I'm at a stage in my career where I'd say human behaviour 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 in those with clear records of integrity and acting in shareholders' best interests. I've found that when a manager puts his hands in shareholders' pockets once, he's much more likely to do so again.
Source: Value Investor Insight's Words of Wisdom
Tags: value investing, management
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