The Importance of Finding Competent People

Poni Ma: I don't think we can tell in advance. We only get to know a business after it drops about 40% in our portfolio. And so the same thing with the companies we invest in, I think we may have an idea about these businesses, but we really will get to know them far, far better after we own them for a few years. How do you differentiate when you concentrate? Let's say 50% of your portfolio is just normal business problems or like things that come up and the opposite of complete stagnation. For example, IBM stagnated since 20, but before they were a well-known company nearly died. So how do you differentiate between there who is

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