Beating the professionals

“To succeed in today’s overcrowded environment, investors need an edge, an advantage over the competition, to help them allocate their scarce time. Since almost everyone has access to complete and accurate databases, powerful computers, and well-trained analytical talent, these resources provide less and less of a competitive edge; they are necessary but not sufficient. You cannot have an edge doing what everyone else is doing; to add value you must stand apart from the crowd. And when you do, you benefit from watching the competition at work.” - Seth Klarman.

12 March 2022