Buy More or Get Out Buy’em Right and Forget the Rest

Becoming the Devil’s Advocate

We have periodic devil’s-advocate reviews of all our large holdings and a separate analyst is charged with presenting the negative case. It’s more than a debate society, the devil’s advocate should genuinely believe the negative argument is the right one. We obviously make plenty of mistakes, but that discipline helps us reduce the frequency and severity of them. In investing, that’s half the battle.