10 1/2 lessons from Experience Quotes

“The best that can be said today is that the market is not good at predicting Competitive Advantage Periods and frequently errs in both underestimating and overestimating the speed of change. Scrutiny of industry structure and sector dynamics can generate super-normal returns from industry selection because not enough investors do it.”
― Paul Marshall, 10 1/2 lessons from Experience: Perspectives on Fund Management