Mimicking the herd invites regression to the mean. If your portfolio looks like everyone else's, you may feel comfortable, but all you can expect is average performance. It's only by departing from the consensus that you can achieve superior results — but departing from the consensus is where career risk lives, and most investors won't do it.
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Most people think about incentives as financial. The real incentive is truth. If you create a culture where people can tell you the truth, you will make better decisions than your competitors. And making better decisions than your competitors over a long period of time is the only sustainable advantage.
Kareem Amin — Invest Like the Best with Patrick O'Shaughnessy
The moment you know the truth and you don't say it, you've broken something inside yourself. And I think the accumulation of that over time is what leads to people who are fundamentally not effective leaders, because they've taught themselves to look away from hard things.
Kareem Amin — Invest Like the Best with Patrick O'Shaughnessy
The key insight is that permanent capital changes your relationship with time. You're not managing to a fund life; you're managing to the life of the business. That means you can make decisions that are bad for the next quarter, bad for the next year, but right for the next decade.
Vlad Barbalat — Invest Like the Best with Patrick O'Shaughnessy