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Abstract
Over more than 30 years of research and portfolio management, the authors developed 10 key insights that inform our investment process. These insights all stem from the realization that the market is a complex system and that it is this very complexity that offers investors the opportunity to outperform. Creating a successful investment practice requires examining a wide array of issues, from a philosophical inquiry into the nature of financial markets to the fine details about the definition of earnings. Early empirical research by the authors indicated that, contrary to the prevailing belief in efficient markets, the equity market is not totally efficient. Opportunities for profitable active investment existed and continue to exist despite the rapid evolution of financial markets. Detecting and exploiting these opportunities to achieve excess returns at reasonable risk requires continuous research to keep up with an ever-changing world. However, research alone will not ensure success. With more than 30 years of experience managing portfolios, the authors have gained many insights into the nature of the markets and the investing process that the describe in this article.
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