In late 2019, a group of international public health experts set out to assess pandemic preparedness around the world. Using criteria such as early virus detection, speed of response and adherence to international health norms, they ranked the U.S. first, China distant fifty-first.
The U.S. had world-respected institutions like the Center for Disease Control and Prevention and the Food and Drug Administration, top-ranked hospitals, doctors and public health systems, and wealth. China had a worrisome record on outbreaks like Severe Acute Respiratory Syndrome in 2003, and though it had since invested heavily in its health care system, many of its people still lacked access to affordable, high-quality care.
The Result – The U.S. has one of the highest per-capita death tolls, China the lowest. (Source: WSJ)
There are multiple reasons like lack of leadership, inexperience in handling actual pandemic, individualism, etc. but the main point that I want to drive is that Experience triumphs over everything else. China had suffered from SARS outbreak in 2002 to 2004. It has an experience in handling virus outbreak.
As we can see, the USA has everything it needs to tackle pandemic effectively. But it could not. The same thing applies to investing as well. There are examples where highly educated investors went bankrupt (e.g LTCM – Founder were Noble laureates – Myron Scholes and Robert Merton). At the same time, there are people with a decent educational background who can perform exceedingly well investment business (E.g Mr. Vijay Kedia is having decent educational background)
The point is not to disrespect the educational qualification but to understand the importance of practical training in any field.
Instead of reading many books on investing, read few books and start investing right away. As you go along investing, the market will teach you things you may not have read in the books.