Even in the 1960s, when Jones’s enterprise had grown big enough to have half a dozen stock pickers on its payroll, he continued to cultivate a Darwinian system. He convened remarkably few investment meetings because he found committees intolerably tedious.48 Instead, he allotted each in-house manager a segment of the partners’ capital, laid down the desired market exposure, and left him to invest the money. At the end of each year, the managers who performed best were also the best rewarded.
