
“You will rarely—if ever—learn anything insightful from what the management says. They always say what they have been taught to say, which at best is useless and at worst is harmful, because, as with Enron, their words are persuasive. In my experience, when someone says, “This is a great management team,” what they are actually saying is, “These guys talk so well!” The “great management team” filter thus fails the first criterion of measurability (being easily measurable).”
―
What I Learned About Investing from Darwin
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