Chapter 15: The mystery of management
The greatest stock pickers on the globe have one skill that separates them from the pack — they can identify which companies have superior managers before anyone else can. In my 17 years of participation in the Australian sharemarket I have not met a professional investor who has a firm grip on scoring management. Not a single one, and I include myself in this category. I will never forget asking one of Australia’s greatest stock pickers how he measured the quality of a company manager and his team, and he responded: ‘I don’t really know, so I just rely on the numbers they produce.’ This is such a disappointing aspect of the professional investor because most companies perform appreciably better when ...
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