The Route to Performance

A fund that was just above the middle for 14 years in a row, but because it never had a bad year in which it gave it all back, came out near the top. I still think that you can't reliably and safely shoot for the top decile. Trying for the top deciles requires really idiosyncratic behavior. You have to really do weird things and unconventional things. As i said in the memo, he things you do in trying to be different from everybody else and right exposes you to the possibility of being different from everyone else and wrong. When youre frent from regrous and wrong, it's not a great feeling.