I'm not a fan of most Modern or Contemporary Art.  Instead, I prefer the older stuff, say Renaissance, Neoclassicism (you know, Dutch Masters) and French Impressionists.  Ok, art experts, Impressionism is technically Modern Art, but at least Monet or Renoir doesn't look like a five-year old threw paint on a blank canvas.

 

So I wouldn't call myself a big Pablo Picasso fan.  But I saw a Picasso quote that resonated with me: "Good artists copy (or borrow); great artists steal."  The poet T.S. Elliot said something similar: "Immature poets imitate; mature poets steal."  Clearly, one of these gentlemen borrowed from the other.  The late Steve Jobs mentioned the Picasso quote during an interview years ago, and remarked that Apple "was shameless about stealing great ideas."  Even rock group Led Zeppelin is now embroiled in a lawsuit alleging that parts of Stairway to Heaven were "borrowed" from another rock group.  Hey, if these heavyweights "borrow", why can't I?

 

Our view of prudent investing is buying a dollar for far less than a dollar.  It entails turning over many rocks to find a few hidden gems.  One of the many challenges is time.  There is only so much time, and the amount of available information is literally endless, even if much of it is useless.  So time management becomes critical for success.  How to find great ideas in a sea of choices, ideally before they're widely known?

Like many other experienced investors, we've learned what's important, and avoid trivia (hello, CNBC?) with a vengeance.  What's more, if you're rational, you can supplement your own efforts by "borrowing" ideas from other successful investors.  I've learned investment principles and borrowed investment ideas from others over the years.  Warren Buffett and Charlie Munger, of course.  But there are a select few investors who have spent many decades honing their skills and, most importantly, have track records that warrant analysis of their decisions.  Why wouldn't an investor study other successful investors?  It makes a lot of sense. 

 

While you can't rely exclusively on another person's work, following the efforts of some of the best investors on the planet can provide additional insights when doing research and considering an investment decision.  In the competitive game of investing, we have no "pride of authorship" that says everything must come from our own idea generation.  Picasso, Steve Jobs and Jimmy Page would probably approve.