Conviction
The document delves into the importance of conviction in business ownership, detailing the role of explicit and implicit convictions in investing decisions and the concept of Quality in company assessment.
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Conviction
Countless fortunes (and failures) owe their outcome to leverage. The best (and worst) managers drive their employees as hard as they can. “The customer is always right” and “customers don’t know what they want” are both accepted business wisdom. The line between “inspiringly bold” and “foolishly reckless” can be a millimeter thick and only visible
... See moreMorgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
It’s with this in mind that inveterate investors understand why identifying companies likely to exponentially increase free cash flow per share is a highly intellectual and psychological game. You have to understand the businesses in question better than the market does and persist in your thesis through severe, elongated, and emotional tests. It’s
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