[Tiger Management founder] Julian Robertson was always adamant about seeking out the opposite point of view and then being completely honest with yourself in deciding whether your analysis overrides that. That's something we try to practice every day.
In the field research we do, we're not trying to assess whether sales are going to be up 6 percent rather than 4 percent next quarter, but focus more on things like the quality of the company's products or services relative to the competition, how they conduct themselves, the pricing trends in the industry, and [...]
The most important discussion we have with management is when we ask how they allocate capital. You can usually pick out the empire builders with that question alone they tend to have a hard time zeroing in on a concrete answer. The best managers can usually say clearly and with confidence where they see the [...]
Another reason it’s important to be more international in your outlook: If you’re not paying attention to what competitors in emerging markets can do, you’re likely taking on risk with U.S.-company investments that you shouldn’t.