“The great
race for first flight tells a story that resembles the competitive landscape of
the investment management industry. In order to produce superior compounded
returns over time I believe one must not only have a differentiated view but more
importantly a differentiated investment process. The vast majority of professional
investors attempt to unlock the key to compounding success through horsepower
at the expense of wing design/investment process and pilot control/manager
skill.” –Christopher Begg, from East Coast Asset Management's Q3 Letter
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If you haven’t read the ECAM Q3 letter yet, I highly recommend at least reading the two-page addendum entitled "Investment Process/Personal Evolution – Inventing a 'Learning' Machine". He mentions a great quote from the book Jonathan Livingston Seagull:
The elder Chiang reminded Jonathan: “It’s strange. The gulls who scorn perfection for the sake of travel go nowhere, slowly. Those who put aside travel for the sake of perfection go anywhere, instantly.”