You said that experience is not the same as expertise in investing. What did you mean by that? Just because you've been in this game for a long time doesn't necessarily mean that you're an expert on something. Yes, experience helps because you can, if you're investing and you live through a lot of these different market cycles, you kind of pick up on some things.

But I know plenty of investors who have been at this game for decades who still make the same mistakes or they change their investing strategy all the time. It's really more about having a process that you'll stick to. That matters more than how many years you've been doing this.

Investing is not a game where the guy with 160 IQ beats the guy with 130 IQ. He's like, "You can have the leftover." So it's more about the temperament and the ability to control your emotions and that emotional intelligence. People want to have certainty in their life because the future is always uncertain, especially when it comes to investing in the markets and the economy.

No one really knows what's going to happen. I always really was attracted to the people that would say occasionally, "I don't know," or "I was wrong, and here's how we're going to fix it."