The Best Foundation for Above Average Long Term Performance

The pension funds record tells me that in equities, if you can avoid losers and losing years, winners will take care of themselves. I believe most strongly that this holds true in my group's opportunistic niches as well. That the best foundation for above average long term performance is an absence of disasters. It is for this reason that a quest for consistency and protection, not single year greatness, is a common thread underlying all of our investment product. There will always be cases and years in which, when all goes right, those who take on more risk will do better than we do in the long run.