Monthly archives of “January 2020

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Looking and Listening

Above all, the people running a new venture need to spend time outside: in the marketplace, with customers and with their own salesmen, looking and listening.

– Peter Drucker, Innovation and Entrepreneurship

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Playing The Long Game

Playing the long game is following the road less travelled by turning down what feels good now in favor of what we think will set us up for feeling awesome later on. We need to put up with criticism from those who are playing the short game and will tell us we’re boring or wasting our time.

– Joseph Henrich

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The Meaning of Risk-Adjusted Returns

Superior investment performance is not our primary goal. But superior performance with less-than commensurate risk above average gains in good times are not proof of a manager’s skill. It takes superior performance in bad times to prove that those good-time gains were earned through skill, not simply the acceptance of above average risk.

– Howard Marks