaningless discussion on these forums, pearls of wisdom are provided. Taking the time to seek out and follow valued contributors of the biotech companies on this forum and others, can provide a valuable edge. Other forums that may be beneficial are ‘Reddit’ and ‘X’.