Human Behavior Determines Long-Term Success

I’m at a stage in my career where I’d say human behavior is the most important determinant of a business’s long-term success. I don’t care how smart an analyst you are, you can’t really know what’s going on inside a business. We want to invest not only in highly capable managers, but also those with clear track records of integrity and acting in share holders’ best interest. I’ve found that when a manager puts his hands in share holders’ pockets once, he’s much more likely to do so again.