Joel Tillinghast shares lessons for investors

Q: When you think about your own influence on the firm [Fidelity Investments] and the people who will be there after you've retired, what do you hope your main lessons will be for them?

A: Stick to the long view.  Compare price with value.  Think about risks that are not immediately in view.  Favor founder-led companies that offer something the customers think is very valuable.  Dare to explore companies where management doesn't give much guidance and where there aren't many analysts.  I think a lot of analysts are afraid to go where management doesn't spoon feed them and the Street isn't there to say, "$3.45 is the consensus number."  Don't hold too many path-dependent companies, especially if they don't have moats.  I hope that they'll take some of that, especially the "take the longer view."

~ Joel Tillinghast, "The Art of Investing" interview, Morningstar's The Long View, 25:35 mark, May 31, 2023