The chains of habit are too light to be felt until they are too heavy to be broken. Most people don't recognize the institutional imperative at work — the tendency of organizations to mindlessly imitate whatever peers are doing, regardless of whether it makes sense.
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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