It really is. Reading this post made me realize that my firm belief in active management is rooted in a belief that people can be relied on to make the same mistakes over and over again (and that includes the “professionals”)
If you haven't, you should read Bet With the Best. While Chapter 3 is my favorite, the rest is good too, and you might draw some parallels between it and your own book!
This is an excellent article. Reminds me a bit of expectations investing (where you get the price and then decide if your outlook is reasonable GIVEN the price). The reality is that you don't have to be right every time, just that your anticipated outcome is "better" than the consensus. That and you have to place enough bets to hit some of the mispriced outcomes on a consistent basis. Thank you!
Thanks, Kevin. Glad you enjoyed it. And you are exactly right - in fact, Mauboussin, co-author of Expectations Investing, has referenced the work of Steve Crist multiple times, with specific attention given to Crist on Value.
"I never saw the opposing pitcher as my adversary, but rather as my partner in hitting home runs." -Sadaharu Oh
That's such an incredible line.
It really is. Reading this post made me realize that my firm belief in active management is rooted in a belief that people can be relied on to make the same mistakes over and over again (and that includes the “professionals”)
If you haven't, you should read Bet With the Best. While Chapter 3 is my favorite, the rest is good too, and you might draw some parallels between it and your own book!
This is an excellent article. Reminds me a bit of expectations investing (where you get the price and then decide if your outlook is reasonable GIVEN the price). The reality is that you don't have to be right every time, just that your anticipated outcome is "better" than the consensus. That and you have to place enough bets to hit some of the mispriced outcomes on a consistent basis. Thank you!
Thanks, Kevin. Glad you enjoyed it. And you are exactly right - in fact, Mauboussin, co-author of Expectations Investing, has referenced the work of Steve Crist multiple times, with specific attention given to Crist on Value.