We do post-mortems on all of our positions as well as regular position reviews of what we own to constantly assess what we got right and what we didn't. That matters because we want to learn from mistakes even if the investment outcome turned out fine because we were lucky. Luck is not a sustainable [...]

An extensive knowledge of a business improves your ability to recognize patterns and draw useful insights, a prerequisite to having an investment edge. Beyond that, I'd argue that expertise is critical when things inevitably happen and you either need the conviction to stick with your thesis or the wisdom to recognize that it's changed and [...]

I want to talk directly to people installing solar panels, or buying and selling a certain kind of shoe, or taking classes at a for-profit college at night. It's one thing to read a sell-side report or go to a conference, but it's another to understand first-hand how decisions are really being made about the [...]