While reading E.H. Gombrich’s The Story of Art, I found a striking passage: an 1890s critic, writing the “latest” art history, had no idea about the three figures then shaping it.

• A middle-aged “crazy” Dutchman living in the south of France

• A gentleman who had long since stopped sending his paintings to exhibitions 

• A former stockbroker who, after becoming a painter late in life

Van Gogh, Cézanne, and Gauguin.

The world of investing isn’t so different. People chase the latest trend, treating it as if it were the most important fact. News rushes to cover it, and even professionals recommends it as the next great opportunity. But here’s the reality: what excites everyone rarely endures. When the trend fades, it often leaves behind losses—realized only after time has passed.

People long for the approval of others and are vulnerable to criticism or judgment. They want to agree with what others say is good and feel safe walking together with them. They fear walking a path that no one else cares about. This is human nature.

At that moment, I wondered when today’s world-famous investors started their companies and when they became well-known. So I asked ChatGPT.

• Warren Buffett: Founded his partnership in 1956. Became world-famous after the 1980s with Berkshire Hathaway

• Ray Dalio: Founded Bridgewater in 1975. Became famous in the 2000s, especially during the 2008 financial crisis

• Bill Ackman: Founded Gotham in 1992. Gained global fame in the 2010s as an activist investor

• George Soros: Founded his fund in 1970. Became famous in 1992 with the shorting of the British pound

Surely, when they first started their firms, which critic could have predicted they would one day become legendary investors? These investors may at times have recognized and even taken advantage of trends. But their reputations were not built merely by chasing the fashions everyone talked about and followed.

Even they themselves could not have known the exact moment when recognition would arrive. Yet they continued to refine their philosophy and style, and they sustained a pace that allowed them to endure. When timing and luck finally aligned, they were able to seize their moment of greatness.

Of course, chasing trends and aiming for quick success is not necessarily wrong. It happens. But if, like Van Gogh, Cézanne, and Gauguin, one dreams of leaving a lasting impact, then one must learn to discern whether what lies before us is merely a passing trend—or something more enduring. Trends may vanish, but the essence remains.