...concentrated risk in one asset class and poor loss-control tactics.

Some get the result they want, and stop working. Those in for the love, never stop regardless of the results they get - but they tend to get the best results.

“Improving” the strategy typically serves as a self-correcting mechanism to remind the manager to stick to his/her philosophy and strategy, not to change it or “adapt” it every time s/he runs into some losses.

A blind taste test between two investments.

There’s a tremendous amount of inconsistency and streakiness that occurs in the markets.

Great investors do their best to survive and focus between big kills and have the ability to take the shot when they come along.

All it takes is missing one big winner and/or holding a loser just a little too long to derail our investing results.

One seed = one opportunity.

Many seeds = many opportunities.

Having skin in the game makes for a better fund manager.

Two things investors are always going to want: to make more money and suffer less drawdowns.

Romanticizing about a stock clouds judgement.

General Electric, once a darling of the Dow and pillar of innovation, has become a shell of itself. It has lost over two-thirds of it’s value over the last few years and ~85% since 2000.