Stradiwhovius?
A man stood in Glenmont metro station. For a few moments he exhaled into his hands, each a closed fist, and then proceed to take up a violin and fill the Washington DC terminal with the sounds of Bach – half a dozen pieces in total.
Being rush-hour, thousands of people streamed past him – most were hurried, some slowed their pace, few stopped and even less embraced the opened violin case at his feet with a coin or note. Occasionally an individual would pause long enough to hear the complete bowing of a phrase, but a glance at their watch or phone was always the cue to start walking again.
The one who paid the most attention was a three-year-old boy. His mother hurried him along and the child continued to walk, turning his head all the time. This action was repeated by several other children. All the parents, without exception, forced them to move on.
Only six people stopped and stayed for an extended period, about 20 gave him money but continued to walk their normal pace. He collected $32. When he finished playing and silence took over, no one noticed. No one applauded.
Nor did anyone recognise him.
The violinist was Joshua Bell, one of the best musicians in the world. That day in the subway he played one of the most intricate pieces of music ever written, with a violin worth $4.5 million. Two days prior, he had sold out at a theatre in Boston. His performance in the metro was a social experiment by the Washington Post about the perception, taste and priorities of people.
The point is that we tend to see only what we expect, and that our perception is heavily driven by social conditioning and circumstances. It is possible evidence of why markets can be inefficient and why there are opportunities for independent thinkers. Many market participants focus on the companies and themes that dominate headlines, and many miss out on the other opportunities that may well be available to them.
There are very few truly independent thinkers out there, fewer still with the ability to invest or find investments as they like without the restraints of mandate or committees. Superior investment results come from superior insight into value – ergo: learning things others do not, seeing things others cannot, and doing a better job of analysing them.
