When I started the business I was motivated by being a real competitor. I love to win, and the idea of being in an industry where you keep score and know where you stand every day was highly appealing to me and, in the end, seemed inherently fair.
We're putting increased importance on our senior portfolio managers being fully engaged in the ongoing dialog with management. That's not something to delegate and then read a report on. I have to be visiting people face to face, attending conferences, and sitting in on the conference calls. Successful investing, especially during times of stress, requires [...]
In general, I believe markets are basically efficient and that the academics are right when they say markets are even more efficient as market-caps go up. The inefficiencies that haven’t gone away, though, have to do with crowd mentality, when specific news or market events cause the crowd to rush in one direction. If you [...]